EGYPT – Kemin Industries, a global ingredient manufacturer has expanded its presence in the global vaccine market by becoming a majority shareholder in MEVAC, an animal vaccine manufacturer based in Cairo, Egypt, and a shareholder in MEVAC’s sister company, UVAC.
UVAC was established to produce foot-and-mouth disease and tissue-culture vaccines for animals, as well as human vaccines.
As part of its investment in the two companies, Kemin will have access to a modern vaccine plant with production and R&D capabilities to support future growth.
“We entered into a partnership with MEVAC over a decade ago and are thrilled to become the majority shareholder,” said Chris Nelson, President and CEO, Kemin Industries.
Kemin and MEVAC share the goal of transforming lives and creating a sustainable future – one in which non-antibiotic alternatives are becoming more and more important to customers.
“By extending our partnership to MEVAC’s sister company, UVAC, we can do even more to bring our innovations to animal vaccines,” added Chris.
Kemin first invested in MEVAC in 2010 and later increased its stake in the company in 2019, receiving the right to distribute its vaccines globally, outside the Arabic-speaking countries in the Middle East.
The global animal vaccine market size was US$8.05 billion in 2017, and is estimated to reach US$12.845 billion by 2025, growing at a CAGR OF 5.9% over the period, according to Allied Market Research.
“As Kemin has grown its partnership with MEVAC, our capabilities and technologies have expanded, as well, and we are thrilled to bring this beneficial cooperation to UVAC,” said Dr. Magdy El Sayed, Founder, MEVAC and UVAC.
“Over the past decade, MEVAC has proven to be an excellent partner for Kemin as we enter the animal vaccine market.
“As our work with MEVAC has yielded such beneficial results, we are looking forward to bringing this same dedication and drive to our collaboration with UVAC,” said GS Ramesh, Global Group President, Kemin Animal Nutrition and Health.
Central Bank of Egypt finances livestock project
Meanwhile the Central Bank of Egypt (CBE) has approved an additional EGP 1bn to finance the national veal production project via the Agricultural Bank of Egypt (ABE), according to Alaa Farouk, Chairperson of ABE.
The additional financing comes within the CBE’s initiative to support and finance individuals and small projects with a 5% annual declining interest.
As a result, it brings the size of the loan portfolio that the ABE will grant to the beneficiaries of the project up to EGP 3bn.
Farouk said that increasing the size of the lending portfolio for the project will provide additional financing for about 7,000 customers to buy and feed about 68,000 livestock.
He pointed out that the bank is currently providing financing of about EGP 2bn to about 11,500 breeders with a total of about 170,000 head of livestock.
The project is aimed to reduce the gap between the volume of imports and the consumption of red meat.
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