Morning Star Enterprise (U) Ltd, a Ugandan company that manufactures stationery products has secured USD300,000 (about Shs1.1 billion) in mezzanine debt from iungo capital.
According to a letter from iungo capital obtained by SautiTech, the money will be used to purchase raw materials.
Morning Star Enterprise manufactures stationery products mainly for educational institutions in Uganda.
Located along Nasser Road in Kampala, the company is headed by Twalib Buyondo.
The use of paper products still has a huge market in the country and this could be a good move by Morning Star Enterprise if well executed.
Iungo capital is an investment company that provides finance and support to East African SMEs.
The company works with local angel investors and it is also supported by organizations like The DOEN Foundation, Schooner Foundation, Argidius among others.
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