Oasis Bamboo Coffins (OBC), a Panahpur investee, was delighted yesterday to host Dan W.Mozena, the US Ambassador to Bangladesh, in our factory in Nilphimari, Northern Bangladesh. Ambassador Mozena was visiting the EPZ (Export Processing Zone), where OBC is are the only fairtrade social business operating in the Niphimari EPZ. This was the icing on the cake to add to our current treble celebrations of:
- The business moving into profit
- The business employing its 100th employee
- Our Fair Trade certification
Panahpur acquired the majority of Oasis Bamboo Coffins in January 2011. We have spent the last 2 years working in partnership with Oasis, Tindercapital and Dave How to scale the business, and are very pleased with the progress to date, and the transformation it is starting to bring to the community in Nilphimari. It is especially good to see James Khan (with his back to us in the photo), a Bangladeshi national who has grown with the company and now runs the manufacturing operation in Niphimari, as he hosts the US Ambassador on his visit.
We expect shortly to announce a deal to restructure the equity in the business, with a view to creating a profitable exit for the investors whilst returning the majority of the equity to the employees.