Toyota Tsusho Corporation has acquired 38,852 ordinary shares worth $3 million in IT firm Seven Seas Technology), this according to a gazette notice published by the Competition Authority of Kenya (CAK)
“Pursuant to the provisions of section 46 (6) (a) (ii) of the Competition Act it is notified for general information of the public that the Competition Authority of Kenya has authorized the proposed subscription for 38,852 ordinary shares in the share capital of by Toyota Tsusho CSV Africa Private Limited,” the authority, said in a gazette notice
This deal is expected to boost efficiency in Kenya’s health sector as Seven Seas Technology will be using the funds to digitize medical services.
Recently, the IT firm signed a five year partnership with GE Healthcare through the Kenya Ministry of Health’s Managed Equipment Services project for the installation and upgrading of medical infrastructure in ninety eight hospitals distributed in the forty seven counties
This is part of Toyota Tsusho Corporation plan to spur social economic growth in the continent.
This investment comes at the time when medical costs are rising in Kenya amid growing demand for high-quality medical services.
The initiative is also expected to seal a huge gap between urban residents and rural residents in access to medical facilities.
It is estimated that a person residing in rural Kenya travel at least 5 kilometers to access a health facility.
This investment will support the digitalization of medical services and lead to more efficient medical work, while also raising the level of medical services by using cloud computing to share data.
IT-based medicine will also make it possible to provide treatment and diagnosis to remote regions.
The firm which has previously invested in the leather sector in Ethiopia and Zambia’s agricultural sector raised the amount through its social contribution-oriented venture development fund for Africa, Toyota Tsusho CSV Africa Pte