UK-based Circle Gas is leaning heavily on financing from I&M Bank Kenya to support its Kenyan subsidiary M-Gas, even as the group seeks to raise an additional $20 million (Sh2.5 billion) in fresh capital to fund expansion.
Financial disclosures filed in the UK show that M-Gas signed a Sh750 million secured line of credit with I&M Bank on February 9, 2023, to finance the purchase of smart meters, cooking stoves and liquefied petroleum gas (LPG) cylinders.
