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Summary of Project Information (SPI) |
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| Project number | 8207 |
| Project name | Mercantile Leasing Limited |
| Country | Sri Lanka |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Mercantile Leasing Limited |
| Environmental category | FI |
| Date disclosed | April 22, 1998 |
| Status | Completed |
| Previous Events | Invested: March 1, 1999
Signed: January 25, 1999
Approved: May 29, 1998 |
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Summary Of Project Information (SPI)
| Project Name | Sri Lanka: MLL |
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| Region | Asia |
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Project No008207
Projected Board DateMay 30,1998
Company NameMercantile Leasing Limited
Technical Partner and/or Major Shareholders
MLL is a broad based publicly quoted leasing company with institutional investors as the major shareholders. The two largest shareholders are Capital Development and Investment Co (CDIC), a leading institutional source of equity and quasi-equity in Sri Lanka , and National Development Bank (NDB), a development finance institution with majority private ownership.
Project Cost Including proposed IFC investment
IFC is considering a co-guarantee of a 5-year debenture issue in an amount equivalent to up to SLRS220 million (approximately US$3.67 million) and a convertible loan of up to US$1.8 million.
Location of project and Description of site
Colombo, Sri Lanka
Description of Company and Purpose of Project
MLL is one of the three specialist leasing companies in Sri Lanka. Long term rupee funds made available through the IFC guarantee will enable the Company to diversify its funding, write longer term leases and correct a maturity mismatch in its portfolio. The IFC loan will enable MLL to write dollar leases for imported equipment, a product it does not currently offer.
Environmental Category and Issues
This is a Financial Intermediary (FI) category project according to IFC’s environmental review procedure. For relevant operations, MLL will be required to implement an environmental management system consistent with host country requirements and World Bank policies and guidelines. In addition, IFC will assess MLL’s capability to implement the system.
| Date SPI sent to PIC | April 22, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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