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| Wings PAS WC |
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| Summary of Proposed Investment |
| This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
| Project number | 27157 |
| Company name | PT Prakarsa Alam Segar |
| Country | Indonesia |
| Sector | Food & Beverages |
| Environmental category | C |
| Department | Agribusiness |
| Status | Active |
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| Date SPI disclosed | April 10, 2008 |
| Projected board date | May 12, 2008 |
| Date revised SPI disclosed | April 14, 2008 |
| Previous Events | Invested: July 17, 2008
Signed: June 24, 2008
Approved: June 19, 2008 |
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| Overview |
Sponsor/Cost/Location |
Development Impact |
Contacts |
Attachments |
| Project description |
| PT Prakarsa Alam Segar (PT PAS or the company) is an existing IFC client owned by the Wings Group. It produces instant noodles. The company is seeking funds to finance working capital needs. |
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| Project sponsor and major shareholders of project company |
| The project sponsor is the Wings Group, which is a well established private Indonesian conglomerate. Their core business is in soap and detergents. |
| Total project cost and amount and nature of IFC's investment |
| The total project cost is estimated at up to $30 million. The proposed IFC investment includes up to a $25 million loan to PT PAS through a combination of A and B loans. |
| Location of project and description of site |
| PT PAS is located near Jakarta, Indonesia, in an industrial area of Bekasi. |
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| Anticipated development impact of the project |
By supporting the sales and production of the company, the project is expected to have the following development impacts:
- maintain employment, primarily of women;
- support purchase of produce from local farmers, as the company buys locally produced fresh produce for the seasonings in their instant noodles;
- maintain income tax revenues paid to the government of Indonesia; and
- maintain revenue and profits of small and medium sized enterprises which sell the company’s products. |
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| IFC's expected development contribution |
IFC is expected to play an important role as it may:
- provide long-term local currency financing;
- assist in helping the company comply with IFC’s Environmental & Social Performance standards. |
| Environmental and social issues - Category C |
| IFC's early review of this investment has determined that it is anticipated that this project will have minimal or no adverse social or environmental impacts. Therefore, this project has been classified as a Category C project according to IFC’s Environmental and Social Review Procedure. |
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| For inquiries about the project, contact: |
Hanny Sutanto, Director
Graha Ekonomi
Jl. Setia Budi Selatan Kav. 10
Jakarta 12920
Telephone: 62-21-5790 4433
Fax: 62-21-5790 4430 |
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| For inquiries and comments about IFC, contact: |
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster |
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