AEF Professional Technical Services Ltd (PTS)

completed

SUMMARY OF PROJECT INFORMATION (SPI)Project Name Ghana-Professional Technical Services Limited (PTS)Region Sub-Saharan AfricaSector AutomobileProject No: 008225Projected BoardDate: May 16, 1997Company Name: Professional Technical Services Limited (PTS)Major Shareholders: The company is owned by Mr. Roji Baitie but is presently being restructured. Two individuals and Mr. Baitie will own 67% of the shares and the country’s pension fund company, Social Security and National Insurance Trust, will own the remaining 33%.Mr. Baitie has been in the automobile industry for the last 15 years. His experience embraces spare part dealership and mechanical repairs on vehicles. Mr. Baitie will be the Managing Director.Project Cost including Proposed IFC Investment: Total project cost is estimated at US$720,000. IFC has been requested to provide a venture loan of US$288,000.Location of Project: Accra.Description of Company and Purpose of Project: The company was established in Accra in 1994 to manufacture and assemble vehicle spare parts. The purpose of the project is to remanufacture constant velocity joints (popularly referred to as CV-joints) for front wheel and four wheel drive vehicles in the country. The project will indirectly contribute to the road-worthiness of vehicles and public safety.Environmental Category and Issues: This is a category B project according to AEF’s environmental review procedure. Environmental issues associated with this project include chemical use and handling, liquid and solid waste disposal, hazardous material and workplace air emissions. Occupational health and safety issues include employee safety and training and fire prevention and emergency response. IFC will ensure ongoing compliance with World Bank environmental, health and safety policies and guidelines during the life of the project by evaluating monitoring reports submitted annually to IFC by PTS, and by conducting periodic supervisions.The Environmental Review Summary is expected to be available from the Public Information Centre on April 3, 1997.Date SPI sent to PIC: March 19, 1997For additional information contact: Corporate Relations Unit -telephone: (202) 473-7711 - facsimile: (202) 676-0365L:\WPCR\ROB\PTSSPI.DOCMarch 19, 1997 3:13 PMEnvironmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).