BLS Equity

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 The proposed transaction is an equity investment of up to US$36 million in primary common shares of Building Logistics S.A (“BLS” or “the Company”). BLS is a logistics service provider in Morocco and a subsidiary of H&S Invest Holding, a diversified family-owned holding company operating in FMCG, logistics, pharmaceuticals, media communication and real estate. The Company has ambitious growth plans to become a leading third-party logistics (“3PL”) services provider in the country. IFC’s proposed investment will be used to finance BLS growth investments consisting of (i) bolt-on acquisitions of identified logistics service providers, warehouse facilities and other facilities for the group in Morocco, and (ii) a capex plan to expand BLS’ existing warehouse facilities and construct greenfield warehouse facilities and logistics platforms in various large cities of the country (the “Project”).