MAL - PRAN

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The group of companies known as PRAN Group (“PRAN” or the “Group”) was established in 1981 and is the leading branded food and beverage group and the largest agro-processor in Bangladesh. PRAN has its production facilities at 13 locations and employs more than 53,000 employees, of which approximately 60% are women. The group is a well-known household brand in Bangladesh and produces more than 400 food products in at least 10 major categories including juices and drinks, snacks, dairy, spices, confectionary and frozen foods and exports to 134 countries around the world.  PRAN is an existing IFC investee. IFC approved debt investments in 2009 (project#27005 for a number of PRAN companies defined together as PRAN Group), 2011 (project#30568, for PRAN Dairy Limited expansion) and 2012 (project#31829 for Natore Agro Limited (NAL)). The most recent and only outstanding IFC investment was senior loans to PRAN group entities, PRAN Agro Business Limited (PABL), PRAN Agro Limited (PAL) and NAL which were committed in 2019. In addition, the Group has been a client of the IFC Food Safety Advisory team, who has worked with PRAN on food safety issues since 2016. IFC has also provided advisory support to PRAN for development of corporate E&S management framework.  Started in 2009, Mymensingh Agro Limited (MAL or the Company), one of the PRAN group entities, is involved in the manufacture of beverages including hot filled drinks, carbonated soft drinks, mineral water, fruit-flavored drinks, candy, wafers and bakery items at its facility in Kaligonj, 40 km from Dhaka. Additionally, one of the group entities Packmat Industries Limited produces printed packaging (for MAL and other PRAN entities) within the facility premises of MAL. The proposed investment is a senior loan of up to US$25 million to support the working capital and capital expenditure requirements of MAL in its existing facility in Bangladesh (“the Project”).