MAS Capital II

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MAS Holdings (“MAS” or “the Group”) manages a portfolio of businesses and has operated in the realm of apparel and textile manufacturing for over 30 years. It is also the largest apparel and textile manufacturer in South Asia. The organization is headquartered in Sri Lanka with 61 manufacturing facilities placed across 16 countries, with design locations placed in key style centres across the globe and over 93,000 people involved in its operation. Today, the Group manages a more diverse portfolio of businesses across IT, brands, wearable technology, Femtech, medical apparel, start-ups and fabric parks worldwide. MAS Capital (Private) Limited (MCAP or the company) is a 100% subsidiary of MAS Holdings (Private) Limited and the parent company of the apparel and textile manufacturing portfolio. The proposed IFC investment is a senior long-term A Loan of US$50 million to the company to sustain the operations of the subsidiaries under MCAP and meet the medium and long term working capital requirements, capital expenditures, and general corporate purposes of MCAP’s existing operations in Sri Lanka (the “project”). The company has manufacturing operations outside Sri Lanka, but the current investment is largely focused on the company’s Sri Lankan operations. In the past, IFC had made one direct investment in the company in June 2014 which is now repaid in full. Environmental and social (E&S) performance of the closed investment was noted to be satisfactory based on IFC monitoring till investment closure.