Nabati Indonesia

completed

The proposed investment is a  US $  100 million loan package  (US$ 40 million A loan plus US$ 60 million in parallel and syndicated loans) to PT Kaldu Sari Nabati Indonesia (“Nabati” or the “Company”) for a 7-year tenor to support the construction of a new factory capable of producing wafers, biscuits, snacks, and confectionary in Majalengka, West Java, Indonesia (the “Project”).  The use of proceeds is to complete a second phase of a 26-hectare green field factory expansion (part of a wider factory expansion plan) within a provincial designated industrial zone. The proposed construction shall require the acquisition of land; attainment of environmental approvals; construction of factory; fitting with production lines; and construction of supporting infrastructure. The proposed construction shall be an expansion from a 13.5-hectare existing factory foot print and when fully completed and operational will result in an additional ~5,300 jobs, bringing the total employment of Nabati to ~16,500 and ~10,000 within the Majalengka location. The process of flat wafer production requires the blending of ingredients including: (i) wheat flour; (ii) processed cheese; (iii) palm oil; (iv) cocoa; (iv) sugar; (v) milk powder; and, (vi) nondairy creamer.  Processing of these ingredients is through blending with water, mixing, forming, baking, cooling, blending with other additives and coatings such as processed cheese/chocolate, cooling, and packaging.   The manufacturing process is mechanized with labor used for inputting the ingredients at the start of the production process and packing the final product at the end of the process. Finished products are packaged in  metalize film and aluminum foil  (based on required shelf life) wrappers, tin containers and packed in carboard boxes (both for display and shipment) and distributed to points of sale.