SolTuna Expansion

completed

SolTuna Limited (“SolTuna” or the “Company”) is Solomon Islands’ sole tuna loining and canning processor based in Noro, Western Province. The Company commenced operations in 1973 as Solomon Taiyo Limited, a 100% pole and line tuna fishing operation. Since then it has grown to become exclusively a tuna processing operation comprising a cannery, loining and cold storage facility. The Project is to support the expansion and upgrade of SolTuna’s tuna processing plant and increase capacity from 90 metric tonnes per day currently to 150 metric tonnes per day. SolTuna is majority-owned and controlled (51.5%) by Tri-Oceanic Overseas Holdings, LLC (“TOOH”), an affiliate of Tri Marine (“Tri Marine” or the “Group”), which consists of a group of 41 privately-held entities that together, comprise one of the largest global tuna supply companies in the world. The other shareholders of the Company are Solomon Islands National Provident Fund (31.4%), Investment Corporation of Solomon Islands Limited (9.3%) and Provincial Executive of the Western Province (7.8%).Total project cost is expected to be approximately US$31.0 million. IFC is considering an A loan for IFC’s own account totaling up to US$10.0 million.