Sunda FMCG Investment

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The proposed investment is a financing package consisting of: (i) an IFC A-loan of up to EUR50 million to Sunmart Trading FZCO Dubai (Sunmart) and Senbai Holdings FZCO, Dubai (Senbai, together the Borrowers); and (ii) an equity investment of US$30 million in Softcare Limited (Softcare or the Company), which is also the guarantor of IFC’s proposed loan to Sunmart and Senbai. Sunmart and Senbai are indirect fully-owned subsidiaries of Softcare, which itself is a subsidiary of Sunda Enterprise Limited (“Sunda”). The proceeds from IFC’s debt and equity investments will be used to finance the capacity expansion of baby diapers and sanitary pads factories with a total project cost of US$155 million. The proceeds will be used to finance new production lines for baby diaper and sanitary pad within existing factories in Ghana, Kenya, Tanzania, and Zambia (the Project). Location and basic description of the targeted operations is provided below: Kenya: Machakos Industrial Park, Athi River area, near Nairobi. Operations began in 2019 on a 19-acre site. They operate 12 production lines for diapers, pull-up pants, sanitary pads, and wet wipes. Ghana: located on SSNIT Road, Dunkunah, Weijia. They started operations in 2018 on a 12-acre site. Fifteen production lines for diapers, sanitary pads, and wet wipes. Zambia:  located in Lusaka, off Leopards Hill Road. Operations began April 2021 on an 11-acre site. Four production lines produce diapers and sanitary pads. Tanzania:located in Kibaha, Pwani region . Four production lines manufacture diapers, sanitary napkins, and wet wipes.Other, smaller manufacturing facilities are located in Senegal, Benin, Uganda and Cameroon.