The transaction consists in an uncommitted revolving reverse factoring credit line (the "Transaction) to be granted by IDB Invest to Tiendas Industriales Asociadas TIA S.A. in Ecuador ("Tiendas TIA" or the "Company"). At its sole discretion, IDB Invest will be entitled to: purchase and discount the credit rights held by suppliers payable by Tiendas TIA previously confirmed by the latter through an eligible electronic platform.
The Company was organized in Guayaquil, Ecuador, in 1959. Since then it has expanded countrywide and currently owns 242 stores (158 in the Costa, 73 in the Sierra and 11 in the Amazonia regions) with a headcount of over 8,000. The Company's main activity is the wholesale and retail sale of food, clothing and products in general through its stores under the commercial brand "Tia" focused on serving the customers at the base of the pyramid.
Through the Transaction, IDB Invest seeks to enable financing under competitive conditions for Tiendas TIA's suppliers, which are mostly MSMEs, in Ecuador by discounting or monetizing their credit rights arising from the sale of goods and/or services to Tiendas TIA.
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