Wintermar Group (IFC-30964)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Countries
  • Indonesia
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 2, 2011
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
WINTERMAR OFFSHORE MARINE, PT TBK
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 155.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Corporate Actor Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 6, 2018

Disclosed by Bank Oct 3, 2011


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Project Description

Wintermar, established in 1970 as a tug and barge operator providing domestic loading and transportation vessel chartering services, is currently the largest domestic operator of OSVs in Indonesia.

Wintermar operates a diversified fleet of 66 owned vessels and operates an additional 11 vessels comprised of tug boats, landing crafts, crew boats, fast utility vessels, coal and oil transportation barges, anchor handling tugs, diving support vessels, harbor tugs and platform supply vessels, primarily servicing multi-national oil and gas exploration & production companies throughout Indonesia and the wider region.

The Company is planning to expand the existing fleet by 15 vessels at an estimated cost of $140 million, of which IFC is seeking to invest up to $60 million. The proposed uses of the proceeds include the funding of up to 8 of these 15 vessels.

 

Investment Description
  • International Finance Corporation (IFC)

The total Project Cost is estimated to be $155.5 million, including $15.5 million for general and corporate purposes. IFC is considering an investment in up to 5 off-shore services vessels not exceeding US$60 million.

Private Actors

The Company is publicly listed on the Indonesian stock exchange, with currently 36.23% owned by PT Wintermarjaya Lestari and 27.77% owned by PT Dwiprimajaya Lestari.

The Layanto family which has operated the Company since the 1970s controls the majority of the company, and is partnered with the Sujipto family which is strongly reputed in the Indonesian shipbuilding industry in Indonesia. The free float constitutes 25.11% of the company.

Contact Information

1/ The Project Contact

Contact: Pek Swan Layanto

Investor Relations Jln. Kebayoran Lama

No. 155 Jakarta 11560

Phone: 62-21-530 5201 / 5202 ext 401

Email: pekswan.layanto@wintermar.com

2/The IFC Contact

General IFC Inquiries

IFC Corporate Relations

Address: 2121 Pennsylvania Avenue, NW Washington DC 20433

Telephone: 202-473-3800 Fax: 202-974-4384

E-Mail: Webmaster

3/ Local Access for Project Documentation

Investor Relations Department

Jln. Kebayoran Lama No. 155 Jakarta 11560

Phone: 62-21-530 5201 / 5202 ext 401

Email: pekswan.layanto@wintermar.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/