Wings - Beverage & Detergent Expansion (Indonesia) (IFC-32208)

Countries
  • Indonesia
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 23, 2013
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SAYAP MAS UTAMA, PT
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 44.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 176.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Corporate Actor Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 7, 2020

Disclosed by Bank Nov 30, 2012

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed IFC financing is a loan package on its own account to support a group of Indonesian companies in undertaking an expansion project, including

(i) to expand beverage product lines based on PET (polyethylene terephthalate) bottle under PT Tirta Alam Segar - PT TAS (Jakarta),

(ii) to expand fruit-flavored beverage in plastic cups under PT Murni Alam Segar - PT MAS (Surabaya),

(iii) to commission a greenfield coffee mix production under PT Harum Alam Segar - PT HAS (Surabaya), and

(iv) to increase the capacity of existing detergent business under PT Sayap Mas Utama - PT SMU (Jakarta), all targeting low-middle income segments in the domestic market (the "Project").

IFC will also try to syndicate a B loan subject to market conditions. The balance of the financing will be through shareholder loans/equity.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost is estimated at US$176 million. The proposed IFC financing is a loan package of up to US$88 million: US$44 million A Loan on its own account and US$44 million of syndicated B loan

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Wings Group is a privately held Company, owned by two Indonesian families, Katuari and Sutanto. The Group is one of IFC’s key strategic clients in East Asia Pacific Region. IFC has provided financing for the consumer products, agribusiness and chemical investments of the Wings Group, with over 7 investments since 1997.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - WINGS Corporation Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

1The Project Contact

Finance Director
PT Sayap Mas Utama
Jl. Tipar Cakung Kav. F 5 - 7, Kawasan Perluasan PT JIEP
Jakarta Timur
INDONESIA 13190
Telephone: +62 21 460 2696
Fax: +62 21 460 9211

2/ The IFC Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

3/ Local Access for Project Documentation

PT. Sayap Mas Utama at:
Jl. Tipar Cakung Kav. F5-7
Jakarta Timur 13910

PT. Tirta Alam Segar at:
Jl. Kalimantan Blok B1-2
Cibitung, Bekasi 17520

PT. Mitra Alam Segar at:
Jl. Pakujoyo 38 Km. 47.9
Pasuruan, Jawa Timur

PT. Harum Alam Segar at:
Jl. Raya Sukomulyo Km 24
Manyar Gresik 61151

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/

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