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

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
Apr 23, 2013
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
SAYAP MAS UTAMA, PT
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 44.00 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)
$ 176.00 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 Nov 30, 2012


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project 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
  • International Finance Corporation (IFC)

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

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.

Contact Information

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/