Blue Bird IPO (IFC-35833)

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
Completed
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."
Borrower
BLUE BIRD, PT TBK
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 19.70 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)
$ 20.50 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 31, 2019

Disclosed by Bank Dec 5, 2014

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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.

Blue Bird is a leading passenger transportation company in Indonesia with the largest fleet of modern passenger vehicles and operating four business lines: (a) regular taxi services; (b) executive taxi services; (c) limousine & car rental services; and, (d) charter bus services. Blue Bird was incorporated in 2001. It currently has a fleet of more than 30,000 vehicles serving more than 8.5 million passengers per month across Indonesia.Blue Bird operates in 17 locations throughout Indonesia serving many of the busiest residential, business and tourist areas in the country. The company plans to expand its operations in existing locations and potentially new geographic areas, depending on Blue Bird's assessment of the business opportunity.IFC is considering an equity investment in the form of common shares as part of Blue Bird's IPO. The proceeds of the investment should help support the company's capital expenditure program for the next few years including the expansion of the taxi fleet and some initiatives to improve efficiency ("Project").

 

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

IFC is considering an equity investment of up to IDR 240 billion (approximately US$20.5 million) in the form of common shares as part of Blue Bird’s initial public offering (IPO). The proceeds of the investment should help support the Company’s capital expenditure program for the next few years including the expansion of the taxi fleet and some initiatives to improve efficiency.


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.

Robert Rerimassie (Finance Director/CFO)
E-mail: mailto:robert.rerimassie@bluebirdgroup.com
Phone: +62 (21) 798-9000
Address: Jl. Mampang Prapatan Raya No. 60
Jakarta Selatan 12790
Indonesia

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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