Irrawaddy Towers (IFC-35935)

  • Myanmar
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
Bank Risk Rating
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
Mar 16, 2017
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.
The holder of the loan, grant, or other investment.
  • Communications
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 42.50 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)
$ 490.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 16, 2019

Disclosed by Bank May 17, 2016

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Project Description

Irrawaddy Towers Asset Holding ("ITAH") (incorporated in Singapore) is the owner of Irrawaddy Green Towers ("IGT" or the company) an independent telecommunications Tower Company headquartered in Yangon, Myanmar. IFC is seeking to place i) an equity investment of up to US$30 million, ii) debt investment of up to US$30 million from IFC's own account; and (iii) mobilizing up to US$30 million of potential parallel financing to IGTIFC's investment, through ITAH, will be used to partially finance IGT's 4,939 telecom towers business plan as follows: (i) complete IGT's capital expenditure program for the construction of 1,839 built-to-suit (BTS) towers; (ii) cover IGT's capital expenditure program for the construction of 1,100 new BTS towers; and (iii) support a further order of up to 2,000 new BTS towers.

As of November 18, 2015, there were 1,639 towers already built with an additional 1,300 under various stages of development/construction (site acquisition, site preparation, and construction). As an independent tower operator, towers are designed for multi-tenant usage, allowing the company to lease tower space to multiple mobile operators.

IFC has reviewed technical information provided by IGT. The scope of IFC's appraisal included a review of IGT's management capacity to provide adequate oversight of environmental, social, health and safety aspects of its business. The review relied on documents and reports made available by IGT, along with site visits by IFC's technical team to a number of IGT's operating sites in Yangon, Myanmar during November 2014 and November 2015. Interviews were conducted by IFC staff during meetings with IGT's Quality, Health Safety and Environmental ("QHSE") management team in Yangon.

The project sponsors include Alcazar Towers Limited and M1 Telecom. Alcazar Towers, owned by the family of Alcazar Capital Limited’s (“Alcazar”) Chairman Maroun Semaan, was established together with other SPVs affiliated with Alcazar's directors and partners to develop the tower business in Myanmar. Alcazar is a financial advisory firm focused on frontier market private equity investments, M&A and project development opportunities, particularly in telecoms and logistics. Alcazar is a private company and is registered in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority.

M1 Telecom is part of M1 Group, an investment holding with international interests including telecommunications, real estate, aviation, fashion and retail, energy, financial asset management and transport. M1 is majority owned by Taha Mikati and Najib Mikati. M1 Group is a DIFC Entity and it is a private company.

IGT is owned by ITAH, which holds 99.99% of the shares in IGT. ITAH is in turn owned by companies affiliated with Alcazar (Alcazar Towers Limited (a company owned by the family of Alcazar Capital Limited Chairman Maroun Semaan); ACL Dagon Tower Holding Pte Ltd (a company owned by the family of Alcazar Capital Limited CEO Charbel Abou-Jaoude and by Alcazar Capital Limited partner Patrick Tangney), and Alcazar Projects Ltd, a company owned by Alcazar Capital Limited employees and directors) and by M1 Telecom. The companies affiliated with Alcazar Capital Limited collectively have a majority of the voting interest in ITAH.

Investment Description
  • International Finance Corporation (IFC)

US$ 10 million equity investment from IFC

Contact Information

Ayad Chammas, Chief Executive Officer
Irrawaddy Green Towers Limited
308 Ahlone Road
Dagon Township, Yangon, Myanmar
Telephone: +95-9798601600

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