Vision Fiji (IFC-36586)

Countries
  • Fiji
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
Oct 14, 2015
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
Vision Investments Limited
The holder of the loan, grant, or other investment.
Sectors
  • Finance
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, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 17, 2017

Disclosed by Bank Sep 24, 2015


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Project Description
This project comprises of an equity investment in a private placement, or the sale of stocks, bonds, or securities directly to a private investor, of Vision Investments Limited, which will acquire and merge operations of three other affiliate companies, namely Vision Motors Limited, Mahogany Industries Limited, and Vision Finance Limited, to be used to repay bank loans and other business activities.
Investment Description
  • International Finance Corporation (IFC)
Vision Investments Limited (VIL) is headquartered in Samabula, Fiji, and is a leading retail company distributing consumer electronics, furniture and durable home goods in Fiji. VIL is currently owned by four established companies in Fiji, namely, Jacks Equity Investment Limited (29.8% ownership), R.C. Manubhai & Co Ltd (29.8% ownership), Challenge Engineering Ltd (29.8% ownership) and Candle Investments Ltd (9.9% ownership), and Vision Group Limited (0.7% ownership). VIL acquired and merged with its three sister companies, Vision Motors Limited (an automotive dealer), Mahogany Industries (Fiji) Limited (a wooden furniture manufacturer) and Vision Finance Limited (provider of guarantees for consumer finance loans and extended warranties extended by VIL), under the umbrella of Vision Group Limited.
Contact Information
Mr. P L Munasinghe Address: Vivrass Plaza, Laucala Beach Estate, PO Box 3726 Samabula, Fiji Phone: +679 338 1333 Fax: +679 337 0483 Email: mailto:plm@courts.com.fj Website: http://www.vil.com.fj 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/