SMTP Madagascar (IFC-36704)

Countries
  • Madagascar
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
Feb 29, 2016
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
Société Malgache de Transformation des Plastiques SA
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)
$ 3.00 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)
$ 6.80 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 Aug 22, 2017

Disclosed by Bank Sep 11, 2015


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Project Description
This project finances the poultry expansion project of Société Malgache de Transformation des Plastiques which includes support to its agribusiness subsidiaries involving three components: i) capital expenditures for the expansion of Agrifarm’s Day Old Chicks production capacity; ii) permanent working capital to increase Agrival’s animal feed production; and iii) capital expenditures for a green field slaughterhouse for Mabel.
Investment Description
  • International Finance Corporation (IFC)
Société Malgache de Transformation des Plastiques (STMP) group is a conglomerate in Madagascar, with activities in agribusiness (including industrial bakery), plastics, packaging, woven polypropylene, construction and civil works, automobile dealership, real estate (residential and commercial). SMTP Group Madagascar is a conglomerate of 20 companies and 1,200 employees and annual revenues of around US$33.5 million. In the agribusiness sector, the it owns three key subsidiaries, Agrival (animal feed), Agrifarm (day old chicks for poultry/ broilers) and Mabel (slaughterhouse). SMTP group is majority owned by Mr. Danilhoussen Ismael and a Malagasy national. Mr. Ismael started SMTP in 1987, and progressively grew the business into one of the largest conglomerate in the country.
Contact Information
Name/Address: Mr. Danilhoussen Ismael, Executive President Groupe SMTP. Lot 01 A Ambohibao Antananarivo Madagascar Tel : +261 32 07 845 80; E-mail : mailto:ismaeld@groupe-smtp.com Web site : http://www.groupe-smtp.com 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/