According to the bank document, IFC is considering an A loan to Metro Myanmar to partly finance its 3-year capex plan comprising of a central warehouse in Yangon and a delivery infrastructure, which would include future satellite warehouses and cross-docking platforms across Myanmar (the “project”).
Metro Myanmar’s central warehouse is currently under construction at Thilawa Special Economic Zone (“Thilawa SEZ”), and the satellite warehouses and docking platforms will be developed in the future. These will be industrial warehouse facilities and not the traditional retail stores. The central warehouse in Yangon will also have a small processing section for ultra-fresh items. The warehouse management and delivery services will be outsourced to a third-party logistics service provider company (“LSPC”).
The Project, which is estimated to cost US$40 million, consists mainly of a central warehouse in Yangon and future satellite warehouses and cross-docking platforms across Myanmar.
It is proposed an IFC loan of approximately US$ 25 million to fund the Project.
Metro AG (“Metro” or the “sponsor” - https://www.metroag.de/en) is a global diversified retail and wholesale/cash and carry group. Headquartered in Düsseldorf, it operates about 760 wholesale stores in 25 countries and more than 280 hypermarkets throughout Germany. Metro had more than 137,000 employees in 2016-17.
Yoma Strategic Holdings Ltd., (‘Yoma’) a Myanmar based conglomerate listed in Singapore and also an existing IFC client is a minority shareholder in the Company holding 15% stake.
METRO Wholesale Myanmar Ltd (MWML), which was incorporated in 2017, is headquartered in Yangon with its central warehouse currently under construction at the Thilawa Special Economic Zone near Yangon. It plans to also have satellite warehouses and cross-docking platforms in other cities. MWML is the local subsidiary of Metro AG, Germany (‘Metro’ or the ‘Sponsor’), a leading global retailer specializing in cash & carry food retail and holding 85% stake in the Company.
1/ The Project Contact
METRO Wholesale Myanmar Ltd
Name: Ms. Tipayarat Kaewsingarm
Address: Thanlyin 11291, Yangon, Myanmar
2/ The IFC Contact
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
3/ Project Documentation
Contact Person: Ms. Tipayarat Kaewsingarm, Director
Company Name: METRO Wholesale Myanmar Ltd
Address: Wing-B, Ground Floor, Building-A3
Star City, Kyaik Khauk Pagoda Road
Thanlyin 11291, Yangon, Myanmar
ACCOUNTABILITY MECHANISM OF IFC
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