AWC Green Loan (IFC-43415)

Countries
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bangkok, Hua Hin, Koh Samui and Chiang Mai
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Approved
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."
Voting Date
Sep 25, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Asset World Corp Public Company Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
  • Industry and Trade
  • Law and Government
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 144.83 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.
Loan Amount (USD)
$ 144.83 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)
$ 282.00 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 Jul 10, 2021

Disclosed by Bank Aug 26, 2020

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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.

According to the bank's website, "Thailand’s leading hotel and commercial property company, Asset World Corp Public Company Limited (AWC or the company - https://www.assetworldcorp-th.com/) headquartered in Bangkok.

The company currently has 16 hotels with an aggregate of over 4,600 rooms, 10 retail centers and four office buildings. The assets are geographically diversified throughout Thailand but are featured in prime business and tourist locations in urban areas.

The proposed IFC investment is a green loan of up to THB4.5 billion (approximately US$137 million equivalent) to fund the following green building projects and working capital (the project):

- Green retrofit and refurbishment with energy efficiency technologies including rooftop solar for Hua Hin Marriott Resort and Spa and heat pumps for hot water for Intercontinental Hotel Chiang Mai and Melia Chiang Mai Hotel.
- Construction of two new greenfield hotels (JW Marriott Marquis Hotel Asiatique Bangkok and Innside Bangkok Sukhumvit)
- Working capital to support the gradual re-opening of AWC hotels following Covid-19-related temporary closures

JW Marriott Marquis Hotel Asiatique Bangkok (800 rooms) is planned for opening after 2024. Innside Bangkok Sukhumvit (208 rooms) is under construction, subject to an uninterrupted incident, generally the construction shall be completed within 36 months from the construction commencement date and will be operated by Melia Hotels International."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to IFC, AWC is listed on the Stock Exchange of Thailand and is a subsidiary of the Thai Charoen Company (TCC) Group (the “Group”), one of the largest conglomerates in Thailand. The Sponsors of TCC, Khun Charoen Sirivadhanabhakdi and his wife Khunying Wanna Sirivadhanabhakdi founded the Group in 1976, its core business at the time in beverages, and what is now Thai Beverage PCL. The Group has since expanded into real estate, retail, insurance and agriculture, and has a large asset base and diversified interests in Thailand, Singapore and the Mekong region.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Asset World Corp Public Company Limited Client -

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.

Asset World Corp Public Company Limited
Dr. Karn Prativedwannakij
Chief Financial Officer
+6621809999
karn.p@assetworldcorp-th.com
56th FL. Empire Tower, 1 South Sathorn Rd., Yannawa, Sathorn, Bangkok 10120 Thailand
https://www.assetworldcorp-th.com/ 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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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How it works