Mammoth Foam (IFC-45539)

Countries
  • Kenya
  • Malawi
  • Uganda
Geographic location 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
Proposed
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
Mar 4, 2022
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
MAMMOTH FOAM AFRICA LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 21.90 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)
$ 26.50 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 25, 2022

Disclosed by Bank Dec 18, 2021

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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 bank provided information, IFC is invited to provide a US$7.5 million A loan and US$7.5m in B/parallel loans to Mammoth Foam Africa (“MFA” or the “Company”), a leading producer of polyurethane foam mattresses, spring mattresses and related foam and bedding products, operating through three subsidiaries in Kenya (Super Foam), Uganda (Euroflex) and Malawi (Vitafoam), to create a single consolidated group long-term loan, and to improve efficiency, expand production, and build storage capacity, among other capex investments.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost is US$26.5 million, of which (i) US$21.9 million to refinance and consolidate into one long-term loan, a combination of short and long-term loans of the subsidiaries inherited from the consolidation process of these subsidiaries; and (ii) US$4.6 million capex to improve efficiency, expand production, and build storage capacity, among other investments (the “Project”). The Project will be financed with US$15 million debt, US$5.2 million working capital facility, and US$6.3 million equity to be contributed on a pro-rata basis from existing shareholders.

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.

MFA’s shareholders are Catalyst Mattress Africa (80%), Avuma (11%) and Foamex Holdings (9%). Catalyst Mattress Africa is a non-operational holding entity owned by Catalyst Fund II, a private equity fund mainly funded by Development Financial Institutions (CDC, EIB, IFC, PROPARCO, AfDB, DEG, etc.), and FISEA, a fund of the French Development Agency managed by PROPARCO.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Mammoth Foam Africa 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.

Mammoth Foam Africa
Mr. Qahir Neky
Director – CFO
+254720600969
info@mammothfoam.com 
C/O Ocorian, 6th Floor, Tower A, 1 Cyber City, Ebene, Mauritius
https://mammothfoam.com/ 

ACCESS TO INFORMATION

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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