Original disclosure @ IFC website
Updated in EWS Apr 19, 2023
Disclosed by Bank Apr 13, 2023
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The proposed investment is an A loan of up to US$20 million to Hela Investment Holdings Ltd, a Mauritius-registered holding company. HIH is an indirect and wholly owned subsidiary of Hela Apparel Holdings PLC (“HAH” or “the Hela Group”), a Sri Lankan-headquartered multinational apparel manufacturer. HAH is publicly listed on the Colombo Stock Exchange and currently has 10 directly operated manufacturing facilities in Sri Lanka and Africa. HIH will use the IFC Loan to finance the long-term working capital requirement of the Hela Group and support the growth of its manufacturing operations.
As stated by the IFC, the Hela Group started in Sri Lanka as a cut and sew operation and has evolved to become an end-to-end supply chain solution provider for its customers serving a client base in the USA, Europe and Asia. It currently operates 6 manufacturing facilities in Sri Lanka, 1 in Kenya, 2 in Ethiopia (including a joint venture facility), and 1 in Egypt, as well as 4 global design centers. Altogether, Hela Group employs over 18,000 workers, 70% being women. Hela classifies its products as intimate wear, kids wear and active wear.
Hela Investment Holdings Ltd. is an indirect and wholly owned subsidiary of Hela Apparel Holdings PLC.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
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General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Client - Hela Apparel Holding PLC:
Adam Collins - General Manager, Corporate Affairs & Investor Relations
Phone: +94 76 9867475
Address: No. 35, Balapokuna Road Colombo-5, Sri Lanka
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