Original disclosure @ IFC website
Updated in EWS May 17, 2023
Disclosed by Bank Apr 24, 2023
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As stated by the IFC, the proposed investment will be up to €200 million debt facility consisting of up to €154m IFC A-loan and up to €46m MCPP to Tilemaster Investment Ltd., an existing IFC borrower. The financing is proposed to be unsecured, and fully guaranteed by Keda Industrial Group Co. Ltd. The proposed loan will finance Tilemaster’s €370m corporate capital investment program and long-term working capital needs in Africa in order to (i) expand production within the existing operational footprint in Ghana by adding a new production line for both ceramic tile and sanitary ware (ii) set up an architectural flat glass plant in Tanzania (in Mkuranga, 50 km south of Dar es Salaam) with estimated production of 219K tons of glass per annum.
As stated by the IFC, Keda (51% shareholder of Tilemaster) is a leading global ceramic machinery manufacturer listed on the Shanghai Stock Exchange. Its core business segments include building materials machinery, building materials such as ceramic tiles, and lithium-ion battery.
Sunda (49% shareholder of Tilemaster) is an Africa-focused manufacturing and trading company. Sunda has an extensive trading network that distributes building materials (ceramic tiles), consumer products (washing powders, diapers, sanitary towels) and hardware in more than 20 countries in Sub-Saharan Africa. It also has a growing manufacturing base with 15 manufacturing plants across 10 countries.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Brightstar Investment Limited||Client||Finance|
|-||-||-||-||Keda Industrial Group Co Ltd||Investor||Industry and Trade|
|-||-||-||-||Sunda Group Company Limited||Investor||Industry and Trade|
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Client - Tilemaster Investment Limited:
Frank Li - Chief Finance Officer
Phone: +86 18934365778
- No 1, Huanzhen Xi Road, Guanglong Industrial Zone, Chencun, Shunde, Foshan, Guangdong, China
- Keda (Ghana) Ceramics Company Limited, B918/17 South Odorkor, Bushia Junction, Accra, Ghana
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