As stated by the IFC, the proposed Project of equity injection will enable CHO, while strengthening its balance sheet and reducing its costs, to continue implementing its strategic plan aiming to enhance its global market position and ensure and diversify sourcing of raw material beyond Tunisia.
Under this new investment, the Company aims to strengthen its global market position. Thus, CHO (i) has established a subsidiary in Morocco and is currently looking for local partnerships to strengthen its position in the market; (ii) will add c. 1,000ha to its plantations located in Tunisia, (iii) has the objective to reach 30kT of bottled olive oil by 2026, (iv) intends to open new exports markets (UK and Africa), and (v) rebalance its balance sheet.
The Project will be supported by IFC’s Advisory Services on three fronts already discussed with the Company: 1) Value Chain Farmers advisory (smallholders and mills to improve yields and quality), 2) Gender Edge Certification and 3) a Corporate Governance (CG) to help the Company strengthen its CG and raise its profile in view of a qualified IPO in the medium term.
As stated on the project disclosure page, this project is a proposed IFC investment of US$ 25 million for a 16.5% equity holding in CHO.
The project also includes the mobilization of up to US$50 million equity from co-investors.
As stated by the IFC, CHO Group was established in 1996 and is a leading olive oil producer in Tunisia. The Company’s facilities are mainly located in the region of Sfax, Tunisia, and its destination markets span over 50 countries worldwide. CHO retains a workforce of over 950 employees.
CHO was created by three entrepreneurs, Mr. Abdelaziz Makhloufi, Mr. Moncef Rekik, and Mr. Abderazzak Tounsi. The original founders own directly or indirectly about 88.5 percent of shares. The remaining is held by SICAR Invest, part of the Banque Nationale Agricole Group.
|Private Actor 1
|Private Actor 1 Role
|Private Actor 1 Sector
|Private Actor 2
|Private Actor 2 Role
|Private Actor 2 Sector
|Banque Nationale Agricole
|Agriculture and Forestry
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Client - CHO Company Limited:
Local Access for Project Documentation:
Mohamed Walha - QHSE Director for CHO Group
Address: CHO Company, Mahdia Road km 18. Sfax Tunisia
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