Renata PLC (IFC-49357)

Countries
  • Bangladesh
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
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
Jun 10, 2024
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
Renata PLC
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)
$ 60.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 14, 2025

Disclosed by Bank Oct 3, 2024

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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, IFC proposes a debt investment comprising a senior secured A loan of up to US$60 million to Renata PLC with a tenor of up to six years, including a one-year grace period, to finance working capital needs of the Company.

The Project supports the ongoing operations of the Company in manufacturing and distributing essential medicines and helping the importation of key materials for those products during uncertain macroeconomic conditions, such as higher prices of raw materials and foreign exchange shortages. This will enable continued and appropriate access to pharmaceuticals for patients in need in Bangladesh, support the Export growth ambitions of the Company, in addition to preserving the skilled workforce of the Company. 

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability (2012). Based on information reviewed by IFC, the proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures and good international industry practices (GIIP). 

 Key E&S risks and impacts associated with the project include: i) labor and working conditions of workers engaged by third parties, ii) wastewater management and pollution prevention, iii) security personnel, and iv) stakeholder engagement activities related to E&S aspects.

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

IFC proposes a debt investment comprising a senior secured A loan of up to US$60 million to Renata PLC with a tenor of up to six years, including a one-year grace period.

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.

Renata PLC is one of the leading pharmaceutical companies in Bangladesh. The sponsors, Sajida Foundation, with a majority shareholding of 51.09% (as at 30th June 2023 and as at 31st March 2024) acquired the business 30 years ago from Pfizer. Renata has grown to become the fifth-largest pharmaceutical company in Bangladesh by revenues.

The Sponsors of Renata is Sajida Foundation, who acquired the business 30 years ago from Pfizer in 1993, with a majority shareholding of 51.09%. Other Shareholders include Business Research International Corp (21.34%), Domestic Financial Institutions (12.46%) and General Public (15.11%).

SAJIDA Foundation is a non-government, non-profit voluntary organization registered with:

  • Registrar of Joint Stock Companies registration no. S1403(37)/91 dated 08/05/1991
  • NGO Affairs Bureau registration no. 984 dated 31/10/1995
  • Micro credit Regulatory Authority registration no. 00251-00155(Ka)- 00155, dated 16/03/2008

 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Renata PLC 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.

Renata PLC
Shahed Md. Arifuzzaman
Manager, Financial Planning & Analysis
+8801894953363
shahed.arifuzzaman@renata-ltd.com
Plot No. 1, Milk Vita Road, Section-7, Mirpur, Dhaka-1216, Bangladesh.
www.renata-ltd.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