According to the Bank’s website, the proposed investment is a financing package consisting of: (i) an IFC A-loan of up to EUR50 million to Sunmart Trading FZCO Dubai (Sunmart) and Senbai Holdings FZCO, Dubai (Senbai, together the Borrowers); and (ii) an equity investment of US$30 million in Softcare Limited (Softcare or the Company), which is also the guarantor of IFC’s proposed loan to Sunmart and Senbai. Sunmart and Senbai are fully-owned subsidiaries of Softcare, which itself is a subsidiary of Sunda Enterprise Limited.

The proceeds from IFC’s debt and equity investments will be used to finance the capacity expansion of baby diapers and sanitary pads factories with a total project cost of US$155 million. The proceeds will be used to finance new production lines for baby diaper and sanitary pad within existing factories in Ghana, Kenya, Tanzania, and Zambia.

This is a Category B project based on IFC's Policy on Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed project is expected to have limited adverse direct environmental and social (E&S) risks and impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures and Good International Industry Practice (GIIP) as practiced by the company. Such risks and impacts include those related to manufacturing operations, including use of natural resources and waste generation, assurance of fair and safe working conditions of employees, contractors and others engaged by the company in the manufacturing of wet wipes, sanitary products and diapers including risks related to GBVH in the workforce.

The Project cost is estimated at US$155 million and will be financed by: (i) the proposed EUR50 million (equivalent to US$53 million) A loan from IFC; (ii) the proposed US$30 million equity from IFC; and (iii) US$72 million of internal cash generation from Softcare.

Sunda is a leading Africa-focused, manufacturing and trading company, and operating in the FMCG, building materials, and metal hardware product segments. Incorporated in July 2024 in the Cayman Islands, Sunda became the new holding company for the business formerly known as Sunda Group Co., Limited. (Sunda Hong Kong) after a restructuring of Sunda Hong Kong. Softcare is a fully-owned subsidiary of Sunda and serves as the holding company for the business of baby and feminine hygiene products focusing on the development, manufacturing and sales of baby and feminine hygiene products such as baby diapers, baby pants, sanitary pads and wet wipes. Softcare published its application proof of the prospectus on the website of the Stock Exchange of Hong Kong Limited on January 27, 2025. Sunmart is principally engaged in the procurement and trading of raw materials. Senbai is an intermediate holding company of Softcare’s operating subsidiaries for baby and feminine hygienic operating assets overseas, including Africa, Latin America, and Central Asia.

Sunda’s ultimate beneficial owners are Mr. Yanchang Shen, the founder, CEO and Chairman of Sunda, and Ms. Yanjuan Yang, the spouse of Mr. Shen. They collectively own 100 percent of Sunda and 66.35 percent of Softcare according to the application proof of the prospectus of Softcare. The rest 33.65 percent of Softcare is currently beneficially owned by the shareholders who are then senior management members and employees of Sunda and its subsidiaries. These shareholdings will be diluted proportionally after the IFC investment for all Softcare’s shareholders.

Softcare (Cayman) Limited
Bob Xian
Financing Director
254 741 262 760
bob.xian@sunda.com
www.sunda.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