According to bank provided information, Candor is launching a capex plan of ca. TND 67.2 million (ca. EUR 21.2 million) which consists of (i) ca. MAD 165.5 million (eq. EUR 15.7million) investment in a new plant in Morocco and (ii) ca. TND 17.0 million (eq. EUR 5.5 million) in Tunisia for capacity expansion and process optimisation of its plant.
Project in Morocco:This investment in Morocco is driven by i) a dynamic local market, ii) a validated export potential to sub-Saharan countries out of Morocco. Landor decided to acquire 1.3 ha of land near Kenitra (in western Morocco) and to build a 6.1k sqm plant.
Project in Tunisia:This investment focus on capacity expansion and process optimisation of the plant in Khelidia (suburbs of Tunis). Landor is also planning investments in productivity, quality and safety in order to optimise the processes in its Tunisian plant and improve its industrial standards.
The financing plan of EUR 29.3 million is as following: (i) EBRD Senior Secured Loan, EUR 10.9 million (37%) (EUR 3.1 million to Landor SA and EUR 7.8 million to LMI, (ii) Africinvest equity injection for EUR 16.4 million (56%), (iii) VCCP Grant for EUR 0.5 million (2%) financed by the European Union and provided through the EBRD, and (iv) a Morocco Government Grant for EUR 1.4 million (5%).
Borrower 1: Landor SA is a Tunisian joint-stock company, and one of the leading local processed cheese producers. Landor was created in 1994 by Dr Hatem Denguezli and has been listed on the Tunis Stock Exchange ("TSE") since 2013. The Company has ca. 460 employees.
Borrower 2: Landor Maroc Industries ("LMI" or "Moroccan Borrower") is the Company's recently established subsidiary in Morocco that will own and operate a new cheese processing plant in Morocco.
Land'Or Bir Djedid Khelidia 2054 Ben Arous Tunisie
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