DFF - Landor Regional (EBRD-51484)

Countries
  • Morocco
  • Tunisia
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 7, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Landor SA and Landor Maroc Industries
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 33.04 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 29.3
Converted using 2020-07-07 exchange rate.
Project Cost (USD)
$ 33.04 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported TND 84,210,280.00
Converted using 2020-07-07 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 3, 2020

Disclosed by Bank Jul 22, 2020


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

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.

 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)

TND 34,210,280.00

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%).

Private Actors

LAND'OR SA

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.

Contact Information

Ridha Chouria
landor@gnet.tn 
+21671366666
Land'Or Bir Djedid Khelidia 2054 Ben Arous Tunisie

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.