High-Value Coconut Processing Project (ADB-53313-001)

Countries
  • Indonesia
Where the impacts of the investment may be experienced.
Specific Location
Kayutanyo, East Luwuk, Banggai Regency, Central Sulawesi 94723, Indonesia
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Development Bank (ADB)
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
Dec 20, 2019
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
Silvermill Group and its members
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • 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, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 7.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS May 7, 2020

Disclosed by Bank Dec 26, 2019


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Project Description

According to the bank document, PTSASL was set up in September 2017 in an effort to:

(i) expand and diversify the Group's coconut sourcing (different geographical/climatic zone) and

(ii) benefit from lower cost-base for raw materials and boost the Group competitiveness for its flagship products (virgin coconut oil, desiccated coconut products and coconut water).

PTSASL key asset consists of a manufacturing plant located near Luwuk, Sulawesi, which is nearing construction completion. Construction costs of PTSASL processing plant are estimated at $7.0 million and have been fully funded by equity to date.

Investment Description
  • Asian Development Bank (ADB)
Private Actors

 All the borrowers involved in the projects belong to the Silvermill Group such as: Giriulla Mills Ltd, S.A. Silva and Sons (Private) Ltd, Silvermill Investment Holdings (Private) Ltd, Silvermill Natural Beverages (Private) Ltd and PT SASL and Sons Indonesia. Among them, the PT SASL and Sons Indonesia is the local company based in Indonesia, For further information, please see the link: http://www.silvermillgroup.com/group-of-companies



 

Contact Information

Local contact: 

PT.SASL and Sons Indonesia

Address: Kayutanyo, East Luwuk, Banggai Regency, Central Sulawesi 94723, Indonesia

Phone number: +62 813-3392-0855

Website: silvermillgroup.com

Responsible ADB Officer: Donges, Carine Sophie

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main