Early Warning System

Countries

Greece

Geographic location 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

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

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

Dec 5, 2023

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

IDEAL HOLDINGS SA

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)

$ 16.47 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.
Currency conversion note:
Bank reported 15
Converted using 2023-12-19 exchange rate.

Project Cost (USD)

$ 109.79 million

Bank Documents

Translation: Ideal Holdings Greece (Greek)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 7, 2024

Disclosed by Bank Dec 19, 2023

Contribute Information
Can you contribute information about this project?
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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, the project refers to a EUR 15 million subscription in a EUR 100 million 5-year senior unsecured bond issued by Ideal Holdings. The bond is listed on the regulated Debt Segment Market of the Athens Stock Exchange.

Bond proceeds will be directed towards: (i) repayment of a loan raised to fund the acquisition of the department stores business and the repayment of existing bank debt, as well as (ii) funding future acquisitions. As part of the Bank's engagement, the Issuer committed to GET-eligible renewable energy investments of at least 3 MWp generation capacity, sourcing energy to cover a large part of the annual energy needs of its manufacturing segment.

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.

Category B (2019 ESP). The DD identified some areas where the business, and corporate, systems would benefit from additional works and expansion. Specifically, improved recording of near misses are part of the OHS management system at the bottle cap division; and contractor and supply chain risk management for the retail element require upgrades. At the corporate and business level, the development of an ESDD procedure is required.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

A EUR 15 million subscription in a EUR 100 million 5-year senior unsecured bond issued by Ideal Holdings. The bond is listed on the regulated Debt Segment Market of the Athens Stock Exchange. The transaction was submitted as a sub-operation under the Greek Corporate Bonds Framework III.

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.

Ideal Holdings SA is an investment company specializing in middle market buyouts and growth capital investments, incorporated in Greece and listed on the Athens Stock Exchange. Ideal is active in three distinct sectors, namely department stores, IT and crown cork manufacturing.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	IDEAL HOLDINGS SA	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.

COMPANY CONTACT INFORMATION

Ideal Holdings Investor Relations
ir@idealholdings.gr
(+30) 210 51 93 500
https://www.idealholdings.gr/
Kreontos 25 street, 404 42, Athens

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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