Project Nautilus (Commercial Cold Holdings) (FMO-61962)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • South Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
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
B
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
Jun 27, 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
Commercial Cold Holdings Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 14.97 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 277.5
Converted using 2023-06-27 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 31, 2023

Disclosed by Bank Jan 17, 2023

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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.

As stated on the project disclosure page, Commercial Cold Holdings Limited (CCH) is established as a South-African cold storage platform with a pan-African expansion strategy. CCH is on a path of acquiring and consolidating existing and greenfield businesses within the Temperature Controlled Logistics market with a focus on storage. Its anchor investments are based in South-Africa and Namibia. CCH will pursue expansion beyond South Africa and Namibia into other countries across East, West and North Africa.

FMO is providing equity financing for a co-investment of up-to USD 20mln alongside the AIIF4 and IDEAS funds managed by AIIM to acquire a stake with significant influence. Initially CCH will acquire and integrate businesses in South-Africa, potentially followed by acquisitions in the rest of Africa. A key positive impact will be the reduction of the carbon footprint, to be achieved by increasing the amount of renewable energy used to power the facilities and in some instances the use of CO2 as a refrigerant.

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

The FMO states two different data on the project disclosure page. First, it commits to an investment of up to USD 20 million, but the total FMO investment provided on the side of the page states the amount of ZAR 277.5 million, which is more close to USD 15 million.

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.

As stated on the company's website, "collectively offering over 94 823 tons of temperature controlled storage and handling capacity (with more on the way) our facilities can store product from ambient temperature to minus 60 degrees - perfect for all poultry, fish, meat, vegetables, dairy, margarine and fruit."

 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - CCS Logistics (Commercial Cold Holdings) Client Industry and Trade

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.

No project contacts available at the time of disclosure.

Client - Commercial Cold Holdings Limited:

Address: Vrystaat Road, Paarden Eiland, 7405 South Africa
Phone: +27 87 3507350
Website: https://www.ccslogistics.co.za/

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

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How it works