According to the bank document, the proposed IFC investment is an A loan of up to RMB 750 million (approximately US$100 million equivalent) to Chongqing Minsheng Education Management Co., Ltd. (the Borrower), a wholly-owned subsidiary of Minsheng Education Group Company Limited (Minsheng or the Company). This is to support Minsheng’s expansion, consolidation, operation and upgrade plan to replicate its successful tertiary education model in frontier regions of China. The Company plans to acquire and upgrade tertiary and vocational education institutions (the Project).
The total Project cost is estimated to be US$300 million. The proposed IFC investment is an A loan of up to RMB 750 million (approximately US$100 million equivalent) to Chongqing Minsheng Education Management Co., Ltd. (the Borrower), a wholly-owned subsidiary of the Company.
Minsheng and its predecessor companies have been in operation for more than 20 years, having been established in Chongqing, China, in 1998. Minsheng is one of China’s largest publicly listed private university operators, with total enrollment of over 74,450 students. In addition, Minsheng has investments in schools in Singapore, Hong Kong, and Australia.
Mr. Xuechun Li (the Sponsor) is the Founder, Chairman and majority shareholder of the Company with approximately 67.2 percent indirect beneficial ownership interest in the Company. Mr. Li has a degree in economic management.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Chongqing Minsheng Education Management Co., Ltd.||Client||-|
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1/ Project Contact
Minsheng Education Group Company Limited
Contact: Mr. Lam Ngai Lung, George
Title: Chief Financial Officer
Phone number: +852-34685563
Address: Room 3202A, 32/F, Tower 1, Lippo Centre, 89 Queensway Road
Admiralty, Hong Kong
2/ IFC Contact
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
3/ Local Access for Project Documentation
Room 3202A, 32/F, Tower 1, Lippo Centre
89 Queensway Road, Admiralty, Hong Kong
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/