THL Green FIJI (IFC-45992)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Fiji
Geographic location where the impacts of the investment may be experienced.
Specific Location
Raiwai, Veisari, Suva
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
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
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
Dec 15, 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
TAPPOO HOLDINGS LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 11.91 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 27
Converted using 2023-11-07 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 25, 2023

Disclosed by Bank Nov 7, 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.

According to the IFC, the proposed investment is for IFC to be the sole subscriber to an up to FJD 27.0 million (approximately US$11.8 million) corporate bond issued by Tappoo Holdings Limited (THL), a leading diversified business group in Fiji, with operations including retail, wholesale, manufacturing, automotive and hospitality.
Proceeds will be used to support THL to develop green buildings to meet its need for additional retail and warehousing space.

The Project is located across two sites (Raiwai about 1.5 ha and Veisari about 4.3 ha) in Fiji, approximately 4 and 10 kilometers from Suva City center respectively. The Raiwai site includes a storage warehouse (about 3,600 sqm) for fast moving consumer goods, which is operational and supports the Group’s wholesale operations. The Veisari site is not yet developed and will include warehouses for the Group’s wholesale operations, a service center for the Group’s automotive operations, and a two-story building for a car showroom and internal office space.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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 by the IFC, Tappoo Holdings Limited is a holding company of the Tappoo Group (https://www.tappoo.com.fj/), one of Fiji’s largest diversified business groups. The Group’s operations include retail, wholesale, manufacturing, automotive and hospitality.

THL is a family owned business through a nominee company in Fiji, which has 7 individual and equal shareholders.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Tappoo Holdings Limited (Tappoo Group) 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.

Client - Tappoo Holdings Limited:

Sumith Perera - General Manager Finance
Phone: +679 6500 199
Email: Sumithp@tappoo.com.fj
Address and Local Access for Project Documentation: P.O. Box 46, Main Street, Sigatoka, Fiji
Website: https://www.tappoo.com.fj

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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