Ulker Fin. (IFC-48028)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
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
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
Mar 29, 2024
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
Ülker Biskuvi Sanayi A.S.
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
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)
$ 81.00 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 75
Converted using 2024-03-29 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 27, 2024

Disclosed by Bank Mar 29, 2024

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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, IFC is considering providing an A-Loan of up to EUR75 million to Ülker Biskuvi Sanayi A.S..

The IFC Loan will support Ülker’s multi-year corporate investment program which includes: (a) structural improvements for its factories in Türkiye to make them earthquake resilient; (b) sustainability targeted investments; and (c) maintenance capex for Hamle Company Ltd. LLP, Ülker’s subsidiary in Kazakhstan.

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.

This is a Category B project according to IFC’s 2012 Policy on Environmental and Social Sustainability due to limited and site-specific E&S risks and impacts associated with reinforcement, maintenance, and resource efficiency investments within existing factories.

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

The proposed IFC investment consists of an unsecured senior A-loan of up to EUR75 million to Ülker for IFC’s own account. 

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.

Established in 1944, Ülker is the market leader, producer and exporter of snacks and other food products in Türkiye with an overall market share of 35% and is also one of the largest in the Middle East and Central Asia. The Company has been listed on Borsa Istanbul (“BIST”) since 1996.  Shares of Ülker are represented as follows:  47.2% of its issued capital is owned by pladis (100.0% of which is owned by Yildiz Uluslararasi Gida Yatirimlari A.S.), 6.7% of its issued capital is owned directly by Yildiz Holding A.S., 6.4% by the Ülker Family members, whereas 39.7% are free float shares under BIST. 

As stated by DevelopmentAid, Hamle Company Ltd. is a limited liability partnership organised and existing under the laws of the Republic of Kazakhstan, involved in confectionary production and 100% owned by Yildiz Holding.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Ulker Biskuvi Sanayi AS Client Industry and Trade owns Hamle Company Ltd. LLP (Kazakhstan) Subsidiary 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.

Ülker Biskuvi Sanayi A.S.
Fulya Banu Sürücü
Chief Financial Officer
+90 216 524 2353
Fulyabanu.Surucu@pladisglobal.com
Ferah Caddesi, Kisikli Mahallesi, No. 1 34692 Istanbul – Türkiye
https://www.ulker.com.tr/en

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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How it works