37982 - DARP ADM II

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Summary of Investment Information

Project Number

37982

Company Name

ADM Somei

Date SPI Disclosed

Mar 30, 2016

Country

China

Region

East Asia and the Pacific

Projected Board Date

Apr 30, 2016

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Oct 4, 2017

Department

Regional Industry - FIG Asia & Pac

Industry

Funds

Previous Events

Approved : May 12, 2016
Signed : May 16, 2016
Invested : Sep 29, 2017

Sector

Distressed Assets Servicer

Project Description

The proposed project, ADM Capital Somei Lending Platform (the “Facility”), aims to set up a lending facility platform that will invest in medium sized companies in Asia, targeting stressed, turnaround and growth investments. The Facility would extend loans to companies with strong fundamentals but facing difficulty raising new financing due to financial imbalances, inability to access conventional bank financing avenues, or track record challenges. The objective of the Facility would be to provide funding to otherwise sound companies and position them for growth.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

Development Impact

- Private sector support: The platform would enable stressed or growth Asian companies to obtain funding with terms that allow them to recover, rehabilitate or grow. Currently, local bank financing is limited to this type of debtors. The inability to access liquidity/growth funding or (re)financing capital could drive stressed companies, mostly medium enterprises (MEs), to become NPAs or, for growth companies, prevent creation of productive enterprises.
- Job creation: Apart from special situations investments that save jobs, Somei will also invest in growth companies, which in their expansion will support and may create jobs that would support economic growth.
- Market setting: The project would lay the foundation for the development of an effective stressed investment and credit solution culture which, in turn, may contribute to the stabilization of Asian financial systems and private sector development in the target countries, i.e., Philippines, Indonesia, Thailand, China, Vietnam, India, Cambodia, Sri Lanka. It would further promote international best practices in terms of stressed and growth investing, servicing and exit.
- Medium enterprises rehabilitation and support: The Facility would contribute to the recovery of MEs that have been unable to honor their debts due to financial difficulties and to the creation of MEs through growth funding.

(1) Strategic investor: In the current challenging fund raising environment, IFC''s participation in the proposed facility as an anchor investor is strategically important to achieve a successful closing of the Facility.
(2) Global industry expertise: by leveraging its unique global expertise in distressed asset investing and sharing best practices and emerging markets experience, IFC would further enhance the performance of the Facility.
(3) ES&G standards: Through its ESMS of Somei, IFC''s investment will encourage best practices across the industry and in its portfolio companies.

E&S Category Rationale / Risks and Mitigation

The Facility would target medium sized companies involved in real estate development, hospitality, healthcare, manufacturing, telecommunications, small scale renewable energy, and existing petrochemical operations. The Facility’s portfolio is expected to include activities with medium Environmental and Social (E&S) risks and impacts, and the project has been classified as Category FI-2 according to IFC''s Sustainability Framework. The Facility Agent will be required to ensure compliance of the investments made with the IFC Exclusion List, the E&S national laws and regulations and the IFC Performance Standards.

Contacts

For Inquiries About the Project, Contact

Asia Debt Management Hong Kong Limited
1008 ICBC Tower, 3 Garden Road,
Central, Hong Kong
Tel: +852 2536 4567
Fax: +852 2147 2813
Email: mailto:admir@admcap.com

For Inquiries and Comments About IFC, Contact

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IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Asia Debt Management Hong Kong Limited
1008 ICBC Tower, 3 Garden Road,
Central, Hong Kong
Tel: +852 2536 4567
Fax: +852 2147 2813
Email: mailto:admir@admcap.com

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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