JKH has over 70 subsidiaries of which eight subsidiaries, namely Asian Hotels and Properties PLC, Ceylon Cold Stores PLC, Keells Food Products PLC, John Keells PLC, John Keells Hotels PLC, Tea Smallholder Factories PLC (management control), Trans Asia Hotels PLC and Union Assurance PLC, are also listed on the Colombo stock exchange. JKH has a broad shareholding, of which 99.2 % is free float.

The proposed IFC investment is a debt financing package of up to US$175 million to JKH and consists of (i) an A loan of up to US$125 million for IFC’s account; and (ii) a Trust Loan of up to US$50 million from IFC acting in its capacity as the implementing entity for the Managed Co-Lending Portfolio Program.

 JKH is headquartered in Colombo. The Project involves capital expenditures associated with (i) new retail stores throughout Sri Lanka, (ii) completion and refurbishment of hotels in Sri Lanka and the Maldives, and (iii) expansion on an asset light model in leisure opportunities in Sri Lanka and Maldives.

IFC’s corporate governance assessment showed that JKH has a strong culture as a corporate listed entity to ensure value to shareholders. JKH has adopted a code of conduct, which was revised in early 2019 and emphasizes ethical conduct and integrity.

 This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability as it is expected to have limited environmental and social impacts which are expected to be site-specific, none are expected to be significant, and can be avoided or mitigated by adhering to recognized performance standards, procedures, guidelines and design criteria as described in the following sections.