PROJECT

Projects

Summary of Investment Information

Project Number

47577

Company Name

TILEMASTER INVESTMENT LIMITED

Date SPI Disclosed

Apr 24, 2023

Country

Mauritius

Region

Africa

Projected Board Date

May 25, 2023

Environmental Category

B - Limited

Status

Active

Last Updated Date

Feb 2, 2024

Department

Regional Industry - MAS Africa

Industry

Manufacturing

Previous Events

Approved : May 25, 2023
Signed : Jul 12, 2023
Invested : Jan 31, 2024

Sector

Pottery, Ceramic, and Plumbing Fixtures (Including Kitchenware)

Project Description

The proposed investment is a debt facility to i) Tilemaster Investment Limited (Tilemaster, the Company or the Borrower), a Mauritius based holding company; and (ii) Brightsar Investment Limited (Brightstar, or CoBorrower, together with Tilemaster, the Borrowers), a Mauritius based holding company. Tilemaster and Brightstar manufacture and distributes ceramic tiles in Africa. Tilemaster is owned 51percent by Keda Industrial Group Co. Ltd (Keda) and 49percent by Sunda Group Co. (Sunda). Brightstar is wholly owned by Tilemaster.

The proceeds of the debt facility will be used to finance Tilemaster’s corporate capital investment and long term working capital financing program. IFC’s loan proceeds will be dedicated to (i) expanding ceramic tile production and establish sanitary ware production in Ghana and (ii) setting up greenfield architectural flat glass plant in Tanzania (the Project). The Project will enable Tilemaster to localize ceramic tiles production in
Africa and diversify its production base to manufacture associated building material products (such as sanitary ware and float glass).

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation