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).