Boxer is a leading discount retailer in South Africa focused on low- to middle-income groups within underserved rural, peri-urban, and urban areas across the country. Boxer operates in all nine provinces of South Africa, with a particularly strong presence in Kwazulu-Natal and the Eastern Cape. The Company manages 477 stores with over 600,000 square meters of gross lettable area and has six distribution centers.

Boxer is currently a wholly owned subsidiary of Pick n Pay Stores Limited (Pick n Pay or the Group). Pick n Pay is listed on the Johannesburg Stock Exchange (JSE) with a market capitalization of US$760 million and annual revenues of US$6 billion as of February 29, 2024. The Group operates various store formats, including supermarkets, clothing stores, and an online platform, all under the banners of Pick n Pay and Boxer.                                                  

The proposed project is an equity investment of up to US$30 million equivalent in ZAR to participate in Boxer IPO as a cornerstone investor. The target amount to be raised by the Boxer IPO is ZAR8.0 billion (US$ 470 million).                                                   

   South Africa                                               

 This is a Category B project as per the IFC's Policy on Environment and Social Sustainability (2012). The proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible and readily addressed through existing mitigation measures.  

Key E&S risks and impacts associated with this Category-B project include: The company’s E&S capacity and management systems to assess and manage the environmental, social, health and safety aspects of its operations (stores, DCs, meat processing facility and expansion to new locations) in compliance with legal requirements and the IFC Performance Standards (“IFC PSs”); E&S screening criteria and assessment procedures for new stores and their locations; Assurance of fair, safe and healthy working conditions for its workforce, including management of internal grievance mechanism and risks related to gender-based violence and sexual harassment, and supply chain management; resource efficiency, water and waste management, including management of goods subject to recalls, and expired foodstuff and goods; life and fire safety (“LFS”), structural stability of facilities and emergency response management for all stores as per IFC requirements that relate to (but not limited to) food safety management, and traffic and security management;  stakeholder engagement and external grievance mechanisms.