27660 - Tantalizers PLC

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Summary of Proposed Investment

Project Number

27660

Company Name

TANTALIZERS PLC

Date SPI Disclosed

Jun 9, 2009

Country

Nigeria

Industry

Agribusiness and Forestry

Projected Board Date

Jul 10, 2009

Status

Completed

Sector

Other Food

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : Sep 15, 2009
Signed : Feb 9, 2010
Invested : Nov 12, 2010

Project Description

Tantalizers (“Tantalizers” or “the Company”), the second largest fast food (“Quick Service Restaurant” or “QSRs”) operator in Nigeria, with 49 retail outlets is seeking to:

(i) expand by an additional 6 outlets,
(ii) renovation of 15 existing outlets,
(iii) improve its E&S standards,
(iv) purchase kitchen and other operating equipment, and
(v) supplement its working capital with the provision of incremental working capital

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	7.0
Equity	1.50

Development Impact

The Project will provide the company with long-term financing to expand its no of outlets. In addition, the Project will enable the company to achieve the following:

Employment: anticipated that the project will create approx. 450 permanent jobs.
Gender Promotion: anticipated that two thirds of jobs created will be filled by women.
E&S Standards: project will assist the company to meet international food quality standards and affordability.
Suppliers: project will enable the development of other downstream businesses as well as food inputs.
Skills: Through the introduction of professional management brought in by AMSCO, Nigerians who work for Tantalizers will be able to acquire new skills in the food industry.
Taxes: The project is likely to make additional contribution to public revenues via increased taxes as well as those paid by suppliers of goods and services to Tantalizers.

Although the Company is able to access limited funding from local banks, IFC will be providing longer-term financing as well as equity which will assist the Company to meet its expansion objectives.

The Sponsor also values IFC’s participation which will enable the Company to address its E&S objectives and to be a leader with regards to environmental, safety and social standards.

As a result of IFC’s appraisal of the project, the following key social and environmental issues were identified:

- Environmental Management Systems (EMS)
- Occupational Health & Safety (OHS); HACCP
- Life and Fire safety, with an independent technical review and certification recommended
- Environmental Standards; bund walls for fuel tanks
- Community Engagement via a Community Policy
- Human Resources Handbook; HR Policy

Contacts

For Inquiries About the Project, Contact

Mrs Bose Ayeni – Managing Director & Mr Folu Ayeni – vice Chairman
Tel No: +234 803 422 9364
Fax: + 234 1 589 9343
Address: Tantalizers PLC
Mackay Plaza, I Close, 21 Road
Festac Town, Lagos
Nigeria

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
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

Details of the proposed operating procedures and mitigation measures will be provided in the Environmental and Social Review Summary (ESRS) and this Summary of Project Information (SPI) which will be available at the following locations:

IFC office in Lagos;
Tantalizers’ Head Office in Festac, Lagos; and
World Bank Group Infoshop

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

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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