Summary of Proposed Investment
Project Number
8703
Company Name
Settavex
Date SPI Disclosed
Mar 30, 1998
Country
Morocco
Industry
Manufacturing
Status
Completed
Sector
Spinning (Yarn, Including Integrated with Fiber Production)
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Oct 23, 1998
Signed : Oct 23, 1998
Invested : Nov 24, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Morocco-Settavex S.A. |
| Region | Central Asia, Middle East and North Africa |
| Sector |
Projected Board DateApril 30, 1998
Company NameSettavex S.A.
Technical Partner and/or Major Shareholders
Settavex is 100% owned by Tavex Algodonera, a leading European manufacturer of denim fabrics.
Tavex Algodonera, itself, is owned by the following shareholders: Inversiones Ibersuizas - 24%; British and Spanish investment funds (23%); and Tavex''senior executives (7%).
Project Cost Including proposed IFC investment
US$42.0 million; IFC''s equity investment: US$9 million;
A loan: US$12 million; B loan: US$10 million. The balance of the financing will be provided by local banks.
Location of project and Description of site
Casablanca, Morocco
Description of Company and Purpose of Project
Established in 1991 in Settat, 70 kms from Casablanca, Settavex is the largest integrated textile company in Morocco specialized in the production of demin fabric. The company employs 247 persons in 4 shifts and produces annually 13 million linear meters (mlm) of heavy denim fabric destined to the local garment manufacturing sector for both local consumption (35%) and exports (65%). The purpose of this project is to support Settavex''s US$42 million expansion plan over the next two years. Settavex will upgrade its facilities with the installation of a new dyeing and finishing line, reduce its energy cost by constructing a co-generation plant and increase its output to 19 mlm by adding spinning and weaving capacity.
Environmental Category and Issues
This is a category B project.
Environmental, occupational health and safety issues associated with this project include: air emissions, wastewater discharges, sludge and solid waste management and disposal, chemicals and hazardous materials handling and storage; fire prevention and emergency response; and workplace health and safety.
The is from the Public Information Center.
| Date SPI sent to PIC Revised | March 30, 1998 August 10, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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