Summary of Proposed Investment
Project Number
9290
Company Name
Hy-Veld Holdings (Pvt) Limited and Extraction Incorporated (Pvt) Limited
Date SPI Disclosed
Nov 4, 1998
Country
Zimbabwe
Industry
Agribusiness and Forestry
Status
Completed
Sector
Grain Processing (Milling, Starch, Flour, Malt)
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jan 8, 1999
Signed : May 3, 1999
Invested : Oct 13, 1999
Project Description
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name Zimbabwe-Hy-Veld Holdings (Pvt.)Limited
Zimbabwe
Region Sub-Saharan Africa
Sector Agri-business
Project No 009290
Projected Board December 3, 1998
Date
Company Name Hy-Veld Holdings (Pvt.)Limited
Technical Partner and/or Major Shareholders
Hy-Veld Holdings (Pvt.)Limited is a Zimbabwean registered company. The shareholders are David Gollach (50%) and Robin Hamlyn (50%).
Project Cost Including proposed IFC investment
The project is estimated to cost US$3.435 million and IFC has been requested to provide a loan of US$1,300,000.
Location of project and Description of site
The project is located in Ruwa, 30 km from Harare, on three adjacent plots of land.
Description of Company and Purpose of Project
The Company has two wholly owned subsidiaries, Hy-Veld Seed Company (Pvt.) Limited and Extracts Incorporated (Pvt) Limited whose main business is production and sale of paprika pulp. Hy-Veld is the third largest producer of paprika pulp in the world and accounts for 11% of total world supply. The Company has recently began production and sale of marigolds to the natural colourant industry. The project will expand the productive capacity of the Company and consists of; installation of additional paprika deseeding and baling lines, installation of a marigold dryer and pelletiser and construction of a solvent extraction plant to produce oleresin paprika.
IFC’s finance will complete the financing plan. IFC will also play an important role in helping the sponsors meet acceptable environmental standards.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure. Environmental, health and safety issues associated with this project include agricultural extension services and training, including handling, storage and application of agrochemicals and employee health and safety; source of power and water including fuel storage if applicable; disposal of solid and liquid wastes including sewage; transportation, handling and storage of hazardous materials; employee exposure to dust, heat and noise in the processing plant; provision of personal protective equipment and employee training; quality control of product; fire protection and response; and plant hygiene and general housekeeping.
The Environmental Review Summary is at the Public Information Center.
Date SPI sent to PIC: November 4, 1998
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations 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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