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Project Description
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Project Description
The proposed Project is an equity investment by IFC in Cargills Retail, to support the expansion of the retail network, and to pay down debt by Cargills Ceylon PLC, the 100% listed parent of Cargills Retail. Cargills Retail is one of the subsidiaries of Cargills (Ceylon) PLC (CCPLC) which is a conglomerate of Fast Moving Consumer Goods (FMCG) manufacturing and retail businesses. The FMCG business has subsidiaries that manufacture and distribute ice cream and dairy products (under the brand names of Magic , Heavenly and Kotmale ), fruit based products and biscuits (under the brand name of Kist ), processed and fresh meat products (under the brand names of`Supremo`,` Finest`,`Goldi` and`Sams`), , and beer (under the brand names of`Sando`,`Three Coins`, Grand Blonde, and`Irish Dark`). It also has chain of KFC restaurants under a franchise agreement, and has entered into a Development Agreement with American entertainment-dining franchise TGI Fridays . Cargills retail business comprises 215 retail outlets (by the name Cargills Food City and Cargills Food City Express), collection and distribution centers, Fish Processing Unit (FPU) and Vegetable Processing Unit (VPU). It has an agri-business procurement unit as a backward integration strategy which engages with local farmers and fishermen and receives the vegetables and fruits and fish catches at various collection centers. The retail stores are of various sizes ranging from large sized-10,000 sq ft (shop floor area of up to 7500 sq ft and remaining space for parking and utilities) to medium size (4000-8000 sq ft with or without parking space) to very small ones (1000-2500 sq ft). The Company also has three stores of a larger format, (25,000 sq ft), which stock white goods, such as electronics and household appliances. The new stores will have an average area of 3000 sq ft in rented or leased premises in semi urban to urban commercial areas.<b>Status: </b>Pending Disbursement<br><br><b>Project_No: </b>33477<br><br><b>Region: </b>South Asia<br><br><b>Country: </b>Sri Lanka<br><br><b>Sector:</b>Q-BA - Retail (Including Supermarkets, Grocery Stores, etc.)<br><br><b>Company name:</b>Cargills Foods<br><br><b>Announcement_Date:</b>08/27/2014<br><br><b>Summary: </b>Cargills Foods Company (Priv
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