IFC proposes $50m loan to apparel manufacturer Brandix Lanka

IFC/World Bank HQ. Photo: IFC

The International Finance Corporation (IFC), a member of the World Bank Group, has proposed a $50 million loan to Brandix Apparel Limited (BAL), a wholly-owned subsidiary of the Sri Lanka-based apparel manufacturer Brandix Lanka Limited (BLL).

The company is likely to use the proceeds to meet working capital expenses and for capex plans for BAL’s existing operations in Sri Lanka, per its disclosure.

BLL manufactures apparel across four categories: activewear, casualwear, intimate wear and sleep & loungewear.

The company has 28 manufacturing facilities across 5 countries, namely, Sri Lanka, India, Bangladesh, Cambodia and Haiti.

BAL is fully owned by BLL, which in turn is 100% owned by Phoenix Ventures Limited, in which  Mohamed Haji Omar, Mohamed Aslam Omar, Mohamed Ashroff Omar and Feroz Omar hold beneficial interest.

“The project will also ensure the continued production of high value-added items and foreign exchange earnings to support the Sri Lankan economy,” the international lender said in the disclosure.

Sri Lanka is a focus country for IFC’s South Asia programme. The lender has been offering its facilities to Sri Lanka since 1998, as a financier to develop and implement private sector projects and as an advisor to strengthen small and medium enterprises (SME).

In December 2020, IFC proposed providing Sri Lanka-based MAS Holdings’ apparel unit MAS Capital a $50 million loan to help the company weather the COVID-19 pandemic.

Earlier, the international lender also considered a loan of up to $25 million to Sri Lankan mid-sized private commercial bank Nations Trust Bank.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.