IFC may offer $148m loan to China’s Jointown Pharmaceutical Group

IFC/World Bank HQ. Photo: IFC

International Finance Corporation (IFC), a member of the World Bank Group, is considering a proposal to provide a local currency loan of RMB 1 billion ($148 million equivalent) to Shanghai-listed Jointown Pharmaceutical Group Co Ltd, according to a disclosure.

The loan will support Jointown’s business expansion, including the construction of up to five new product distribution centres and an upgrade at four existing warehouses in middle and western China.

The total project cost is estimated to be about $316 million.

“The project will increase access to a wider choice of more affordable essential drugs patients in rural and frontier regions in middle and western China,” IFC said in its disclosure.

Founded in 1999, Wuhan-headquartered Jointown procures pharmaceutical products and small medical devices and sells to hospitals, clinics, and pharmacies throughout China.

Brothers Baolin Liu, Shulin Liu, and Zhaonian Liu collectively own 53.6 per cent of the company. Other shareholders include institutional shareholders (11.4 per cent) and the general public (35.0 per cent).

The proposed loan has a tenor of eight years and the loan repayment constitutes a 3-year grace to match the gradual operational ramp up.

The project is expected to create about 5000 new direct jobs at the new facilities and increase procurement from SME suppliers, IFC said.

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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.