Sri Lanka: IFC likely to extend debt of $27m in Melwa Hotels’ projects

World Bank’s private investment arm International Finance Corp (IFC) is likely to extend a debt to the extent of $27 million in three resort hotel projects of Melwa Hotels and Resorts Private Limited (MHRPL) in Sri Lanka.

IFC’s latest proposed investment in the hospitality business follows its $12.8 million infusion in the hotel and resort business of Philippine-listed company Discovery World Corp three weeks ago.

The proposed Sri Lankan transaction is an A loan in MHRPL, which is developing three resort hotels in Sri Lanka, such as the 96-room hotel in Negombo, the 42-room hotel in Yala, and a 196-room hotel in Kosgoda.

The project’s operator is Hilton Worldwide Manage Limited. The total project cost is $78 million.

Proceeds of the IFC loan will be used to fund the construction of all three hotels.

MHRPL is 94 per cent owned by Melwire Rolling Private Limited (MRPL), a leading steel rod manufacturer in Sri Lanka with facilities located in Ekala, Ja-ela and Seeduwa.

Established in 2004, MRPL is 100 per cent owned by the Periyasamy Pillai family and produces QST steel bars and GI box bars and coils.

Also Read:

Philippines: IFC investing $12.8m in Discovery World’s hotel, resort biz

India: IFC invests $15m in Warburg Pincus-backed CleanMax Solar

IFC mulls extending $40m loan to Dhaka-based BRAC Bank

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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.