IFC considers pouring $20 mln into Vietnam’s biggest sugar maker
The World Bank’s investment arm IFC has proposed a $20-million investment in Vietnam’s largest sugar producer TTC Sugar in one year.
The proposal is a contribution to a risk-sharing facility of $40 million uncommitted secured revolving trade financing with Japan’s Sumitomo Mitsui Banking Corp. for the Vietnamese firm, according to an IFC disclosure seen Friday.
The facility is renewable annually for an additional two years.
The disclosure shows that the facility will be solely dedicated to financing the sugar company’s import of raw sugar; storage in its approved domestic warehouses; and sales to domestic and international customers.
The facility will be processed under the Global Warehouse Finance Program, often referred to as GWFP, with delegated authority from IFC’s board of directors, according to the body.
TTC Sugar’s refined sugar at a supermarket in Vietnam. Photo courtesy of Vietnambiz.vn.
TTC Sugar, headquartered in the southern province of Tay Ninh, is the largest producer of sugar and its by-products in Vietnam. Its main products include raw sugar, functional sugar, liquid sugar, organic sugar, and rock sugar.
The company’s key shareholders include private conglomerate TTC Group, Huynh Bich Ngoc, and Dang Huynh Uc My. Ngoc is TTC Group chairman Dang Van Thanh’s wife, and My is his daughter.
Ho Chi Minh City-based TTC Group’s ecosystem includes subsidiaries in energy, agriculture, sugar production, real estate, tourism, and education.
This August, Japan’s largest power company JERA acquired a 35.1% stake in TTC subsidiary Gia Lai Electricity from IFC and Singapore-based Armstrong S.E. Asia Clean Energy Fund Pte. The acquisition was for all holdings of IFC and the Singapore investment firm in Gia Lai Electricity, but the transfer price was not disclosed.
Gia Lai Electricity, listed on the Ho Chi Minh Stock Exchange as GEC, owns and operates hydro, solar, and wind power projects with a capacity of around 600 megawatts, including projects under construction.
JERA is a 50-50 joint venture between Tokyo Electric Power Co. (Tepco) and Chubu Electric Power.
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