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IFC to consider US $ 50mn financing facility for MAS Holdings

10 December 2020 02:37 am - 0     - {{hitsCtrl.values.hits}}

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  • Aimed at helping MAS to sustain its operations while preserving its local workforce 
  • IFC board scheduled to consider project proposal on January 14, next year

The International Finance Corporation (IFC) of the World Bank Group has proposed a US $ 50 million financing facility to Sri Lanka’s MAS Holdings, to sustain its operations while 
preserving its workforce in Sri Lanka.


The loan is proposed for MAS Capital (Private) Limited (MCAP), a wholly-owned subsidiary of MAS Holdings and the holding company of the group’s apparel pillar.


“The project consists of financing the medium- and long-term working capital requirements, capital expenditure and general corporate purposes of MCAP’s existing operations in Sri Lanka,” 
the IFC stated.


According to the IFC, US $ 30 million of the proposed US $ 50 million would be committed initially and the remaining U$ $ 20 million to be committed within one year, on a need basis.


The financing is also aimed at ensuring continued production of high value-added items and foreign exchange earnings, to support Sri Lanka’s economy.


The board of the IFC is scheduled to consider the project proposal on January 
14, next year. 


Further, the IFC is also expected to continue its support to MAS Holdings through its Advisory Services in Gender, given 71 percent of 
|the company’s workforce are women.


“Through IFC Advisory Services in Gender, the project is expected to provide support to identify gaps and understand the best practices, etc. so that the company can integrate it to the internal gender equality actions,” the IFC noted.


As per the Environmental and Social Review document of the company, 0.4 percent of the staff have taken up the voluntary separation scheme offered by the company during the COVID-19 period.


“The scheme was comparable to the offering of other companies and in compliance with the applicable law. There were no complaints or grievances received from those who opted for the separation scheme,” it stated. 


MAS Holdings has 61 manufacturing facilities placed across 16 countries, with design locations placed in key style centres across the globe and over 93,000 people involved in its operation. 


The company is held by an institutional trustee for the benefit of the Amalean family. Mahesh Amalean, Sharad Amalean and Ajay Amalean are on the board of the company (NF)


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