4 June 2021 02:39 am
The Board of International Finance Corporation (IFC) has approved the proposed US$ 50 million financing facility for Sri Lanka’s MAS Holdings, to sustain its operations while preserving its workforce in the country.
Responding to a media query by Mirror Business, IFC confirmed that its Board has approved a US$ 50 million financing facility for MAS.
The loan was proposed late last year for MAS Capital (Private) Limited (MCAP), a wholly-owned subsidiary of MAS Holdings and the holding company of the group’s apparel pillar.
According to IFC, US$ 30 million of the proposed US$ 50 million would be committed initially and the remaining U$$ 20 million will be committed within one year, on an as-needed basis.
“IFC will provide a long-term loan to MCAP which will serve as working capital funding to allow the operating subsidiaries to retain employment, generate export revenues and continue as going concerns,” IFC stated.
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.
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. It manages a diverse portfolio of businesses across IT, brands, wearable technology, Femtech, medical apparel, start-ups and fabric parks worldwide.
MCAP is a 100% owned by MAS Holdings (Pvt) Ltd., in which Mahesh Amalean, Sharad Amalean and Ajay Amalean hold beneficial interest.