FACEY Group has secured financing for its US$50-million regional expansion of its distribution and telecommunications services.
The International Finance Corporation (IFC), the financial arm of the World Bank, will pony up US$20 million for shares in the locally based conglomerate.
“IFC’s investment will provide long-term growth capital required for the company to expand, thereby supporting jobs and increasing efficiency throughout the telecom, IT, food and pharmaceutical value chains,” said a statement issued by the international lender yesterday.
“This investment by IFC will allow Facey Group to achieve its strategic objectives, thereby providing better service to a wider network of customers,” said Facey Group director, Nigel Clarke, in the same release.
Late last year, Facey approached IFC to seek the equity investment.
Then, the World Bank subsidiary was considering a US$20-25 million investment which wouldn’t translate into a stake larger than 20 per cent of Facey’s shares “on a fully converted basis”. Facey will put up the remaining funds through internal cash generation.
Published in the Jamaica Observer
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