APM SA seeks $6.5bn expansion fund from IFC
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Loading... - Cynthia otoo
- 05 Jun 2023
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APM SA, a marine services company based in Cameroon, is currently seeking a loan of €10 million (equivalent to approximately CFA6.5 billion) from the International Finance Corporation (IFC) to support its expansion plans. According to a recent information note from the institution, the loan request is scheduled to be reviewed by the IFC's board of directors on June 20.
If approved, the funds will be utilized by APM SA to enhance its existing warehousing facilities in the port area of Douala. Additionally, the company aims to construct new warehousing facilities in Douala's largest industrial zone, establish a timber park in the port area of Kribi, and refinance its existing long-term local currency debt facilities. The International Finance Corporation (IFC) stated that the allocated resources will specifically facilitate these expansion initiatives.
The financial package proposed by the IFC consists of a €5 million loan from its account, with the remaining €5 million to be granted through the mixed financing mechanism of the private sector window of the International Development Association (IDA).
It is worth noting that APM possesses and operates a diverse range of equipment, including loaders, trailers, forklifts, and trucks, which are utilized for efficient handling of goods at the quayside. Furthermore, the company offers rental warehousing properties to third parties and provides transportation services for clients' goods in the hinterland. APM is locally owned, with prominent investors such as Gabriel Manimben (30%), Messac Kwete (25%), Roch Mbanya (14%), Steve Yoh (11%), Joseph Faufack (10%), and five other shareholders
