Sri Lanka’s Cargills gets US$20mn of IFC investment

Feb 16, 2015 (LBO) – International Finance Corporation (IFC), a unit World Bank has invested 20 million US dollars in Sri Lanka’s Cargill Food Company, the group said in a filing to stock exchange.

The group said that IFC subscribed to an eight percent stake in the share capital of Cargills Food Company, wholly owned subsidiary of Cargills (Ceylon ) Plc.
IFC has invested 2,550 million rupees in Cargills Food Company (Pvt) Ltd, the unit which operates Cargills Food City and Cargills Express supermarkets, to subscribe for the allotted shares, endorsing a pre- money equity valuation of 29,325 million rupees for the group retail business.

Cargills Food City is Sri Lanka’s largest self-service retail network.