Investor Presentaiton
Case Studies - Infrastructure
INO: Maternity and Child Care Hospital Project
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KAZ: Restructuring and Transformation Project
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Client: PT Medikaloka Hermina Tbk (Hermina)
ADB Assistance: $10m equity and 10m equity from Leading Asia's Private
Infrastructure Fund
Key Features:
Hermina is the second largest private hospital group in Indonesia, operating
28 hospitals with 2,780 beds in 2017. Since it opened its first maternity clinic
in 1985, it has developed a chain of general multispecialty hospitals with a
continued focus on maternity and pediatric health care services.
Hermina's strategic focus is serving emerging and current middle-income
segments of the population.
Hermina aims to expand to 40 hospitals with 4,000 beds by 2020.
Through its partnership with the Jaminan Kesehatan Nasional (JKN), the
universal health insurance program of Indonesia, Hermina is contributing to
more equitable provision of health care services in Indonesia.
ADB's Value Addition:
ADB's participation as an anchor investor in the IPO of Hermina in May 2018,
helped the company successfully complete an IPO fund raise of $140 million
in challenging market conditions.
Improve Hermina's environmental and social safeguards standards through
the adoption of ADB's standards.
Demonstrate viability of a business model that focuses on JKN adoption and
contribute to the overall improvement of health care services in Indonesia.
Approval Date: 24 April 2018
Commitment Date: 7 May 2018
Client: Samruk-Energy
ADB Commitment: $120 loan equivalent in tenge
Key Features:
Samruk-Energy, wholly owned by the sovereign wealth fund Samruk-Kazyna, is
the largest power generation company in Kazakhstan. It owns 31% of the
country's installed generation capacity. In 2015, the company adopted a long-
term strategy focusing on introduction of new technologies, expansion of
renewable energy, and doubling of shareholder value, but several
macroeconomic challenges have slowed down the implementation. As part of
the government's privatization plan, the company also plans to go for an IPO.
ADB's financing will support Samruk-Energy's overall business restructuring and
transformation plan aimed at (i) reducing foreign exchange risks; (ii) improving
operational efficiency; and (iii) identifying renewable energy opportunities, to
attract investors for the IPO.
This transaction will be ADB's first nonsovereign transaction with an SOE in
Kazakhstan. ADB is also providing a technical assistance to support the
restructuring process.
Cofinanced by EBRD.
ADB's Value Addition:
ADB's long-term tenge financing will reduce Samruk-Energy's foreign exchange
debt and free up resources for future development and preparations for the
upcoming IPO.
Approval Date: 15 December 2017
Commitment Date: 8 November 2018
7 October 2019
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