Almacenadora Mercader, S.A.
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
Investment Operations Department Contact
Project scope and objective
Almer is a grain warehousing company that was privatized in 1998. As a warehousing company it has very relevant role in the tortilla production chain because its logistics and infrastructure (buying, storage, grading, selling) allows for timely supply of raw material (corn) from the many, mostly small farmers to the producers of tortillas.
The proposed project involves providing Almer with permanent working capital through the use of warehouse receivables as security in order to increase its purchase of white corn from most small farmers that is used in the production of tortillas (the "Project"). This will result in an overall increase in the efficiency in the tortilla production system. In addition, as part of the Project, the Company will increase its purchase of wheat and sorghum. The Company will be able to increase its purchase of grains from Mexican producers via repurchase agreements ("repos") to be financed with the Project¹s funds. The increase in permanent working capital will enable the Company to expand its operations, thereby increasing the utilization of its existing fixed assets without making significant investments. In addition, the Project supports the development of the Mexican capital market by creating the basis for the eventual securitization of the grain purchase instruments (warehousing receipts). The more immediate benefit will be to agricultural producers by giving them access to credit and to modern distribution systems and risk management instruments.
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