Mauritius Commercial Bank (MCB) has structured a $51 million medium-term loan facility for Tolaram, the Singapore-headquartered multinational, as the group refinances part of the short-term debt linked to its acquisition of Guinness Nigeria Plc.

The facility extends the maturity of Tolaram’s existing financing and provides a longer-dated funding structure aligned with its expansion objectives in Nigeria and across Africa.

Financing strengthens Singapore-Nigeria corridor

The transaction partially refinances a short-term facility contracted in connection with Tolaram’s previously completed acquisition of Guinness Nigeria.

MCB Bank said the financing includes a tailored covenant package designed to provide Tolaram with greater financial flexibility while supporting long-term value creation.

The deal strengthens MCB’s strategy of facilitating trade, investment and capital flows between Asia and Africa, particularly as Asian companies increase their industrial and commercial presence across the continent.

Thierry Hebraud, CEO of MCB Bank, said Asian groups are increasingly building industrial capacity in Africa and require financial institutions that understand both markets.

“Tolaram has been present in Nigeria for decades,” Hebraud said, adding that MCB Bank intends to continue developing the Singapore-Nigeria corridor.

Tolaram expands African footprint

Tolaram began its African operations in Nigeria, where it manufactures and distributes consumer products in partnership with international companies.

The group also owns and operates Lagos Free Zone, Nigeria’s first privately held free trade zone, which is integrated with the Lekki Deep Sea Port.

Over the past decade, Tolaram has expanded beyond Nigeria into other African markets, with a broader ambition to build a presence across Africa and the Middle East.

MCB considers Nigeria a priority African market and maintains a representative office in Lagos, alongside operations in Johannesburg, Nairobi, Paris and Dubai.

Rahul Somani, Group CFO of Tolaram, said MCB played an important role in refinancing the short-term loan and restructuring it into longer-term financing.

He said the bank’s pragmatic approach and tailored covenant structure helped both sides complete the refinancing while establishing a foundation for a longer-term relationship.

MCB deepens Africa-Asia financing

The transaction adds to MCB’s integrated offering across trade finance, foreign exchange, cash management, lending and advisory services.

Founded in 1838, MCB is the leading banking institution in Mauritius and a subsidiary of MCB Group, a financial services group listed on the Stock Exchange of Mauritius with assets exceeding $20 billion. More than two-thirds of the group’s revenue and profit are generated outside Mauritius.

Tolaram, founded in 1948, is a family-owned multinational headquartered in Singapore, with interests spanning consumer goods, financial technology, infrastructure and industrial development across Africa, the Middle East, Asia and Europe.

The financing reinforces the growing flow of capital between Asian businesses and African markets, with Nigeria remaining a key destination for Tolaram’s regional expansion.