Status: Completed investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Pigture Investments (PI) is a full subisidiary of Pigture Group (PG), a leading company in imprroving the genetic characteristics of pigs, using the brand name Topigs. The company has extensive experience in Europe, the Americas and Asia. PG want to expand its activities focusing more on emerging markets. In these markets - especially Asia - the consumption of pork will increase by 2% per year. PG is planning to invest EUR 22 million in the coming six years. PG is also the parent company of Topigs Huanshan, an existing FMO client since 2010.

What is our funding objective?

FMO made an EUR 5 million loan available to Pigture Investments B.V. to finance a series of investments by Pigture Group in emerging marekts. The amount will be on-lent/invested by Pigture investments to Topigs do Brasil and Topigs Hong Kong holding. Topigs do Brasil will buy and refurbish an existing farm in Santa Catarina State. Topigs Phillipines started up a nucleus farm in North Luzon in 2011; FMO's investment is linked to expanding all stations. Topigs China has set up a production joint venture to create a genetic centre and nucleus unit.

Why do we fund this investment?

Financing of PG by FMO enables the expansion of PG into emerging markets. FMO's financing supports the company in establishing a market for animals that efficiently convert food into animal protein, therefore reducing the stress on natural rescources. The investment fits well into FMO's goal of increasing impact with a smaller footprint.

Website customer/investment
Agribusiness, Food & Water
Effective date
End date
Total FMO financing
EUR 5.00 MLN
Fund Emerging Markets
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)