LOLC Group makes second acquisition in Cambodia
The LOLC Group acquired a 60% stake in Thaneakea Phum Cambodia (TPC),
for US $ 20.3 million. The acquisition was through LOLC's fully owned
subsidiary, LOLC Micro Investments Ltd (LOMI), the microfinance
investment arm of LOLC.
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The signing ceremony in Cambodia. CFO,TPC, Sok Sophal,
Director,TPC, Stephen Higgins, Director General, Banking
Supervision, National Bank of Cambodia, Kim Vada, Director,
LOLC Micro Investments, Ravi Tissera, Director TPC, Michael
Moormann, Chairman, Cambodia Microfinance Association, Bun
Mony, Deputy Chairman LOLC Group, Ishara Nanayakkara, CEO,
TPC, Sok Voeun, Director,TPC, Chandula Abeywickrama,
Director, LOLC Micro Investments, Kithsiri Gunawardane and
Chairperson, TPC and Director Private Equity, Developing
World Markets, Mrs. Fernanda Lima. |
The LOLC Group has received all regulatory approvals, including
approvals from the Central Bank of Sri Lanka, Ministry of Finance of Sri
Lanka, National Bank of Cambodia and the Ministry of Commerce of
Cambodia for the acquisition.
TPC is the fifth largest microfinance company in Cambodia with a
gross loan book of US $ 100 million. TPC carries out its business
operations through 52 branches throughout Cambodia, with a staff of
1,100 personnel and has a customer base of 170,000 microfinance
borrowers.
This is LOLC's second overseas acquisition, having successfully set
up its maiden overseas venture in Cambodia in 2006 through its
investment in PRASAC Micro Finance Institution Ltd (PRASAC), the largest
microfinance company in Cambodia. LOLC holds 22.25% of PRASAC.
In addition to the above acquisitions, LOLC launched operations of
its microfinance company in Myanmar, LOLC Myanmar Micro-Finance Company
Ltd (LMML) in 2013 as a green field operation.
The LOLC Group was the first Sri Lankan organisation and the fourth
international operator to launch operations in the Myanmar financial
sector.
Identifying the immense potential in emerging economies of the South
East Asian region, particularly in the microfinance sectors of Myanmar
and Cambodia, with the Group's ability to create an impact as a
practitioner of microfinance and taking into consideration the potential
for growth in these markets as an active investor, LOLC secured its
third overseas venture when it acquired the majority share in TPC. |
