Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's LOLC acquires majority stake in Cambodia's PRASAC Microfinance
Sat, Mar 18, 2017, 12:02 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 18, Colombo: LOLC International Private Limited, a wholly-owned subsidiary of Lanka ORIX Leasing Company (LOLC)) and The Bank of East Asia, Limited (BEA) announced Friday that they have acquired a majority interest in Cambodia's PRASAC Microfinance Institution.

LOLC Group has acquired 48 percent stake in the Cambodian microfinance company for US$ 186 million through LOLC International Private Limited from Belgian Investment Company for Developing Countries SA (BIO), Dragon Capital Group Limited and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO).

Under the new ownership structure, the LOLC Group's stake in PRASAC increased to 70%, while BEA holds 21% and 9% is held by P S Co., Ltd.

CEO of PRASAC Sim Senacheert said: "We would like to express our gratitude towards BIO, Dragon Capital and FMO for their strong support over the past 10 years and look forward to a renewed partnership with our existing shareholder LOLC and strategic investor BEA to further contribute to sustainable economic development and financial inclusion in Cambodia."

Deputy Chairman of the LOLC Group Ishara Nanayakkara stated: "We saw great potential in PRASAC from the outset, and it was therefore LOLC Group's maiden overseas investment. We would like to convey our appreciation to the outgoing shareholders for their contribution and look forward to working closely with BEA and the PRASAC management in fulfilling the shared goal of elevating and empowering micro entrepreneurs to create a sustainable, inclusive economy in Cambodia."

 


ColomboPage - Recent 10 Stories ::
Sri Lanka Finance Minister says trustworthy environment built in the country to attract foreign investments
-- [13 minutes ago]
Sri Lanka Navy earns Rs 3 billion from Galle maritime security operations
-- [1 hour and 35 minutes ago]
Sri Lanka Navy arrests 12 Indian fishermen for poaching in island waters
-- [1 hour and 43 minutes ago]
Sri Lanka asks developed world to assist developing countries in meeting challenges of climate change
-- [2 hours ago]
US air strike kills high-profile al Qaeda terrorist leader responsible for 2009 attack on Sri Lanka cricket team in Pakistan
-- [3 hours ago]
Indian Tamil parties except BJP welcome actor Rajinikanth cancelling visit to Sri Lanka
-- [4 hours ago]
Attempts to manipulate Hambantota Port deal - CaFFE
Ceylon Chamber marks 178 years of service to the nation today
German Travel Association contemplates to host next AGM in Sri Lanka
Sri Lanka, Pakistan should utilize the full potential of FTA - Pakistan PM

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.