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."