Mar 17, 2017 (LBO) – LOLC Group has acquired 48 percent stake in a micro finance company in Cambodia for 186 million US dollars through LOLC International Private Limited, a fully owned subsidiary of the LOLC Group based in Singapore.
Before this acquisition, the LOLC Group had 22 percent stake in this microfinance institution named PRASAC, LOLC said in a stock exchange filing.
“PRASAC has evolved significantly since its inception in 1995 as a credit provider involved in financing to rehabilitate of the agricultural sector in rural Cambodia,” LOLC said.
“During the last 10 years, PRASAC has grown its asset from USD 37 million to USD 1.3 billion, and is now the largest micro finance company in Cambodia.”
Under the new ownership structure, the LOLC Group now holds 70 percent stake in PRASAC while the Bank of East Asia holds 21 percent and 9 percent by PRASAC Staff Company Limited.
Incorporated in 1918, the Bank of East Asia is Hong long’s largest independent local bank with total consolidated assets of USD98.7 billion as of 31st December, 2016.
Listed on the Stock Exchange of Hong Kong, the Bank of East Asia is a constituent stock of the Hang Seng Index.