Sep 16, 2014 (LBO) –Sri Lanka’s Lanka Orix Leasing Company acquired a 60 percent stake in Thaneakea Phum Cambodia (TPC) a microfinance company in Cambodia, for 20.3 million US dollars, identifying the immense potential in emerging economies of the South East Asian region the company said in a media release. The LOLC Group’s business expansion strategy is aimed at strengthening its core financial services business further, Ishara Nanayakkara, Deputy Chairman of the LOLC Group said.
We are pleased that we were able to take our strategies and expertise overseas and to strengthen our position in the regional microfinance sphere,
The South East Asian region is a largely untapped market with immense potential for the financial services industry. The LOLC Group has a strong commitment towards financial inclusivity and will continue to pursue opportunities towards crystalizing this vision.
The acquisition was through LOLC’s fully owned subsidiary, LOLC Micro Investments Ltd (LOMI), which is the microfinance investment arm of LOLC.
TPC is the 5th largest microfinance company in Cambodia with a gross loan book of 100 million US dollars, LOLC said.
The company has 52 branches distributed throughout Cambodia, with a total staff of 1,100 personnel and a customer base of