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 170,000 microfinance borrowers.
TPC maintains a capital adequacy ratio of 16.8 percent.
TPC is the third overseas acquisition of LOLC in Cambodia.
The company has ventured into Cambodia in 2006 through its investment in PRASAC Micro Finance Institution Ltd (PRASAC).
LOLC Currently holds 22.25 percent of PRASAC.
LOLC has a micro finance company named LOLC Myanmar Micro-Finance Company Ltd which launched in 2013 as a green field operation in Myanmar.
The LOLC Group was the 1st Sri Lankan organization and the 4th international operator to commence operations in the Myanmar financial sector.
“We hope to continue to explore opportunities to expand our overseas presence beyond Myanmar and Cambodia.” Nanayakkara said.
“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 170,000 microfinance borrowers.
TPC maintains a capital adequacy ratio of 16.8 percent.
TPC is the third overseas acquisition of LOLC in Cambodia.
The company has ventured into Cambodia in 2006 through its investment in PRASAC Micro Finance Institution Ltd (PRASAC).
LOLC Currently holds 22.25 percent of PRASAC.
LOLC has a micro finance company named LOLC Myanmar Micro-Finance Company Ltd which launched in 2013 as a green field operation in Myanmar.
The LOLC Group was the 1st Sri Lankan organization and the 4th international operator to commence operations in the Myanmar financial sector.
“We hope to continue to explore opportunities to expand our overseas presence beyond Myanmar and Cambodia.” Nanayakkara said.
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