LOLC Holdings PLC has announced that it has received 422 million dollars as the first tranche by selling its 70% stake from the leasing body’s Cambodian microfinance arm.
In January this year, the LOLC Group announced of their agreement to sell it’s 70% stake held in Cambodia’s largest Microfinance Company, PRASAC, to the world’s sixth largest Commercial Bank and Korea’s biggest Commercial Bank, Kookmin for US$ 603Mn, a Rs. 120Bn in local currency terms.
Sealing the deal, LOLC confirms that both parties had received the necessary approvals from their respective regulators in both countries, the National Bank of Cambodia (NBC) and The Financial Services Commission (FSC) of Korea to conclude the transaction and the first tranche of US$ 422 Mn was received by LOLC International Pvt Ltd recently. The balance of US$ 181 Mn will be due in 2022 and the post transaction value of PRASAC is valued at US$ 862Mn.
“We are pleased that this landmark transaction will also facilitate a significant inflow of foreign currency to the country,” LOLC Deputy Chairman Ishara Nanayakkara said in a statement
“Sleeping 3 weeks in an airport” Sri Lankan shares her experience