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16 September, 2014 09:01 AM Source: Financial Times - Sri Lanka
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LOLC Group announced yesterday it has acquired a 60% stake in Thaneakea Phum Cambodia (TPC), for $ 20.3 million.
The acquisition was through LOLC’s fully-owned subsidiary, LOLC Micro Investments Ltd. (LOMI), which is the microfinance investment arm of LOLC.
The LOLC Group has received all required regulatory approvals, including approvals from the Central bank of Sri Lanka, Ministry of Finance of Sri Lanka, National Bank of Cambodia and the Ministry of Commerce of Cambodia for the acquisition.
TPC is the fifth largest microfinance company in Cambodia with a gross loan book of $ 100 m. TPC carries out its business operations through 52 branches distributed throughout Cambodia, with a total staff of 1,100 personnel and currently has a customer base of 170,000 microfinance borrowers. Further, it has a strong capital base and maintains a capital adequacy ratio of 16.8%, enabling the company to withstand potential shocks as well as providing a stable platform for strong growth.
This is LOLC’s second overseas acquisition, having successfully established its maiden overseas venture in Cambodia in 2006 through its investment in PRASAC Micro Finance Institution Ltd. (PRASAC), the largest microfinance company in Cambodia.
LOLC currently holds 22.25% of PRASAC. The company carries out its business operations through its network of 182 branches and total staff strength of 3,400 personnel. It has an active client base of 231,000 clients and a gross loan portfolio of $ 485 m and total assets of $ 585 m. The company is currently in line with projected earnings of $ 30 m for 2014.

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