Financial services rich conglomerate LOLC Holdings today announced the successful conclusion of the $ 603 million (over Rs. 120 billion) sale of its Cambodian venture amidst turbulent global economic conditions owing to the COVID-19 pandemic.
In January this year, the LOLC Group announced of its agreement to sell its 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 $ 603 million.
Sealing the deal, LOLC confirmed today 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 $ 422 million was received by LOLC International Ltd recently. The balance of $ 181 million will be due in 2022 and the post transaction value of PRASAC is valued at $ 862 million.
