Sri Lanka’s LOLC inks deal to sell Cambodian unit to Korea’s Kookmin

Sri Lanka’s LOLC Holdings said it has signed two agreements to sell its Cambodian sub-subsidiary PRASAC to Korea’s Kookmin Bank for 603 million US dollars.

Kookmin Bank, the largest commercial bank in South Korea, has signed a share purchase agreement and shareholders agreement with LOLC Holdings, subject to final approval from the National Bank of Cambodia and the Financial Services Commission of Republic of South Korea, the Sri Lankan firm said in a stock market disclosure.

PRASAC is the largest microfinance institution in Cambodia, in which LOLC’s Singaporean subsidiary LOLC International Private Limited holds a 70 percent stake.

In full:

Related Stories

Latest News