Deals
Sri Lanka’s LOLC Prepares to Sell Its Biggest Overseas Unit
- LOLC plans to sell Cambodia unit to raise funds to expand
- LOLC may seek strategic investor for Singapore holding firm
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LOLC Holdings Plc, Sri Lanka’s second-largest publicly traded company by revenue, plans to sell its stake in a unit in Cambodia and use the proceeds to fund acquisition of microfinance firms in emerging markets from Brazil to India.
LOLC Holdings plans to sell its 70% stake in Prasac Microfinance Institution Ltd., which also counts Hong Kong’s Bank of East Asia Ltd. as a shareholder, LOLC’s Deputy Chairman Ishara Nanayakkara said. He declined to disclose pricing details.