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LOLC Completes PRASAC Divestment Sale 
Posted 22,October

By Chaveendra Dunuwille

In Local News

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Investors rejoiced as LOLC received the balance of $225 million (LKR 45.6 billion) from the sale of the final 21% stake in Cambodian micro-finance giant PRASAC. 

The investment in PRASAC back in 2007 marked LOLC’s maiden foreign investment. Over the years, LOLC managed to grow its stake in the company, settling at 70% by 2020. On 6th January 2020, LOLC International and other stakeholders entered into a sale & purchase agreement & shareholders’ 

agreement with Kookim Bank, the largest commercial bank in South Korea. The deal saw LOLC divest its entire shareholding of 70% in two stages. 

The exit means LOLC has now realized over $647 million from its 70% stake. Furthermore, the 21% stake sale at $225 million had an entire valuation of $1.073 billion. 

Following the completion of the PRASAC deal, the LOLC share price rose by 6% (LKR 36.25) to close at LKR 642.75. An intra-day high of LKR 645.50 was recorded as well. Despite contributing to the increase of the ASPI by 39 points, there were only a few sellers. Only 914,000 shares changed hands through 1731 trades. The generated turnover of LKR 579.6 million accounted for 14% of the market total on the 21st October 2021.