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LOLC Holdings
nuwanmja- Posts : 87
Join date : 2019-02-20
Age : 33
Location : Gampaha
- Post n°26
Re: LOLC Holdings
Herath- Posts : 9
Join date : 2020-01-03
- Post n°27
Re: LOLC Holdings
Comments / 33 Views / Wednesday, 8 January 2020 00:00
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Microfinance is a major part of LOLC Group’s business and this achievement has come after carefully-crafted strategies, years of experience and expertise, and best practices. In fact LOLC’s microfinance success model has won many global accolades, prompting many to follow suit. However, it regrets demonisation of microfinance by some vested parties as well as ill-informed officials. In a conversation with Daily FT, LOLC Group Deputy Chairman Ishara Nanayakkara and Group Managing Director Kapila Jayawardena take head-on some of the misconceptions of and allegations against microfinance:
Q: What kind of an impact did the Government debt relief program that took place in 2018 have on the microfinance industry? What is your take on it?
Ishara: It is really disheartening to acknowledge the detrimental impact this debt relief program created in the Sri Lankan microfinance industry. First of all, the eligibility criteria did not have a sound rationale,
LOLC Deputy Chairman
Ishara Nanayakkara
LOLC Managing Director
Kapila Jayawardena
the industry was never consulted in the planning. It was given only to women, who are residing in 12 districts of specific parts of the country, and for women who had been on default. It raised all these questions: What about the rest of the country? Rest of the customers in other districts? What about male customers? What about those who went that extra mile to honor their payments every month against all odds?
With the announcement of the debt relief program in July 2018, a lot of misinterpretation occurred for political advantage. Some politicians misused the concept for election promises, where they encourage people who pay on time too, to default so that they will be eligible for the debt relief program. This caused confusion and unrest amongst borrowers not just in the 12 districts but across the country, creating massive number of willful defaulters. It created a culture of default that this country never had. I mean Sri Lanka had healthy recovery ratios of over 90% levels in microfinance, which is why we had the attention of many DFIs. The shock this created to the industry and the trickledown negativity is evident to date even after 18 months. And it will take a long term for the industry to recover because it pushed the customer back to the informal lending market as the formal sector was reluctant to increase exposure under these circumstances.
Q: There had been a lot of accusations by the community and even from some reputed media on how NBFIs lead customers to over-indebtedness, to the point where even some fatal incidences have been reported as a result of undue recovery measures by the companies. What are your views on this?
Ishara: First of all, you need to differentiate the markets. The role of microfinance by the formal lenders such as banks and NBFIs are often misunderstood with the repercussions generated by the informal lenders. There are over 35,000 informal lenders in this country and estimates suggest that over 40% of the population has been subjected to it.
People access the informal lending market out of habit, convenience or due to lack of availability by the formal channels as the microfinance segment was largely considered as non-bankable until recently. People borrow from these informal lenders at unbelievable rates and when they cannot service the loans, they lose their assets, income sources and the dignity that leads to irrational decisions. The concept of over-indebtedness stems from this informal lending market which is not regulated, whereas the formal sector is closely monitored by the CBSL, with rate caps in place and responsible lending is encouraged with the involvement of institutions such as CRIB. The NBFI sector has played a pivotal role in eliminating the repercussions created by the informal lenders but is being unreasonably accused due to misconstrued views.
Kapila: As Ishara mentioned, the misinformation circulated in some media about microfinance players in the country is blown out of proportion. Once we took a closer look some of these articles, it became clear that these were published with a small sample size of consumers, highlighting the experiences of a few defaulted micro customers across the board, often with a clear hidden agenda or a political motive. There are, indeed, some reprehensible situations faced by customers who have turned to the informal sector, and there is much to be done in order to regulate this market, but it would not be practical on the part of the government or regulators or any other officials to paint the whole sector with a broad brush.
Ishara: Therefore, what is important is to have a balanced view on the reality. Who is going to scrutinise the positive impact created by this industry? What about all the income sources created? What about empowering all those women/mothers who run the show in the household and now have become the breadwinners? What about the wave of self-made entrepreneurs who directly contributes to the economic activities in the country? Why does not anyone take stock of that?
Q: Tell your side of the story? What is your role in microfinance?
Ishara: Our microfinance model is different to that of conventional microfinance model. So is our social case. In order to comprehend the social case, it is important to understand our microfinance model. We have smaller groups, reasonable loan amounts, and payment patterns that fits best to their cash-flows. We do not hinder the growth of the customer with undue restrictions such as cross guarantees, encouraging them to upscale their eligibility based on the track record. Therefore, our model allows budding micro entrepreneurs to graduate to the SME sector in few loan cycles. Once they become a SME client, they can continue their journey with us, because we are essentially an SME lender from our roots. The model prioritises empowerment of women, widely identified as the most effective route to eradicate poverty and enhance living standards. Because when you help a mother to stand on her own feet, she nurtures the whole family by being the breadwinner, educating children and forming a future. This is the beauty of true empowerment.
This is the reason why our microfinance model has been recognised by many independent international organisations. LOLC Micro Credit Limited (LOMC, now merged with LOLC Finance PLC) was the first Sri Lankan MFI and the 13th in the world to be awarded Client Protection Principles (CPP) Certification from the SMART Campaign (a global initiative which exists to ensure strong client protection practices in the microfinance industry), while LOLC Cambodia PLC was the first organisation in Cambodia to be certified.
CPP is a differentiating factor for us in comparison to our competition. It fundamentally protects the clients from undue interest rates or over charge, makes the customers fully aware of their rights and obligations. Because we are obliged by CPP, we cannot unreasonably charge the customer or change rates as we please like the common industry practices. Thus, to keep up with the competition, we work hard to improve our efficiencies and manage costs. We reaped the benefits of CPP, when both Sri Lankan and Cambodian regulators imposed rate caps, as we were already operating within the parameters while most of our peers faced difficulties.
Our model was also featured as a business case study by INSEAD Business School in their MBA program following an independent study on the Company’s remarkable growth, commitment to empowering women and communities, and outstanding social stewardship reflected in the business model. PRASAC has also been recognised by MIX as a S.T.A.R. MFI whilst both LOFC and LOLC Cambodia are rated the coveted Platinum Grade by the Global Impact Investing Rating system for their impactful business conduct.
Kapila: As a result of our international acclaim and tangible impact on the communities in which we operate, we have been able to foster long-standing relationships with a large array of international funding partners and DFIs, who have been instrumental in raising LOLC’s standards to a global level. This extraordinary role is reinstated by LOLC’s longstanding international funding partners and DFIs such as the Dutch Development Bank – FMO, The French Development Agency-PROPARCO, German Government Agency – DEG and the Asian Development Bank (ADB). With over four dozen international funding partners, with some relationships spanning over 25 years, LOLC has been the entry point to Sri Lanka for most of these lenders. Considering the Group’s ethical business fundamentals, sound financial performance and strong social accord, these multinational lenders use LOLC group as their preferred conduit to achieve their development goals.
Herath- Posts : 9
Join date : 2020-01-03
- Post n°28
Re: LOLC Holdings
LOLC tipped to make hefty capital gains by selling 70% stake in Cambodia’s largest microfinance venture for Rs. 110 b; initial LOLC investment less than Rs. 50 b
Says transaction surpasses all other in Sri Lankan corporate history, of mega significance regionally
By Nisthar Cassim
With business circles abuzz with news of the biggest corporate Sri Lankan deal worth Rs. 110 billion, it is being said that LOLC Group Deputy Chairman Ishara Nanayakkara is the richest man in Sri Lanka, a tag he told the Daily FT prefers to shun.
On Monday, LOLC formally announced it was selling the 70% stake in Cambodia’s largest microfinance company, PRASAC, to Korea’s biggest commercial bank, Kookmin, for a staggering $ 603 million, or Rs. 110 billion. PRASAC is valued at $ 862 million, and the sales proceeds will be received in two tranches: $ 422 m once the regulatory approvals are met, which is expected to be before or by end March 2020; and the balance $ 181 million in 2022.
As he directly and indirectly controls around 80% stake in LOLC Holdings, the historic deal fuelled speculation that Ishara is Sri Lanka’s richest man. Within weeks of the news of the deal, LOLC rose sharply to be ranked as the sixth most valuable listed entity, up from eleventh place in end November. In the past two days, LOLC’s share price has declined, though the Company believes there is upward momentum.
When the Daily FT met him yesterday for an exclusive interview and posed the question “Are you the richest man in Sri Lanka and how do you feel about that?” Ishara’s response was candid: “I don’t like to be labelled like that. It is an accolade, but not a goal, at least for me.”
Pressed further on what his goals are, he replied with a bright smile, “You will see when we get there.”
Claiming the title of most profitable listed entity in Sri Lanka, with a trillion-asset company and over a billion dollars in equity, LOLC in a short span of time has truly emerged, in the words of Ishara, as a “Sri Lankan global player.” Having grown operations in over 10 countries, 80% of LOLC’s Profit before Tax comes from overseas investments.
The exit from its first overseas investment, made in 2007 in PRASAC in Cambodia, is estimated to deliver hefty capital gains. Market analysts estimate LOLC’s original investment in PRASAC was about Rs. 50 billion, and the exit at Rs. 110 billion proves its original instinct and foresight. PRASAC has a lending book of $ 2.5 billion, $ 1,727 million in deposits, $ 2,987 million in total assets, and a customer base of 418,000 as at November 2019.
Nanayakkara says what was important is not why LOLC sold PRASAC, but to whom, and showcased the profile of Korea’s Kookmin Bank, which has over $ 300 billion assets under management.
“This transaction has brought prominence not just to the Group, but to Sri Lanka, Cambodia, and the business community in Asia,” he added.
LOLC Group Managing Director Kapila Jayawardena, who was associated with the interview, chipped in, saying the deal was a significant milestone for LOLC as well as for Sri Lanka. “This is a classic example of value creation. From a country perspective, look at the amount of foreign currency inflow to Sri Lanka as a result of this transaction. I think it is safe to say that this transaction surpasses all other transactions in Sri Lankan corporate history,” Jayawardena added.
Despite the sale of PRASAC, LOLC still have a foothold in the fastest growing Southeast Asian country via LOLC Cambodia, the fourth largest company in microfinance in terms of market position in Cambodia. This is in addition to operations in the Philippines, Indonesia, Myanmar, Pakistan, and the Sultanate of Oman, and a growing footprint in Africa as well through Sierra Leone. LOLC’s investment pipeline is promising, with handpicked locations such as Egypt, Uganda, India, and some strategic locations in the African and Asian markets. For LOLC, 2020 will be a year of further expansion of its overseas investments.
“With the sales proceeds of PRASAC, we are on a better footing to reinvest in other markets, as well as expedite some of our identified investments in the pipeline. This will broad-base our investment portfolio for long-term value creation. This transaction will further strengthen our balance sheet, and we are very positive about the outlook,” said Nanayakkara and Jayawardena.
They said that given the achievements within Sri Lanka, the LOLC Group has been able to use these triumphs as a stepping stone to establish a presence in several countries within the region, and is well set to become the largest multi-geographic, multi-currency MSME platform in the world. “While LOLC is now on track to be a global player, Sri Lanka has built the foundation for our experience and proficiency and will remain the centre of our operations,” they added.
LSE- Tech Contributor
- Posts : 1321
Join date : 2014-06-04
- Post n°29
Re: LOLC Holdings
It happens as expected... Guys Keep away from LOLC...
![study](https://2img.net/i/fa/i/smiles/icon_study.png)
LSE wrote:Yes. It will ... next will be 150...
The Invisible- Posts : 3116
Join date : 2016-11-28
Age : 44
- Post n°30
Re: LOLC Holdings
ECONOMYNEXT- 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.
LOLC will sell the 70 percent ownership in PRASAC in two tranches; an immediate 422 million rupees and the balance in 2022.
The group also owns LOLC Cambodia Plc, the fourth largest microfinance firm in the South East Asian nation.
PRASAC was LOLC’s first foreign investment in 2007. The group also operates microfinance firms in Myanmmar, Philippines, Indonesia, Pakistan, Zambia and Nigeria.
LOLC’s share price had risen 179 rupees by December 30, from 113 rupees a share before the deal was announced in early-December. The share price has fallen to 169 rupees over the past week. (Colombo/Jan06/2020)
The Invisible- Posts : 3116
Join date : 2016-11-28
Age : 44
- Post n°31
Re: LOLC Holdings
subash- Posts : 91
Join date : 2015-10-19
- Post n°32
Re: LOLC Holdings
The Invisible wrote:I am still positive on LOLC. This share can offer some trading opportunities till the conclusion and report of financials after the sale of the subsidiary. Follow the stock price movements carefully.
Thanks
smallville- Top contributor
- Posts : 1872
Join date : 2014-02-23
Location : Trying to figure out..
- Post n°33
Re: LOLC Holdings
![Smile](https://2img.net/i/fa/i/smiles/icon_smile.gif)
NIRMALSG- Posts : 428
Join date : 2019-02-17
Location : Colombo
- Post n°34
Re: LOLC Holdings
![Evil or Very Mad](https://2img.net/i/fa/i/smiles/icon_evil.gif)
![Evil or Very Mad](https://2img.net/i/fa/i/smiles/icon_evil.gif)
Last edited by NIRMALSG on Wed Feb 12, 2020 6:30 pm; edited 1 time in total (Reason for editing : corrected)
The Invisible- Posts : 3116
Join date : 2016-11-28
Age : 44
- Post n°35
Re: LOLC Holdings
ECONOMYNEXT – Sri Lanka-based LOLC group said, a holding company in Singapore had had received 422 million dollars from the sale of the first tranche of its Cambodian unit PRASAC to KB financial group of Korea.
LOLC group struck a deal to sell 70 percent of PRASAC, the largest micro-finance company in Cambodia to Kookmin Bank for 603 million dollars.
The 422 million dollars for the first tranche had been remitted to LOLC International Pvt Ltd, a holding company based in Singapore.
A part of the money will be brought to Sri Lanka, LOLC Deputy Chairman Ishara Nanayakkara said.
“We are pleased that this landmark transaction will also facilitate a significant inflow of foreign currency to the country,” Nanayakkara said in a statement.
“We are proud that we were able to secure the required approvals to conclude this transaction swiftly, despite the current challenges across the globe.
“We appreciate all the guidance, support and encouragement given to us by the Central Bank of Sri Lanka and for the support given by the National Bank of Cambodia and the Financial Services Commission in Korea.”
LOLC said the sale proceeds will strengthen the balance sheet of the company and help its growth.
“The stronger balance sheet of LOLC will also provide the necessary impetus for the local financial services companies such as LOLC Finance PLC, LOLC Development Finance PLC and Commercial Leasing & Finance PLC to grow their businesses further,” the company said.
LOLC bought into PRASAC in 2007 with an 18 percent stake at the invitation of FMO the Nederland Government’s Development Finance Company, Belgian Investment Company for Developing Countries and Dragon Capital, who had studied its operations in Sri Lanka.
LOLC also controls LOLC Cambodia, the second largest micro-financier in the country, in which the group has a 97 percent stake.
The strong growth and value of PRASAC was made possible by the dollarization and mostly fixed exchange rate of Cambodia, where a central bank can no longer print money for stimulus or other purposes and trigger monetary instability, analysts say.
After the Cambodian Riel fell from 750 to 4,000 from 1991 to 1991 many people adopted the dollar dropping the RIEL (technically currency competition) and the central bank lost its ability to conduct monetary policy, generate instability, destroy private capital including deposits and financial assets, scare foreign investors and lower living standards, analysts say.
LOLC Cambodia has assets in excess of 1 billion dollars, an 832 billion asset portfolio and a deposit base of 485 million US dollar.
Singapore, where the holding company is based also has one of the best monetary authorities in the world, which also does not have a policy rate.
The Singapore dollar has appreciated from 3.0 to the US dollar at the break up of the failed Bretton Woods system of soft-pegs in 1971 to about 1.4 now.
LOLC also has units in Myanmar, Pakistan, Philippines, Indonesia, Nigeria and Zambia which have weak central banks. (Colombo/Apr13/2020)
spw19721- Active Member
- Posts : 683
Join date : 2015-08-22
- Post n°36
Re: LOLC Holdings
The Invisible- Posts : 3116
Join date : 2016-11-28
Age : 44
- Post n°37
Re: LOLC Holdings
Backstage- Top contributor
- Posts : 3803
Join date : 2014-02-24
- Post n°38
Re: LOLC Holdings
Foreign fund Matthews sells more of LOLC; local play continues
Tuesday, 16 June 2020
Foreign fund Matthews yesterday continued to sell more shares of LOLC Holdings PLC as locals picked up quantities sensing improved prospects though the share price declined yesterday.
LOLC saw net foreign selling of 6.17 million shares for Rs. 732.6 million reducing its non-national shareholding to 0.64% from 1.84% on Friday. Last week the market saw 10.3 million shares of net foreign selling for Rs. 1.23 billion. In early June, foreign holding amounted to 4.11%.
Market analysts said Matthews may have cleared most of its holdings though statistics reveal a couple of million shares still being held on to.
Collectively it was the fifth largest investor at LOLC. As at 31 December 2019, BBH - Matthews International Funds-Matthews Asia held 11.8 million shares or 2.48% and BBH - Matthews Emerging Asia Fund held 7 million shares or 1.46%.
Yesterday 7.9 million LOLC shares traded for Rs. 927 million accounting for 55% of the turnover. Of the traded shares 4 million were done via three crossings at Rs. 117 per share. The stock closed at Rs. 118.60, down by % or Rs. 1.30. Number of trades were 924 or 13% of the market’s total.
Last week, 12.1 million shares of LOLC traded last week for Rs. 1.4 billion and the stock closed up Rs. 8.90 to Rs. 119.90 after touching an intra-week high of Rs. 120.60. Number of trades were 2,334 or 5% of the market’s total. Analysts said high net worth investors were seen in active play of LOLC with heavy trading.
Apart from deals on LOLC, the Colombo Bourse was bearish.
Acuity Stockbrokers said the ASPI decreased by 0.08% or 4.00 points to close at 4,910.83 points, while the S&P SL20 Index decreased by 0.38% or 7.74 points to close at 2,047.22.
Turnover increased by 26.7% relative to Friday to amount to Rs. 1.68 billion while crossings for the day amounted to 35.9% of the day’s total turnover.
Foreign Investors meanwhile, recorded a net outflow of Rs. 1.11 billion over the day compared to a net outflow of Rs. 508 million on Friday.
First Capital said Bourse ended in the negative territory for the third consecutive session while experiencing high foreign participation for the seventh straight trading session dominated by the continuous selling interest.
“ASPI was dragged down predominantly due to the dip in prices of CARG & JKH. The index recorded a surge within the first few minutes of trading and reached its intraday high of 4,923, thereafter witnessed a downtrend and hit its intraday low of 4,894 before closing at 4,911 losing 4 points,” First Capital said. LOLC amounted to 51% of the turnover while the parcel trades made in LOLC and SAMP contributed substantially.
NDB Securities said the ASPI edged down as a result of price losses in counters such as Cargills, John Keells Holdings and Commercial Bank.
It said high net worth and institutional investor participation was noted in LOLC Holdings and Lee Hedges. Mixed interest was observed in Sampath Bank, whilst retail interest was noted in Hatton National Bank non-voting.
Diversified Financials sector was the top contributor to the market turnover (due to LOLC Holdings) whilst the sector index lost 0.74%. The share price of LOLC Holdings decreased by Rs. 1.30 (1.08%) to close at Rs. 118.60.
The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank, Hatton National Bank non-voting and Hatton National Bank) whilst the sector index decreased by 0.31%. The share price of Sampath Bank gained Rs. 1.30 (1.19%) to close at Rs. 110.60. The share price of Hatton National Bank nonvoting moved down by Rs. 0.20 (0.27%) to close at Rs. 75.10. The share price of Hatton National Bank edged down of Rs. 0.10 (0.10%) to close at Rs. 99.80.
Lee Hedges was also included amongst the top turnover contributors. The share price of Lee Hedges declined by Rs. 10.00 (16.67%) to close at Rs. 50.00.
serene- Top contributor
- Posts : 4850
Join date : 2014-02-26
- Post n°39
Re: LOLC Holdings
![Question](https://2img.net/i/fa/i/smiles/icon_question.gif)
![Question](https://2img.net/i/fa/i/smiles/icon_question.gif)
slstock- Veteran
- Posts : 6216
Join date : 2014-06-12
- Post n°40
Re: LOLC Holdings
serene wrote:Thanks.Who is buying.![]()
![]()
I posted a verse on my FB page
![Wink](https://2img.net/i/fa/i/smiles/icon_wink.gif)
![Wink](https://2img.net/i/fa/i/smiles/icon_wink.gif)
serene- Top contributor
- Posts : 4850
Join date : 2014-02-26
- Post n°41
Re: LOLC Holdings
Will check.slstock wrote:serene wrote:Thanks.Who is buying.![]()
![]()
I posted a verse on my FB page![]()
Rajapaksap- Posts : 155
Join date : 2014-04-14
- Post n°42
Re: LOLC Holdings
The Invisible wrote:I am still positive on LOLC. This share can offer some trading opportunities till the conclusion and report of financials after the sale of the subsidiary. Follow the stock price movements carefully.
I Agree.
The Invisible- Posts : 3116
Join date : 2016-11-28
Age : 44
- Post n°43
Re: LOLC Holdings
The Invisible wrote:So whats the situation on LOLC now. It went to 194 on the news of Cambodia deal and came down to 86.10 on "38 second day". Recovered up to 112 as of yesterday. Don't any one see the intrinsic value in this stock now? But I think this has come to the spotlight of someone who is in to the stock in big time. Over two million shares done today so far with price notching up to 117. Its an investment grade stock for sure.
Now trading at 126 and looks like foreign selling has eased off to a greater extend.
Rajapaksap- Posts : 155
Join date : 2014-04-14
- Post n°44
Re: LOLC Holdings
The Invisible wrote:The Invisible wrote:So whats the situation on LOLC now. It went to 194 on the news of Cambodia deal and came down to 86.10 on "38 second day". Recovered up to 112 as of yesterday. Don't any one see the intrinsic value in this stock now? But I think this has come to the spotlight of someone who is in to the stock in big time. Over two million shares done today so far with price notching up to 117. Its an investment grade stock for sure.
Now trading at 126 and looks like foreign selling has eased off to a greater extend.[/qu
Trades summary : LOLC.N0000-22.06.2020-today
Price Total Qty
130.00 213,414
129.90 17,215
129.80 2,195
129.40 450
129.30 130
129.20 600
129.10 700
129.00 143,793
128.90 5,000
128.80 1,476
128.70 13,700
128.60 3,900
128.50 8,465
128.20 50
128.10 100
128.00 5,210
127.90 1,200
127.50 2,315
127.10 339
127.00 51,696
126.90 8,040
126.80 9,971
126.70 7,996
126.60 5,020
126.50 28,080
126.40 14,447
126.30 14,354
126.20 700
126.10 2,708
126.00 39,172
125.90 9,010
125.80 6,200
125.70 4,905
125.60 4,525
125.50 30,449
125.40 1,660
125.30 3,288
125.20 12,050
125.10 4,820
125.00 93,038
124.90 36,735
124.70 5,100
124.60 1,000
124.50 4,500
124.10 100
124.00 5,801
The Invisible- Posts : 3116
Join date : 2016-11-28
Age : 44
- Post n°45
Re: LOLC Holdings
ECONOMYNEXT – Profits at Sri Lanka’s LOLC Holdings fell 74 percent to 1.49 billion rupees in the March 2020 quarter from a year earlier with a strong showing by its Cambodia operations, despite weak economic conditions at home, interim accounts show.
The group reported 1.5 billion rupees in profits, down from 1.9 billion a year earlier on discontinued operations which included Prasac, a Cambodia micro-finance company where a sale has since taken place to South Koreas KB financial group.
The group lost 94 million rupees on continuing operations.
LOLC Holdings reported earnings of 3.07 rupees of rupees with discontinued operations and a 20 cent loss on continuing operations.
The firm sold PRASAC to South Korea’s KB Securities for 607 million dollars. Discontinued operations also included a mango farm and Browns Hospital which has been sold.
Cambodia is dollarized and its central bank no longer has power to depreciate the currency and destroy capital and trigger monetary instability, after the currency at one time collapsed to 4,000.
Out of a total of 4.6 billion rupees in profits on discontinued operations, 1.53 billion came to the company.
While the sale would reduced profits from dollarized Cambodia, the share of funds coming LOLC is expected to generate profits for the group in the long term.
LOLC also has another micro-finance company in Cambodia.
“Despite the sale of PRASAC, LOLC still has a foothold in the fastest growing Southeast Asian country via LOLC Cambodia, the fourth largest Microfinance Institution (MFI) in terms of portfolio size,” LOLC said in a statement.
The group owned 97 percent of LOLC Cambodia which had assets of over a billion US dollars, a loan portfolio or 857 million dollars, deposits of 501 million dollars and profits of 34.6 million dollars, the firm said.
LOLC has bought into a micro-finance company in Nigeria in 2019. However Nigeria also has monetary instability and its central bank takes the country to the International Monetary Fund after printing money. From 2014 todate the Niara has fallen from 164 to 375 to the US dollar.
In the current year LOLC said it will focus on consolidating its existing businesses while looking at ” promising investments in Africa and Asiafor long-term value creation.”
Within Sri Lanka, LOLC said its operations were hit by East Sunday attacks and weak growth. The firm had seen higher impairment charges and dips in net interest income. (Colombo/Aug12/2020)
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» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
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» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
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» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?