Korea’s Kookmin Bank to buy stake in LOLC Sri Lanka’s PRASAC for US$600mn

ECONOMYNEXT- Korea’s Kookmin Bank will buy a 70 percent stake in PRASAC Mincrofinace, a unit of Sri Lanka’s LOLC, for 603 million US dollars, a report said.

Bloomberg Newswires said KB group will pay 603 million dollars for 70 percent.

The balance 30 percent will also be purchased after two years.

LOLC owned 70 percent of the firm.

Cambodia is a mostly dollarized economy with a high degree of monetary stability and the central bank has little leeway to generate instability.

LOLC has said that proceeds will be used to acquire micro finance companies in other countries. (Colombo/Dec27/2019)