LOLC Holdings acquired 30% stake of Japan s ORIX for Rs. 12.8 billion Yesterday. LOLC bought 142,458,490 shares at Rs. 90 per share. These shares had closed at 111.00 rupees on Tuesday.
LOLC Group Managing Director, Kapila Jayawardena said that this would further help the company to expand their Micro Credit portfolio."We are already very strong in Myanmar, Pakistan and Cambodia. We have now made plans to expand to Indonesia and Philippines as our growth model is well accepted in these countries."
LOLC will focus on micro-finance and growth with acquisitions in Asian markets, he said.Ishara Nanayakkara is the sole director and shareholder of LOLC Holdings (Pvt) Ltd. With this acquisition, Nanayakkara s effective control increases to 78.88 %.
In terms of Section 200 of the Companies Act No. 7 of 2007, the Board of LOLC was notified of this transaction on 28th March 2018 a filing in the Colombo Stock Exchange said.
ORIX Japan, since their investment to the company has made capital gains and a source said that the company is now moving to other areas of business. ORIX divested their holding in Oman as well.