via CAAI News Media
Leopard to Invest in a Cambodian Bank, ACLEDA
Thursday, 11 February 2010 06:52 DAP-NEWS/ Ek Madra
PHNOM PENH, Feb. 11- Leopard Cambodia Fund's Investment Committee gave conditional approval to four more investment proposals which we hope to transact soon.
Accordingly, on 29 January 2010 the General Partner issued a drawdown notice to Limited Partners in the amount of US $ 7,900,000, said the firm release.
The investment targets are minority stakes in a major bank, a microfinance institution, a seafood processing factory, and a WiMax internet company.
"We will publish more details once the deals are wrapped up, but for now we will mention that the targeted bank investment is an indirect holding in ACLEDA Bank Plc, one of the largest retail banks in Cambodia and the only one with a nationwide branch network," said the release.
Established in 1993, ACLEDA now has 232 offices, over 7,000 staff, and more than US $900 million in total assets.
See the related news:
Leopard Cambodia Fund Update:
Leopard Cambodia Fund closed its extended fundraising period on 31 December 2009 with US $34,135,000 of committed capital.
The Fund is no longer accepting new subscriptions.
"We extend our gratitude to each of our 107 investors for backing us during a time of global financial turmoil," said newsletters released by Leopard.
"We hope to see as many of you at our Annual Investors Meeting in Phnom Penh on 28 May 2010," it said.
Portfolio Notes:
Leopard Cambodia Fund's Investment Committee gave conditional approval to four more investment proposals which we hope to transact soon.
Accordingly, on 29 January 2010 the General Partner issued a drawdown notice to Limited Partners in the amount of US $7,900,000, it said.
The investment targets are minority stakes in a major bank, a microfinance institution, a seafood processing factory, and a WiMax internet company.
"We will publish more details once the deals are wrapped up, but for now we will mention that the targeted bank investment is an indirect holding in ACLEDA Bank Plc, one of the largest retail banks in Cambodia and the only one with a nationwide branch network," said the release.
Established in 1993, ACLEDA now has 232 offices, over 7,000 staff, and more than USD 900 million in total assets.
Kingdom Breweries (Cambodia) Ltd. received its Final Registration Certificate from the Council for the Development of Cambodia (CDC), along with a basket of tax incentives, said the release.
The 40-man work crew continues to transform the old Nestle factory into a modern brewing showpiece.
Peter Haupenthal, our brew-master from Germany has taken his post now in Phnom Penh. Kingdom's CEO, Peter Brongers has selected a sleek bottle design and placed the first order. There's still a lot of work ahead, but we are planning the launch party for Kingdom Beer in July 2010, said the release.
CamGSM'sbridge loan (in which LCF invested $5.0 million) just won the "TelecomFinance 2010 Asia Deal of the Year" award.
The judging panel said: "This was truly a trailblazing deal. It was the largest M&A deal in the country, and the financing that accompanied it also saw the largest ever syndicated loan on Cambodian soil. The deal could potentially mark the beginning of a new dawn in Indochina."
Team News
Leopard Capital is pleased to welcome two of the world's most revered contrarian investors, Jim Rogers and Marc Faber, to its Sri Lanka Advisory Council. Our investment team looks forward to receiving their invaluable guidance as we sift through the best investment opportunities in post-war Sri Lanka.
Related story last month:
Leopard Capital completes fundraising for Leopard Cambodia Fund LP, and launches two Sri Lanka funds
PHNOM PENH: Leopard Capital announces that Leopard Cambodia Fund LP, Cambodia's first multi-sector investment fund, achieved its final closing on December 31, 2009.
The Fund received $34,135,000 of committed capital from over 100 investors around the world, including pension, family office, and individual investors, said the release obtained by DAP.
The Fund's initial closing was April 2, 2008. It has since made five investment commitments in Cambodia, representing over 40 percent of its capital.
The Fund's portfolio thus far includes investments in rice production (Cambodia Plantations), mobile telecommunications (CamGSM), beer brewing (Kingdom Breweries), power transmission (Greenside Holdings), and residential property development (Angkor Residences).
The Fund's Manager is in advanced negotiations on several other investment proposals and expects that the Fund may be fully invested during 2010.
Leopard Cambodia Fund is managed by Leopard Capital Cambodia Ltd.
Douglas Clayton, CEO of Leopard Capital, commented "it was challenging to raise a first-time fund like this during a global financial crisis but we think the timing will turn out to be very fortunate," said the release.
"The volume and quality of investment proposals we're getting has exceeded our expectations, and we're pleased with the diversified portfolio we're building."
"We hope that the performance of Leopard Cambodia Fund will help change global perceptions about investing in Cambodia," he said in the press release.
Leopard Capital also announces that its subsidiary Leopard Capital Sri Lanka Ltd. plans to start fundraising this Quarter for Leopard Sri Lanka Fund (for private equity) and Leopard Sri Lanka Value Fund (for public equity), it said.
Both funds will be managed by Leopard Capital Sri Lanka Ltd., whose Managing Partners are Nirosh De Silva, Ramanan Govindasamy, Douglas Clayton, Kenneth Stevens, and Thomas Hugger.
Leopard Sri Lanka Fund has a fundraising target of $100 million and a 10 year lifespan. The Fund will invest in unlisted companies in Sri Lanka, typically taking minority positions. It aims to help fund the post-war development of Sri Lanka's economy by investing in sectors such as tourism, consumer goods, seafood processing, agriculture, and manufacturing.
The Fund is advised by an Advisory Council headed by Dr. Marc Faber, publisher of the widely-respected Gloom Boom and Doom Report. The expected launch date for this fund is 1st April 2010.
Leopard Sri Lanka Value Fund is an open-ended fund with an initial fundraising target of $30 million. It will invest in a diversified portfolio of companies listed on the Colombo Stock Exchange which the Manager considers underpriced by fundamental measures, including under-researched smaller companies. The launch date for this Fund is scheduled for 1st February 2010.
Leopard Capital LP manages investment funds in Asian frontier markets. By providing well-timed access into overlooked, post-conflict and pre-emerging economies, it seeks to capture excess returns.
Leopard Capital was founded in 2007 by Douglas Clayton as a partnership of financial professionals with lengthy investment experience in Asian emerging markets. Leopard Capital is based in the Cayman Islands and has affiliated offices in Hong Kong, Phnom Penh, and Colombo.
Hun Sen’s cursing of Abhisit Right: Red Shirt Leader
Thursday, 11 February 2010 04:06 DAP-NEWS
A leader of the Thai pro-Thaksin Red Shirts protesters told DAP News Cambodia by phone on Wednesday that the insults hurled at Thai Prime Minister Abhisit Vijjajiva by Cambodian Prime Minister Hun Sen’s were justified as Abhisit’s leadership of the Thai nation has been a failure so far.
“His leading of the country is a failure in both economic and diplomatic fields,” said Latdavan Vongsreyvong, former Women’s Affairs Minister during Thaksin’s premiership.
“It is a duty for him as a premier of Cambodia and it is not a surprise to Bangkok. I would like to say thanks for Samdech Hun Sen who supports Thaksin.”
Regarding a planned Red Shirt rally this month, she insisted that she could not predict what will happen, as this issue is very complicated, but said it depends on the Thai government. She claimed more than one million protesters will rally peacefully to bring down Abhisit’s government.
Hun Sen certainly had harsh words for the Thai PM. “If you don’t tell the truth about Thai troops invading Cambo- dia, let magic objects break your neck, may you be shot, be hit by a car, may you be shocked by electricity or [may you be shot] by misfired guns,” he said Abhisit during his visit to border areas.
“Will Abhisit swear on having all his family members killed and having them [perish] in a plane crash, if [he still claims] that Thai troops did not invade Cambodia?” he asked.
Prime Minister Abhisit Vejjajiva said he did not pay any attention to Hun Sen’s curses, adding that everyone knows who was the cause of the ongoing bilateral problems.
Hun Sen’s criticism clearly showed why the shaky Thai-Cambodia ties could not be restored, the Thai premier was quoted as saying by the Nation.
Cambodian Prime Minister Hun Sen on Tuesday reaffirmed the Cambodian government’s willingness to resolve the ongoing border dispute with Thailand at the international level, using such arbiters as the International Court of Justice or the UN Security Council.
Thailand to Begin Military Exercise Today
Thursday, 11 February 2010 04:06 DAP-NEWS
Thai soldiers are to exercise today in Sisaket province bordering Cambodia’s Preah Vihear and Oddor Meanchey province. However, no official report confirmed the number of Thai soldiers involved.
The Thai soldiers’ exercise comes following Cambodian Prime Minister Hun Sen’s first visit to the border areas. Hun Sen warned during his visit that any exercise must involve firing into Cam-bodian territory. Previous Thai exercises saw bullets in Cambodian land three times because of “technical matters.”
Several soldier commanders at the border could not be reached for comment related to the Thai exercise.
On Tuesday, as the PM Hun Sen blasted the Thai government; Thai soldiers in Zone 2 and Zone 4 near Preah Vihear temple allegedly declared their desire to invade the 4.6 square kilometers they say is disputed territory.
The Thai troops made a declaration boasting that they want to fight to take the area, zoned as Thai territory only on the Thai’s own unilateral map. The information was reported by a Cam-bodian troop source stationed in the Veal Entry area on February 9. The sourced claimed that the Thai troops made their declaration after Hun Sen’s 3-day visit to the border zone.
However, the situation at the border is normal, but the source at the border said that Cambodian soldiers station at the border are ready to fight if Thai forces cross illegally into Cambodian land.
Tobacco Usage Down in 2009
Thursday, 11 February 2010 03:57 DAP-NEWS
The percentage of Cambodian men using tobacco fell to about 48 percent in 2009, according to an expert for the Cambodian Movement for Health on Wednesday.
Som Yen told DAP News Cambodia that only about 3.6 percent women smoke, as well as 24 percent of monks, quoting his 2009 report.
Tobacco has more than 4,000 kinds of chemicals and seriously damages health, Som Yen stressed.
Director of the National Health Improvement Center Khun Sokrin told DAP News Cambodia that the new warnings announced by the Ministry of Health caution that smoke can cause pneumonia, lung disease, heart attack, stroke and tooth decay.
Some Yen also said that smoking can cause nervousness, headaches and stress, as well as diseases like stomach and lung cancer, larynx-problems and birth defects. The active ingredient, nicotine, is also harmful.
Som Yen recommended that all smokers give up. “All smokers should take a glass of water, breath slowly 3-5 times, do housework, exercise, or other things,” he added.
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