Tuesday, 2 March 2010

Leopard Cambodia Fund LP Completes acquisition of ASA/ACLEDA Shareholding

via CAAI News Media

Monday, 01 March 2010 19:28 By Ek Madra

PHNOM PENH - Leopard Capital announced on Monday that an investment consortium led by Leopard Cambodia Fund (“LCF”) in partnership with two other foreign investors has acquired a 7.72% stake in ASA, Plc. ("ASA") at an undisclosed cost.

The release said the purchased ASA shares can be converted into 1.47% of ACLEDA Bank Plc.’s (“ACLEDA”) outstanding shares under certain conditions in the future.

Commenting on the transaction, Leopard Capital's Chief Executive Officer, Douglas Clayton said: "We are excited to invest in ASA which provides exposure to ACLEDA Bank, one of Cambodia’s most respected financial institutions and strongest local brands, according to the release. A CLEDA has built a nation‐wide branch network that is truly unique in Cambodia, and has successfully expanded into Laos. ACLEDA has delivered shareholder value through a high return on equity, while helping develop the rural economy by bringing banking services into remote areas," it said.

ASA Board Chairman, Mr. Svay Hay, said "In the name of ASA, Plc., it's great to have a partner like Leopard Capital.

Leopard Capital has proven to be a strategic investor in the development of Cambodia."

ASA is a holding company through which the employees of ACLEDA and certain other investors can participate in the long‐term growth and value appreciation of ACLEDA. ASA holds as its principal asset 12,948,500 shares of ACLEDA, which represents 19% of ACLEDA’s issued shares, said the press release on Monday.

ACLEDA is one of the leading retail banks in Cambodia with 232 branches and offices and 7,024 staff, said the release which was seen by DAP.

As at December 31, 2009, ACLEDA had over $900 million in total assets, $670 million of deposits and $530 million of loans.

About Leopard Cambodia Fund: Leopard Cambodia Fund was launched on April 2, 2008 as the first multi sector investment fund for Cambodia, and successfully raised over $34 million during the global financial crisis.

It has since made six investment commitments in Cambodia, representing approximately half of its capital.

The Fund’s portfolio thus far includes investments in mobile telecommunications (CamGSM), rice production (Cambodia Plantations), banking (ASA/ACLEDA), beer brewing (Kingdom Breweries), power transmission (Greenside Holdings), and residential property development (Angkor Residences). Leopard Cambodia Fund is managed by Leopard Capital Cambodia Ltd.

About Leopard Capital Leopard Capital LP manages investment funds in Asian frontier markets. It was founded in 2007 by Douglas Clayton as a partnership of financial professionals with decades of investment experience in Asian emerging markets. Leopard Capital is domiciled in the Cayman Islands and has offices in Hong Kong, Phnom Penh, and Colombo.

In addition to managing Leopard Cambodia Fund, Leopard Capital is preparing to launch Leopard Sri Lanka Fund (for private equity) and Leopard Sri Lanka Value Fund (for public equities).

Leopard Sri Lanka’s Advisory Council includes globally renowned investment experts Dr. Marc Faber and Jim Rogers.

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