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White & Case Advises on Sale of Stake in PRASAC

Global law firm White & Case LLP has advised LOLC Holdings, as part of an investor consortium, on the sale of its shareholding in PRASAC MicroFinance Institution Limited (PRASAC) to Kookmin Bank Co. Ltd, the largest ever Cambodian M&A deal by value and one of the largest ever overseas investments by a Korean bank.

The transaction has won a Best of the Frontier Markets award at the FinanceAsia Achievement Awards 2020, an award given to the top three financial markets transactions in Asia's frontier markets since 1 December 2019.

PRASAC is the market leader in the micro finance sector in Cambodia, with over 180 branches and market share of close to 40 percent. Kookmin Bank is the largest bank in Korea by assets. The initial sale of 70 percent of PRASAC was effected for a total consideration of US$603.4 million, with Kookmin Bank expected to acquire the remaining 30 percent of PRASAC during 2022.

Ishara Nanayakkara, Deputy Chairman of LOLC Holdings, said: "This transaction is a significant milestone for LOLC. We are grateful to White & Case for their assistance in helping us efficiently and effectively execute this transaction."

White & Case partner Jon Bowden, who led the Firm's deal team, said: "This transaction is an excellent example of our ability to deliver market leading expertise to our clients on complex M&A transactions in South East Asia."

The White & Case team which advised on the transaction was led by partner Jon Bowden (Singapore) and included local partner Won Sun Jung (Seoul) and associates Robert Whitworth, Trishala Naidu and Callum Fitzpatrick (all Singapore), Kian Newlyn (Sydney) and Mijin An (Seoul).

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