ACLEDA Bank has called an extraordinary shareholders meeting to approve an investment by North Haven Thai Private Equity Rumdul Company (Hong Kong).
The EGM will take place on Nov 24, according to a notification posted on the Cambodia Securities Exchange website.
Among the items on the agenda are the following.
Approval of shares transfer from Triodos (TMF, TFSF, and TSFF) to North Haven Thai Private Equity Rumdul Company (Hong Kong) Limited.
Approval and acknowledgement of North Haven Thai Private Equity Rumdul Company (Hong Kong) Limited as a new Shareholder of ABC.
Approval and acknowledgement of Ong Ling Wei from North Haven Thai Private Equity Rumdul Company (Hong Kong) Limited as a new shareholder representative in ABC.
Triodos Investment Management’s three funds collectively own 6.1873 percent of ACLEDA shares.
Chief Executive Officer of RHB Securities (Cambodia) Plc Ranarith Iv said interest by North Haven, managed by leading US bank Morgan Stanley, shows the progress made by Cambodian lenders.
“An investment from such a fund managed by a global investment bank should lend considerable amount of confidence to the bank in particular and to the Cambodia’s financial sector in general,” he commented.
ACLEDA is 51.49 percent owned by local investors. The remainder is held by Sumitomo Mitsui Banking Corporation (18.0669 percent), COFIBRED (12.1271 percent), ORIX Corporation (12.1271 percent) and the three investment funds (Triodos Sustainable Finance Foundation, Triodos Fair Share Fund and Triodos Microfinance Fund) managed by Triodos Investment Management (6.1873 percent).
ACLEDA is the only bank listed on the Cambodia Securities Exchange. CSX Director Kim Sophanita said Morgan Stanley’s interest in the Kingdom’s financial sector is a boost for the exchange.
“We are glad to welcome such a major US institutional investor to our market,” she said. “The deal indicates that stocks in our financial industry are undoubtedly attractive to them and there is an increased level of confidence in the market and our financial system as a whole from foreign institutional investors.”
ACLEDA said last month net profit rose 22 percent to $37 million in the second quarter, compared with April to June 2020. Revenue rose 9.5 percent from the same period last year to $152 million.
ACLEDA Bank’s shares ended yesterday’s trading session down unchanged at 10,940 riels per share.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.