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Sri Lanka's LOLC Finance completes acquisition of LOLC Micro Credit

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Sri Lanka's LOLC Finance completes acquisition of LOLC Micro Credit

Sri Lanka-based LOLC Finance Plc completed the acquisition of a 100% stake in LOLC Micro Credit Ltd.

LOLC Finance acquired an 80% stake in the company from parent Lanka Orix Leasing Co. Plc for 9.83 billion Sri Lankan rupees, or 156.18 rupees per share, according to a Jan. 30 release.

LOLC Finance also acquired a 20% stake in LOLC Micro Credit from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV for 2.46 billion rupees, or also 156.18 rupees per share.

As of Jan. 30, US$1 was equivalent to 153.98 Sri Lankan rupees.