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.
