AEON Financial Service Co. Ltd. will inject US$7.5 million into AEON Specialize Bank (Cambodia) PLC through a rights issue.
AEON Specialize Bank, or ASB Cambodia, will conduct a rights issue to boost its registered capital to meet the National Bank of Cambodia's new minimum capital requirement for financial institutions, according to a Feb. 6 release. AEON Thana Sinsap (Thailand) PCL and AEON Financial Service currently own 80% and 20% stakes, respectively, in ASB Cambodia.
The bank is looking to use the increased capital in developing its mobile payment business.
AEON Thana Sinsap (Thailand) decided to waive its right to subscribe to the additional shares in ASB Cambodia's rights issue. AEON Financial Service has more expertise in mobile payment technologies and could support ASB Cambodia in the area.
Following the capital injection, AEON Thana Sinsap and AEON Financial Service will each own a 50% stake in ASB Cambodia. The transaction is expected to be completed in March.
