[PHNOM PENH POST]
Hattha Kasekar Limited, one of the Kingdom’s biggest micro-finance
institutions, yesterday secured foreign investment to keep up with the
increased demand for loans.
A new shareholder agreement with
Switzerland-based ResponsAbility Social Investments AG will provide it
with a much-needed injection of capital.
HKL president and chief
executive Hout Ieng Tong said that with recent growth in the economy,
the demand for loans had increased dramatically.
“With this
injection today, HKL will be able to expand its operations to many areas
across the country, reach out to more customers and maintain our
position as the fourth-largest MFI in the market,” he said.
The
agreement is the first of its kind for the Swiss investor, which has
worked for many years with other leading Cambodian MFIs, but exclusively
as a lender.
“HKL is our first equity financing in Cambodia, and
we are very proud to become shareholders,” Michael Fiebig,
ResponsAbility’s head of micro-finance equity, said.
With the
agreement, ResponsAbility will become the ninth shareholder in HKL, and
is set to hold a 10 per cent stake in the MFI. The institutions declined
to disclose the exact amount of the investment.
Since its
inception in 1994, HKL has loaned US$70 million to 60,000 customers. It
presently holds $14 million in savings for 50,000 customers, according
to Huot Eang Tong.
“HKL has come a long way. The major
achievement is its ability and capacity to widen its product beyond
credit, and that’s what we want to support,” Fiebig said.
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