ACLEDA Bank shareholders have approved the transfer of a 3.5 percent stake in the lender from Triodos to North Haven Thai Private Equity Rumdul Company (Hong Kong) Limited.
More than 68 percent of shareholders at Wednesday’s Extraordinary General Meeting (EGM) voted in favour of Triodos’ sale and North Haven’s purchase of the equivalent of 15,160,706 shares.
North Haven is managed by leading US bank, Morgan Stanley.
Nearly 75 percent of shareholders voted to approve and acknowledge North Haven as a stakeholder in ACLEDA and some 75 percent also approved the selection of North Haven’s Ong Ling Wei as the authorised representative of the company.
Nearly all shareholders at the EGM approved ACLEDA’s investment in the Institute of Banking and Finance (IBF), voting to encourage the bank’s management to participate actively in the IBF and take a stake of between 5 and 10 percent.
The IBF is owned by the Association of Banks in Cambodia. It was incorporated in 2017 with the purpose of raising the capacity of the local banking industry to meet regional standards.
Some 1,621 shareholders attended the EGM, accounting for nearly 417 million shares
ACLEDA is 51.49 percent owned by local investors and is the only bank listed on the Cambodia Securities Exchange.
On Tuesday ratings company Standard & Poor’s (S&P) assigned ACLEDA a Stand-Alone Credit Profile rating of bb and a Credit Ratings of B+/Stable/B. S&P said the ratings came as a result of the bank’s strong business franchise, stable revenue streams and strong retail base.
Earlier this month ACLEDA closed a $79 million loan arranged by two Taiwan-based lenders, Cathay United Bank and Taishin International Bank. ACLEDA says it plans to use the funds as part of its plan to provide new loans to small and medium enterprises
ACLEDA Bank’s shares ended yesterday’s trading session 0.36 percent lower 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.
