Posted on April 01, 2015

London, April 1, 2015 – PROPARCO, the French Development Finance Institution, and GRET, an international NGO for fair development, under French law, have disposed of a combined 36% equity stake in Amret. The stake has been sold to a consortium consisting of the International Finance Corporation (IFC) alongside two existing shareholders, Advans S.A., SICAR and FMO, the Dutch counterpart of PROPARCO. The sellers were advised by Enclude Capital Advisory UK Limited, Enclude’s capital advisory services business.

Created by GRET in 1991 in the form of an experimental project to deliver microcredit to the rural population and duly registered with the Ministry of Commerce of Cambodia as a private limited company in 2000, Amret has become one of the largest dedicated MFIs in Cambodia with an outstanding loan portfolio of about US$ 288m and over 300k borrowers as at 31 December 2014. It is one of only seven MFIs in the country licensed to accept deposits. At the same time, Amret has adhered closely to its mission of financial inclusion, providing a wide-range of financial products and services to low income people as well as micro-, small-, and medium-sized enterprises.

Led by its experienced management team, Amret is well-placed to expand further into financially underserved Cambodian villages and provinces as well as into urban centres, rolling out new products.

This investment enables Advans S.A. to become the majority shareholder of Amret, with Amret now becoming a full subsidiary of the Advans group. This will strengthen the synergies between the Advans group and Amret, and allow Advans to work more closely with the institution. The investment by IFC, a member of the World Bank Group, will further diversify the shareholder base and will help Amret to improve its corporate governance and disclosure standards to support its sustained growth.

Enclude acted as sole financial advisor and Gide Loyrette Nouel as the main legal advisor to the sellers in the transaction.

General Manager of GRET, Olivier Bruyeron said: “Amret’s experience is evidence of the efficiency of Overseas Development Aid (ODA) to experiment with models whose social goal can’t survive with a market-focused approach. In the ‘90s, believing it was possible for an institution to achieve financial equilibrium by lending few amounts to poor people in rural areas was not easy! We are proud, as NGO, to have contributed to the success of Amret. We are confident to have found the right owners to support Amret during the next steps in its growth without losing its social aim.”   

Amret’s CEO, Mr Chea Phalarin added: “We are excited to welcome IFC to our shareholder-base and are grateful for the endorsement from our existing shareholders, Advans and FMO, in this transaction. I am confident that the current ownership will enable us to move to the next stage in our development and continue our mission of financial inclusion.”

Managing Director of Capital Advisory Services at Enclude, Steven van Weede, said: “Enclude is delighted to have been part of another important transaction in the sector. This adds to our extensive track record in responsible exits, where we work with clients not only to maximise value, but also to ensure that the incoming shareholders are aligned with the institution’s mission, values and vision, and have the right strategic fit to secure long-term sustainability.”



GRET is an international development NGO that has been actively fighting poverty and inequalities for 39 years in a broad range of subjects. Its professionals provide lasting, innovative solutions for fair development in the field and work to positively influence policy. GRET’s 750 professionals work on 170 projects in 30 countries.


Enclude Ltd is a professional advisory services firm dedicated to building inclusive and prosperous local economies through the provision of integrated capacity and capital services that generate sustainable business results and positive social and environmental outcomes. In this transaction, its services were provided through Enclude Capital Advisory UK Limited, the wholly-owned and UK Financial Conduct Authority (“FCA”) regulated subsidiary based in London. Enclude Capital Advisory provides specialist M&A advice, capital raising and transaction related services to investors and entrepreneurs active in impact investing with a particular specialisation in the microfinance, inclusive finance, sustainable agriculture, clean & renewable energy and technology enabled BOP sectors.

Gide Loyrette Nouel

Founded in Paris in 1920, Gide is a leading international law firm and operates globally. Gide has provided a broad range of legal services to clients in Asia for nearly thirty years. With a team of some 110 people, including 60 western, Chinese and Vietnamese lawyers, working from Beijing, Shanghai and Hong Kong in Greater China, and from Hanoi and Ho Chi Minh City in Vietnam working across all our practice areas. Gide offers specialised legal advice across the full spectrum of banking and financial transactions. Gide’s practice is driven by representing commercial and investment banks and multilateral financial institutions as well as lenders and arrangers on a wide range of cross-border financing matters and associated security packages. Gide also advises foreign investors on the borrower side on effective structures and sources for financing their projects. In addition, Gide advises foreign banks and financial institutions on structuring and corporate activities, licensing requirements, M&A transactions, corporate reorganisations, projects (finance and infrastructure) and provides ongoing advice on regulatory and compliance issues, as well as on the launch of new financial products.


PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility.

Go Back