serch

Acleda Bank Plc., A Minority Equity Sale

Sell-side advisor in sale of 6% stake of Cambodia's largest microfinance institution and leading bank


YEARS

2014

CLIENT DESCRIPTION

Three of the four microfinance funds under management of Triodos Investment Management, a globally recognised leader in impact investing and a wholly-owned subsidiary of Triodos Bank, one of the world’s leading sustainable banks.

CLIENT'S OBJECTIVE

Responsibly exit part of their ownership stakes in Acleda, seeking a private sector financial institution that shared a commitment to Acleda's regional expansion strategy while being aligned with its social mission.

Results

BUSINESS RESULTS

Successful sale of a minority equity stake of 6% to Orix Corporation.

Orix Corporation is a long term global strategic partner with significant financial expertise and has the resources and capability to support Acleda in its regional expansion in a sustainable and responsible manner.

SOCIAL & ENVIRONMENTAL OUTCOMES:

With this transaction, Acleda continues to have capital to grow and retain its poverty reduction mission.

Activities

Managed and structured the equity sale process, including advising the client on non-financial criteria for selecting bidders, preparing marketing materials, managing the due diligence and bidding processes, supporting negotiations and coordinating with legal counsel to ensure completion of all regulatory requirements.

Provided advice on a capital rights issue which was announced during the sale process, including analysing the pros and cons, providing a scenario analysis and the outcomes for Triodos, both as a remaining shareholder and as a seller.

Tapped our network of investors to bring interested parties to the table.

Assisted in managing interactions amongst all stakeholders including investors, shareholders, board members, senior managers, regulators and third parties.

LEARNINGS

Due to the characteristics of Acleda (large, mature and diversified bank with a strong social mission and microfinance activity), Enclude Capital was able to to address a different set of prospective investors and develop a stronger relationship with those that were already known to Enclude.


Cambodia