{"id":581392,"date":"2023-02-09T00:00:00","date_gmt":"2023-02-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/09\/sri-lankas-lolc-wants-to-expand-in-egypt\/"},"modified":"2023-02-09T00:00:00","modified_gmt":"2023-02-09T00:00:00","slug":"sri-lankas-lolc-wants-to-expand-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/09\/sri-lankas-lolc-wants-to-expand-in-egypt\/","title":{"rendered":"Sri Lanka\u2019s LOLC wants to expand in Egypt"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Yesterday in M&A:<\/span><span style=\"\"> A Sri Lankan financial services conglomerate that established a presence <\/span><span style=\"font-weight:400;\">in Egypt last year wants to make new acquisitions, and Nilex-listed medical supplier ICMI has signed a purchase agreement to acquire a textile company.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">LOLC WANTS MORE LOCAL FIRMS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">(xxSA) <\/span><span style=\"font-weight:700\">Sri Lankan conglomerate <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.lolc.com\/\" style=\"\">LOLC Group<\/a><\/span><span style=\"font-weight:700\"> wants to acquire several unnamed local <\/span><span style=\"font-weight:700\">firms <\/span><span>under a yet-to-be-established holding company in the near future, Shiraz Refai, LOLC head of MENA strategic initiatives, reportedly told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3lm80yQ\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\">. The company also wants to add consumer and SME finance to the services offered by its local subsidiary First Microfinance. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">LOLC entered the Egyptian market last year<\/span><span style=\"\"> with the EGP 80 mn acquisition of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/19\/sri-lankan-nbfi-acquires-100-of-first-microfinance-aims-to-grow-loan-book-and-branch-network-69734\/\" style=\"\">First<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/19\/sri-lankan-nbfi-acquires-100-of-first-microfinance-aims-to-grow-loan-book-and-branch-network-69734\/\" style=\"\">Microfinance<\/a><\/span><span>. The company said <\/span><span style=\"font-weight:400;\">at the time that it would introduce new services including micro ins, micro leasing, and consumer finance starting 2023. LOLC is also planning to expand into a number of countries in the MENA region, Refai is quoted as saying.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ICMI GOING AHEAD WITH BANFF BUY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICMI is paying under the odds for Banff: <\/span><span style=\"\">The International Company for Medical <\/span><span>Industries (ICMI) on Monday signed a purchase agreement to acquire a 72% stake in Mansoura-based <\/span><span style=\"\">medical <\/span><span>textiles company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bnonwoven.com\/about-us\/\" style=\"\">Banff Non Wovens<\/a><\/span><span> for EGP 23.4 mn, according to an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/ICMI-Banf-07-02-2023.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span>. The transaction values Banff at some EGP 32.5 mn \u2014 EGP 6.7 mn less than the recent valuation approved by Banff shareholders <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/06\/aaib-could-exit-palm-hills-in-stake-sale-to-emirati-investor-95587\/\" style=\"\">last week<\/a><\/span><span>. ICMI paid EGP 9.6 mn towards the acquisition upon signing, with the remainder of the acquisition to take place in stages through the rest of 2023.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What is <\/span><span style=\"font-weight:700\">ICMI \u2014 and what does it want with Banff?<\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">Founded in <\/span><span style=\"\">2004<\/span><span style=\"\">, the <\/span><span style=\"\">Nilex<\/span><span style=\"\">-list<\/span><span style=\"\">ed <\/span><span>healthcare firm manufactures, imports, and exports medical supplies like surgical sutures and nee<\/span><span>dle tips.<\/span><span> It reported a net income of EGP 34k on sales of EGP 2.2 mn in 2020, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/ICMI-Financials-2020.pdf\" style=\"\">financials (pdf)<\/a><\/span><span style=\"font-weight:400;\"> for that year. Banff produces materials used by the healthcare industry. Its non-woven fabrics are used for goods like masks, surgical gowns and sterilization wraps.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday in M&#038;A: A Sri Lankan financial services conglomerate that established a presence in Egypt last year wants to make new acquisitions, and Nilex-listed medical supplier ICMI has signed a purchase agreement to acquire a textile company. LOLC WANTS MORE LOCAL FIRMS- (xxSA) Sri Lankan conglomerate LOLC Group wants to acquire several unnamed local firms [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581393,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[6670,72,7115,6669,7128,595,2080],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-banff","tag-enterpriseam","tag-healthcare","tag-lolc-group","tag-ma-watch","tag-non-banking-financial-services","tag-textiles","wpautop","entry"],"acf":{"mongo_id":"30496ea7-c5f4-4ebd-a3a7-7e3c0ade49a7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/lolc-1600px.jpeg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581381],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.b40c8463-1f1b-4a31-aaf9-3644d5636ee9.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sri Lanka\u2019s LOLC wants to expand in Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/09\/sri-lankas-lolc-wants-to-expand-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Lanka\u2019s LOLC wants to expand in Egypt\" \/>\n<meta property=\"og:description\" content=\"Yesterday in M&amp;A: A Sri Lankan financial services conglomerate that established a presence in Egypt last year wants to make new acquisitions, and Nilex-listed medical supplier ICMI has signed a purchase agreement to acquire a textile company. 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The acquisition marks LOLC Group\u2019s entry into Egypt and will see the firm introduce new\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/321.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563299,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/27\/egypt-was-the-arab-worlds-second-most-attractive-fdi-destination-in-2020\/","url_meta":{"origin":581392,"position":1},"title":"Egypt was the Arab world\u2019s second-most attractive FDI destination in 2020","author":"enterpriseam admin","date":"27 June 2021","format":false,"excerpt":"Egypt received USD 5.9 bn in foreign direct investment in 2020, accounting for 14.5% of the USD 40.5 bn invested in the region that year, according to the Arab Investment and Export Credit Guarantee Corporation\u2019s Investment Climate 2020 report, Reuters writes. 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UNDER THE LAMPLIGHT- Deceased photojournalist Maali Almeida has just seven nights in the afterlife to find out who killed him: Winner of the 2022 Booker Prize The Seven Moons of Maali Almeida by Shehan Karunatilaka is set in 1980s Sri Lanka amid a civil war. 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