Friday Sep 20, 2024
Friday Sep 20, 2024
Wednesday, 4 October 2023 00:40 - - {{hitsCtrl.values.hits}}
LOLC Deputy Chairman Ishara Nanayakkara (right) and Group Managing Director Kapila Jayawardena
In a continuing effort to transform lives and empower rural communities globally LOLC Group (LOLC) has announced the issuance of $ 100 million worth of sustainable bonds. The bonds are issued by Sustainable Capital PLC. These bonds will be listed on the Frankfurt Stock Exchange, with Capital Alliance Partners (CALP) serving as the financial advisor for the transaction. The UK-headquartered subsidiary of Bedford Raw Capital Sustainable Capital PLC offers a flexible, and rapid-to-market solution for green and sustainable bonds.
With a comprehensive service approach, Sustainable Capital empowers a brighter future for investors and ESG-compliant companies alike, fostering financial growth while aligning with ethical values.
The raised capital will be allocated to LOLC Group’s Singapore-based subsidiary, LOLC Financial Sector Holdings Ltd., (LFSH), for strategic deployment.
LFSH, the parent company overseeing 21 SME and Microfinance enterprises spanning twenty nations, is poised to channel these funds towards reinforcing its financial services and inclusive programs within the region. This initiative underscores LOLC’s collective dedication to fostering global sustainability.
The proceeds of the issuance will be provided to LOLC to enhance the livelihoods of the rural communities served. This initiative underscores their unwavering commitment to social and environmental responsibility.
LOLC Group Managing Director Kapila Jayawardena said: “At LOLC, our commitment is to empower emerging entrepreneurs, bolster their economic resilience, and leverage our extensive global presence spanning Asia, Central Asia, and Africa, encompassing diverse sectors such as financial services, leisure, and plantations.”
Capital Alliance Partners CEO Nishok Goonasekera said: “This will be one of the largest corporate offshore debt raises by a Singaporean Entity owned by a Sri Lankan firm and CALP is pleased to be supporting LOLC, in partnership with Sustainable Capital. Together we are committed to supporting LOLC’s initiatives across diverse markets, with a focus on Sustainability and positive impacts.”
Sustainable Capital PLC Managing Director Dr Scott Levy said: “The unique sustainable investment opportunity can help maximise potential while driving social and economic growth. Sustainable Capital helps investors achieve financial growth while aligning with ethical values, translating indicators into measurable impacts with real meaning.”
Rathnajeewani Marasinghe, a handloom weaver an LOLC beneficiary from Madampelle, Sri Lanka, shared: “LOLC and our Industry are like the bark and wood of the same tree. LOLC gave us a lifeline. Apart from credit, they have also provided me with design training, which has helped me develop innovative creations. We work together in building my business.”
LOLC Holdings PLC, the holding company of LOLC, has grown into one of the largest and most reputable conglomerates in Sri Lanka. With subsidiaries spanning across Asia, Australia, Africa, and Central Asia, LOLC serves over 1.3 million customers globally, focusing on sectors including financial services, leisure, agriculture, plantations, construction, real estate, manufacturing, trading, technology, research, innovation, mining, and strategic investments. As a leading player in microfinance, LOLC has been a catalyst in facilitating financial inclusion and supporting financial independence for women, benefiting numerous individuals and communities.
LOLC actively embeds the United Nations’ Sustainable Development Goals into its group policy and strategy, emphasising its commitment to global sustainability. LOLC’s Triple Bottom Line focus assesses their success across economic Prosperity, Social Responsibility and Environmental Stewardship. This approach underscores the Group’s dedication to responsible and sustainable business practices, aligning financial success with societal and environmental well-being. In addition to its current operations in 25 countries across Asia, Australia, and Africa, LOLC plans to expand its footprint further into India, North America, and Central America.
