Investment Portfolio
Banking: Acleda Bank (partially exited)
- Indirect equity stake in ACLEDA, Cambodia’s largest bank with US$2.4 billion assets and the country’s only extensive rural branch network
- Profitably expanded into Laos; started micro-finance operations in Myanmar
- High quality shareholders (Jardine, Sumitomo Mitsui Bank, Orix, Triodos, BRED Banque Populaire, etc)
- Net profits growth of 35% p.a. (CAGR) from 2010 to 2014
- IPO expected in 2016 on Cambodia Securities Exchange
- Realized partial exit in May 2013
Beverages: Kingdom Breweries
- Lead investor in a Greenfield brewery and holding a 55% equity stake
- Renovated a former Nestle factory into a showcase brewery
- Created and launched:
- Two premium bottled beers, Clouded Leopard Pilsener and Kouprey Dark Lager
- Two standard canned beers for the emerging middle class, Kingdom Max and Kingdom Dark
- One economy canned beer, Kingdom Gold
- Won Belgium’s prestigious Monde Selection Gold Quality Award in 2011
Beverages: Kulara Water (exited)
- Invested US$4.125m for 50% shareholding plus debt in a Greenfield project to produce bottled mineral water in Cambodia
- Water is sourced from large aquifer beneath the holy Kulen Mountain in Siem Reap province
- Fully exited the entire investment in May 2013 at a profit
Value Addition:
- Provided venture financing to facilitate the construction of a state-of-the-art factory to extract and bottle high-quality mineral water
- Supported management with strategic guidance that developed eau Kulen from a concept into a world-class consumer product
Hydropower: Electricite du Laos Generation Co. (partially exited)
- Participated in IPO of Electricite du Laos Generating Co., the largest listed company on the Laos Securities Exchange
- EDL-Gen operates seven hydropower dams totaling 387 MW; acquisition of 1,365 MW has been approved
- Exited 58% of investment through Lao Securities Exchange, generating IRR of 31% to date
Microfinance: Intean Poalroath Rongroeurng (IPR)
- Acquired a 33.7% stake in a six-year-old microfinance institution, Intean Poalroath Rongroeurng (“IPR”) in late 2010
- Extended a $500,000 convertible note to spur loan growth, which was fully repaid
- IPR lends primarily to rice farmers to buy seeds, fertilizer and equipment
- 4,200 borrowers in five provinces with average loan size of $1,600
- Low debt-to-equity ratio facilitates future expansion
- Founder chairs the Federation of Cambodian Rice Millers Associations and has unique nationwide rural network
Municipal Water: Phnom Penh Water Supply Authority (exited)
- Participated in IPO of Phnom Penh Water Supply Authority (PPWSA), the first listed company on the Cambodia Securities Exchange (CSX)
- PPWSA operates three production facilities with total capacity of 333,000m3/day and is constructing a fourth facility that will add 260,000m3/day by 2015
- Realized a full exit through secondary trading on Cambodian Securities Exchange, with 42% gain in short period
Power Transmission: Greenside Holdings (exited)
Overview:
- US$1.7mm secured loan with an attractive annual fixed return
- The financing supported 45% of a 120 kilometer autonomous power grid in Kampong Cham City connecting 8,000 customers
- Debt secured by share and dividend pledges, and promoter’s personal guarantee
Professional Services: Regional Law Firm (Exited)
Overview:
- US$1.5mm loan to a leading legal and tax advisory firm
- Structure includes fixed annual return plus profit share
- Repayment due March 2016
Property Development: Angkor Residences
Overview:
- Hold 24% of Angkor Residences Ltd. (“AR”) in partnership with a local contractor and two foreign investors
- AR owns a 3-hectare freehold site 800 meters from downtown Siem Reap, the tourism center for Angkor Wat National Park
Status:
- AR has improved the key access roads to the site and the government is upgrading other nearby roads and canals
- Leopard is participating on AR’s board and is handling the company’s administration
Telecommunications: CamGSM (exited)
- US$5.0mm senior secured bridge loan to Cambodia's largest GSM/3G mobile network operator
- Transaction awarded Telecomfinance’s “2009 Asia Deal of the Year”
- Fully exited in January 2011 with IRR of 26% (cash multiple 1.27x)
Additional information is available under our Newsletter and Media Coverage sections.