Investment Portfolio
Agribusiness: Engage Resources
Overview:
- Structured investment in Thailand-based agribusiness that grows and processes kenaf for use in automotive, construction, animal feed, and animal care industries
- Advising Engage on its expansion into Cambodia and other Southeast Asian countries
- Repayment due March 2016
Banking: Acleda Bank (partially exited)
- Indirect equity stake in ACLEDA, Cambodia’s largest bank with US$2 billion assets and the country’s only rural branch network
- Profitably expanded into Laos; recently entered Myanmar
- High quality shareholders (Jardine, IFC, Triodos etc.)
- Net profits surged 154% from 2010 to 2012
- IPO expected in 2015 on Cambodia Securities Exchange
- Realized partial exit in May 2013 achieving IRR of 44%
Beverages: Kingdom Breweries
- Lead investor in a Greenfield brewery, holding 55% of the equity
- Renovated a former Nestle factory into a showcase brewery
- Created and launched two premium beers, Clouded Leopard Pilsener (bottle and draft) and Kouprey Dark Lager (bottle), and a high volume canned beer (Kingdom Gold)
- Won Belgium’s prestigious Monde Selection Gold Quality Award in 2011
Status:
- Establishing distribution across Cambodia
- Developing an export distribution network (Thailand, UK, France)
- Exit plan: trade sale or IPO
Leopard value addition:
- Recruited industry directors and consultants to add expertise
- Leading Kingdom's Board in development strategy and implementing financial controls
Beverages: Kulara Water (exited)
Overview:
- 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
Management Team:
- Partner is French entrepreneur who built and sold three start-up water companies in Asia Pacific including La Vie water in Vietnam (sold to Nestle)
Beverages: Tropical Beverages
- Provided expansion capital of US$1.6mm via a package of secured debt and borrowing facilities with an option to acquire 35% equity shareholding
- Company launched Phuket Beer in 2004 as a lifestyle branded product
- Bottled beer is contract brewed at San Miguel Brewery in Thailand
- Distributed in Thailand and exported to North America, Europe, Asia, South Africa and Australia
- Won Belgium’s prestigious Monde Selection Gold Quality Award, five years in a row (2006-2010)
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Housing 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
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 38% of investment through Lao Securities Exchange, generating a 52% gain and an IRR of 44%
Microfinance: Intean Poalroath Rongroeurng (IPR)
- Acquired a 33.7% stake in a six year old microfinance institution, Intean Poalroath Rongroeurng (“IPR”) in late 2010. Subsequently extended a $500,000 convertible loan to support loan growth that was repaid in December 2012.
- IPR lends primarily to rice farmers to buy seeds, fertilizer and equipment
- 4,000 borrowers in five provinces with average loan size of $1,300
- Low leverage ratio facilitates future expansion
- Founder chairs the Federation of Cambodian Rice Millers Associations and has unique nationwide rural network
Leopard Value Addition:
- Actively participating on Board and Audit and Risk Committees, helping strengthen credit procedures / internal controls / internal audit, implement MIS system and improve overall financial discipline, and assisting with fundraising
- Recruited MFI industry expert to be advisor to Board
- Exit plan: trade sale or IPO
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
Overview:
- US$1.7mm secured loan with an attractive annual fixed return
- Borrower holds 45% of a company that built a 120 kilometer autonomous power grid in Kampong Cham connecting 8,000 customers
- Borrower also developing a Biomass Project in Kampong Speu
- Debt secured by share and dividend pledges and promoter’s personal guarantee; repayment due December 2015
Professional Services: Regional Law Firm
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
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.
