Investment Portfolio
Telecommunications: CamGSM Co. Ltd.
- 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)
Power Transmission and Generation: Greenside Holdings Ltd.
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$1.0mm loan to a leading legal and tax advisory firm
- Structure includes fixed annual return plus profit share
- Repayment due March 2016
Financial Services: ACLEDA Bank Plc.
- Indirect equity stake in ACLEDA, Cambodia’s largest bank with US$1,400mm assets and the country’s only rural branch network
- High quality shareholders (Jardine Matheson, IFC, Triodos etc.)
- Earnings surge in 2010 and 2011 supports rising dividend yield
- IPO expected as early as 2013 on new Cambodia Securities Exchange
Hydropower: Electricite Du Laos Generation Co.
- 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; will acquire 210 MW in 2011 and grow to 976 MW by 2016
- Realized a partial exit (>30%) through secondary trading on Laos Securities Exchange, with attractive capital gain (approx. 65%)
Financial Services: Intean Poalroath Rongroeurng Ltd.
- Acquired a 33.7% stake in a six year old microfinance institution, Intean Poalroath Rongroeurng (“IPR”)
- IPR lends primarily to rice farmers to buy seeds, fertilizer and equipment
- Financed 3,578 borrowers in six provinces in 2010, average loan was $950
- Low leverage ratio facilitates future expansion
- Founder chairs the Federation of Cambodian Rice Millers Associations and has unique nationwide rural network
Leopard Value Addition:
- Leopard is actively participating on IPR’s Board and Audit Committee and helping strengthen credit procedures, internal controls / internal audit, ESG policies, implement MIS system and improve overall financial discipline
- Associate seconded into operating team
- Recruited MFI industry expert to be advisor to Board
- Efforts have produced improved financial results
Consumer Goods: Kingdom Breweries (Cambodia) Ltd.
- Lead investor in a Greenfield brewery, holding 55% of the equity
- Renovated a former Nestle factory into a showcase brewery
- Imported new European brewing and bottling equipment
- Created and launched two premium branded products, Clouded Leopard Pilsener and Kouprey Dark Lager
- Won Belgium’s prestigious Monde Selection Gold Quality Award in 2011
Status:
- Expanded distribution into over 600 local outlets
- Developing an export distribution network (Thailand, UK, HK etc.)
- Preparing to add draft beer and canned beer
- Exit plan: trade sale or IPO
Leopard value addition:
- Developed Business Plan
- Recruited industry directors, consultants and executives to add expertise
- Actively participating on Kingdom’s Board and Executive Committee and overseeing strategy development and financial control
- Recruited domestic distributor and Thailand distributor
Consumer Goods: Tropical Beverages Ltd.
- 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)
Leopard value addition:
- Board of directors participation
- Developing synergies in export sales, promotion, shipping with Kingdom Breweries
- Revamped financial/management reporting
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Seafood Processing: Nautisco Seafood Manufacturing Ltd.
- Acquired secured debt and 34% shareholding in Cambodia’s first modern seafood processing plant
- Trained 550 workers from impoverished coastal villages to process wild-caught shrimp harvested daily by small local fishing boats
- Shipped 22 containers (269,000kg) of frozen shrimp to Japan and Korea
- Diversifying raw material sourcing and product lines (value-added)
- Installed an on-site laboratory
- Documents for HACCP, SSOP, GMP & ISO certification are complete and awaiting external audits
Leopard value addition:
- Recruited industry consultant from Thailand to train key employees in Total Quality Management Systems and Food Safety Management
- Recruited industry director with experience in Vietnam to sit on Board
- Actively participating on Nautisco’s Board, strategic planning and financial control
- Created better pricing and costing models to manage procurement costs
Housing Development: Angkor Residences Ltd.
Overview:
- Hold 24% of Angkor Residences Ltd. (“AR”) in partnership with a local contractor and foreign investors
- AR owns a 3-hectare freehold site 800 meters from downtown Siem Reap, the tourism center for Angkor Wat National Park
- Planning to build a residential community on the site once property market revives
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
- Exit Plan: unit sales and distribution of profits or resale of site
Additional information is available under our Newsletter and Media Coverage sections.
