LOLC Finance PLC (COSE:LOFC.N0000), Commercial Leasing & Finance PLC (COSE:CLC.N0000) and LOLC Mauritius Holdings Limited entered into an agreement to acquire First Microfinance Company for EGP 80.25 million on March 15, 2022. LOLC Finance PLC and Commercial Leasing & Finance PLC together will acquire a 25% stake while LOLC Mauritius Holdings Limited will acquire 75%. The investment was approved by the CBSL and the approval of the Financial Regulatory Authority of Egypt and has also obtained the required approvals to acquire First Micro Finance Company on March 30, 2022.

The transaction is expected to be completed within 2 weeks upon completing the formalities relating to the share sale.