Thailand-Based Thitikorn Buying Microfinance Institution Myanmar Financial International Limited (MFIL)
Thai consumer finance firm Thitikorn recently secured agreement from the shareholders of Myanmar Financial International Limited (MFIL), a microfinance provider in Myanmar, to buy the company for no less than two times its audited book value. MFIL was established in 2014 by Singapore-based Myanmar Investments International (MIL); Myanmar Finance, whose microfinance business MFIL took over at its founding; and the Norwegian Investment Fund for Developing Countries (Norfund). MIL and Myanmar Finance each control a stake of 37.5 percent in MFIL while Norfund owns the remaining quarter.
MFIL issues loans to individuals and small businesses for terms of one to two years, in amounts up to $6,000. As of 2019, it has 71,500 borrowers and a loan portfolio of $14.6 million. The firm has 14 offices serving Yangon, Bago and Mon State.