ASA International, a microfinance holding company that owns and operates 12 microfinance institutions in Asia and Africa, is scheduled to become a Premium Listed company on the London Stock Exchange on July 13. The firm, which has offices in Bangladesh and the Netherlands, was co-founded by Md Shafiqual Haque Choudhury, the founder and President of ASA. ASA, also known as the Association for Social Advancement, is an NGO that provides savings, lending, health, education, agricultural and sanitation services primarily in rural Bangladesh.
ASA International CEO and co-founder Dirk Brouwer stated that the organization “look[s] forward to delivering value for our shareholders by continuing to grow our client base as we seek to serve the market of 365 million low-income women where we currently operate, as well as expanding into other regions over time.”
At least 25 percent of ASA International’s equity will be released for the initial public offering (IPO) at an as-yet undisclosed price. The IPO will be coordinated by Citigroup Global Markets Limited, an institutional brokerage arm of US-based financial services provider Citigroup.
Catalyst Microfinance Investors, a microfinance fund co-founded by Mr Choudhury and Mr Brouwer, founded ASA International in 2007. ASA International’s holdings operate 1,400 branches and hold an aggregate gross loan portfolio of USD 299 million outstanding to 1.8 million borrowers as of 2018.
Formed in 1978, the nonprofit ASA reports total assets of USD 2.3 billion, outstanding loans of USD 1.9 billion, customer deposits of USD 826 million and 7.8 million active clients served via 3,000 branches.
By Nicholas Galimberti, Research Associate
Sources and Additional Resources
Information provided to MicroCapital by ASA International
LSE press release
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1529321151015727100.html
ASA International background
https://www.asa-international.com/about-us/at-a-glance/
ASA background
http://www.asa.org.bd/history/
ASA annual report
http://www.asa.org.bd/wp-content/uploads/2017/11/Annual-Report-2016-17.pdf
Citigroup financial statements
https://www.citigroup.com/citi/investor/data/q1704c.pdf
MicroCapital Brief; June 4, 2008; Bangladesh-based ASA to Allocate Funds from Historic $150m Equity Deal Toward Microlending Outside Bangladesh
https://www.microcapital.org/microcapital-story-bangladesh-based-asa-to-allocate-funds-from-historic-150m-equity-deal-toward-microlending-outside-bangladesh/
MicroCapital Brief; July 4, 2010; Citigroup, Overseas Private Investment Corporation (OPIC) Jointly Loan $10m to Microfinance Institution (MFI) ACBA Credit Agricole Bank of Armenia
https://www.microcapital.org/microcapital-brief-citigroup-overseas-private-investment-corporation-opic-jointly-loan-10m-to-microfinance-institution-mfi-acba-credit-agricole-bank-of-armenia/
MicroCapital Brief; June 24, 2017; Netherlands’ FMO Lending $7.5m to ASA Pakistan for Microloans, Financial Education for 50k Women
https://www.microcapital.org/microcapital-brief-netherlands-fmo-lending-7-5m-asa-pakistan-microloans-financial-education-50k-women/
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