TOKYO -- Used-goods dealer RenetJapanGroup is purchasing most of Cambodia's Chamroeun Microfinance as a way to expand its sustainable development business in Southeast Asia.
RenetJapan will acquire 90% ownership by August in a deal seen valued at around 1 billion yen ($9.21 million). The acquisition will help it grow operations in the region, such as inclement weather disaster insurance and solar power financing.
Chamroeun Microfinance, supported by the likes of microcredit pioneer Grameen Bank of Bangladesh, has 21 locations in major cities of Cambodia. With roughly $12.1 million in assets, it has been authorized by the Cambodian central bank as a microfinance institution, which extends small loans to low-income earners.
Reselling and recycling used consumer products are core domestic operations of RenetJapan. Outside Japan, the group is busy developing businesses in line with the United Nations' Sustainable Development Goals.