Cambodian PE Investment Puts Spotlight Back On Frontier Markets

Private equity firm Leopard Cambodia Fund has acquired a 55.5% stake in Cambodia's Kingdom Breweries for US$2mn, in a deal that again highlights the enormous potential of the small but fast-growing Cambodian beer market which BMI forecasts to grow by 82% in value terms and 57% in volume terms to 2013. Despite the small size of the deal, however, it comes as a timely reminder that the rally in equity markets and a return of investor risk aversion should stand to benefit those frontier markets that thus far in 2009 have seen their share of EM FDI flows fall.

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