CVC Capital Partners has fully exited Ngern Tid Lor, a Thai-listed microfinance company, after offloading its last 16.33% stake, according to stock exchange filings on Thursday.
Following the transaction, Thai lender Bank of Ayudhya Krungsri hiked its ownership to 46.51% from 30.18% in Ngern Tid Lor, which has a market cap of $1.7 billion.
CVC’s Brian Hong and Elcid Vergara have also ceased to be Ngern Tid Lor’s directors, per the filings.
The exit marks the end of a seven-year investment for CVC, which bought 50% of the then wholly-owned Krungsri unit in 2018 and took the company public in Bangkok in 2021 in one of the largest initial public offerings in the country at the time.
“Krungsri has supported Tid Lor’s journey since its inception and continues to have strong confidence in Tid Lor’s management team, business model, and future growth potential,” Bank of Ayudhya said in a filing. “Krungsri looks forward to further strengthening collaboration with Tid Lor to enhance access to responsible financial services for underserved segments across Thailand.”
The company provides non-bank financial services, specialising in comprehensive vehicle title loan services covering motorcycles, cars, and trucks, as well as used truck leasing and both online and offline insurance brokerage services, per its annual report.
In the second quarter of 2025, Ngern Tid Lor achieved a new record-high quarterly net profit of 1.3 billion baht ($40 million), increasing 19.5% year-on-year and 8.2% quarter-on-quarter. This was driven by growth across both the lending and insurance brokerage businesses, along with cost and risk management.
Total revenue rose 5.3% from a year earlier to $5.76 billion baht (178 million), boosted by higher interest income from a growing loan book and sustained gains in fee and service income from its insurance brokerage unit.
Ngern Tid Lor was trading at 19.30 baht per share on Friday, down 50% from 39.05 baht five years ago.
CVC has been busy attempting to make exits from its Asia fund franchise recently. The Amsterdam-listed firm recently appointed a banker to start a sale process of SOHO Global Health, DealStreetAsia reported.
