Vientiane Center opens share trading on Lao stock market
VIENTIANE (Vientiane Times/ANN) - Vientiane Center Lao Public Company (VCL) has officially opened share trading on Lao stock market, becoming the first state enterprise from Yunnan province, China and the tenth company on the list of Lao Securities Exchange (LSX).
The launch of the first trading day was held on last Friday at the LSX building in Vientiane in the presence of General Secretary of the Lao Securities Commission Office (LSCO) Ms Saysamone Chanthachack, Chief Executive Officer of LSX Mr Vankham Voravong, representatives from government organisations, shareholders and company staff.
Vientiane Center is a well-known shopping centre in Laos, the company’s registration on Lao stock market is a significant to growth of Lao capital market which will provide more choices and chances to investors, said Mr Vankham at the ceremony.
Vientiane Center was developed by “North Nongchan Complex Development Co., Ltd.”, a joint venture of Krittaphong Group and Yunnan Provincial Overseas Investment Co., Ltd., the latter of which has established Vientiane Center as holding company.
Vientiane Center is a pilot project to practice The Belt and Road Initiative and has attracted great concern from both Chinese government and Lao government.
Vientiane Center will be developed in three phases progressively. In the first phase, shopping mall and office building was constructed and opened for public service in 2015.
The mall is central for clothes, food, entertainment and financial services, while the office building attracted international companies such as Lao-China Railway Company, Prudential Insurance Company, General Electric Company, Singapore Airline Company, and others.
North Nongchan Complex Development Co., Ltd. established Vientiane Center Public Company to prepare for listing on Lao stock market in response the continuous growth of the company in the future and assigned Lao-China Securities Company as financial advisor.
At the end of 2018, company received approval from LSCO to sell IPO shares.
Vice President of VCL Ms Olathay Santikhongkha said the success of business operation and registration on Lao stock market is a result of cooperation between two Lao and Chinese companies to promote reaching development target.
The registration on stock market is not conclusion but it is just beginning step. After listing on stock market, Vientiane Center will comply with regulation of listing company and continue to operate business actively to increase value of asset and generate income to investors.
We will strive to make Vientiane Center more effective listing company contributing in development and growth of Lao capital market, she added.
The company sells its IPO of 63,998,700 shares with the offering price at 1,200 per share and plans to raise funding of about 50 billion kip from the stock market through IPO.