Lao stock exchange to begin trading on January 11

Lao stock exchange to begin trading on January 11

The Lao Securities Exchange is scheduled to start trading the shares  of two state enterprises on January 11, state media reports said Wednesday.

Communist Laos, one of the world's poorest countries, in October announced plans to open a stock exchange with two prominent state enterprises - EDL Electricity Generation Company and the Bank pour le Commerce Exterieur Lao (BECL) - as its first listed stocks.

According to the Lao Securities Exchange Commission, the two enterprises must sell at least 80 per cent of their issued shares by January 11, when trading will begin on the bourse, the Vientiane Times reported.

Lane Xang Securities Public Company, which is providing underwriting services for BCEL, plans to open bidding on BCEL shares on Thursday. EDL Electricity Generation Company, a subsidiary of Electricite du Laos - the state enterprise that handles the country's power grid and energy sales and exports, has been selling shares since last week. EDL Electricity Generation Company is offering about 217 million shares to both Lao and foreign investors at the initial price of 4,300 kip (54 cents) per share.

BCEL is offering 20 million shares to investors at an initial price of 5,000 kip (63 cents) per share.

Earth Times