Phousy Group prepares for LSX registration
Phousy Group prepares for LSX registration
Phousy Group Co., Ltd. is readying the Phousy Luang Prabang Construction and Bridge Construction Company for registration on the Lao Securities Exchange (LSX), seeking funds to expand its 10 project developments.
Phousy Group expects to increase its funds by US$50-100 million, after it opens for the sale and purchase of shares at the end of 2016. Presently, the group has overall capital of US$500 million.
According to the Group's President, Mr Sithong Phommachit, the group has been preparing to register on the LSX for the past two years.
The company is planning to host a press conference on December 28 to assign APM Lao Securities Company Ltd as its financial consultant.
APM Lao will also help the group to improve its business structure to make it appropriate for the LSX's regulations, aiming to ensure the smooth sale and purchase of shares in 2016.
Phousy Group Co has seven companies, which comprise Phousy Luang Prabang Construction and Bridge Construction Company, Meung Ngoi Mining Ltd, Phonthong Mining, Import-Export Company in Singapore, Phousy Lao Petroleum Ltd, as well as a hotel business, and a hydropower dam, which will soon be made into companies.
Phousy Luang Prabang Construction and Bridge Construction Company will be the first one to register on the stock exchange next year, before the others follow at a later date.
The LSX has improved the rules for the sale and purchase of stocks and uses modern systems, which are now more convenient and attract both domestic and foreign investors.
Currently, the LSX has five listed companies including Banque Pour Le Commerce Exterieur Lao, EDL-Generation Public Company, Lao World Public Company, Petroleum Trading Lao Public Company, and Souvany Home Center Public Company.
The index has recorded continuous growth since launching its stock exchange with two companies at the beginning of 2011.
At present, PricewaterhouseCoopers (Lao) Co., Ltd. is collecting and assessing the funds that ensure Phousy Luang Prabang Construction and Bridge Construction Company will be able to register with the LSX.
Lanexang Securities Public Company will be representing the company for the distribution of shares and the Lao Media International Law Office will be their legal consultant.
Mr Sithong is confident that the group's shares will be distributed at the end of 2016.
He expects the share offer to sell out and said the group will pay dividends to shareholders twice a year.
