(KPL) The Lao Securities Exchange launched on Thursday the trading of the shares of Lao Asean Leashing Public Company (LALCO), the 11th company to have been registered on the Lao stock market.
The trading day witnessed the share traded at 3,000 kip per share, rising by 300 kip from 2,700 kip per share when it was announced for public booking early this month.
LALCO’s application for launching its initial public offering (IPO) was approved by the Lao Securities Commission Office and the Lao Securities Exchange on Aug 16. Early last month the company announced to the public booking opportunities for its IPO. All 60.3 million shares were fully booked on the first of three days the company offered for booking, according to LALCO Director General Tomofumi Suematsu.
With the registration of the Lao Asean Leashing Public Company, the total share values of the Lao Securities Exchange has jumped from 8,723 billion kip to 9,552 billion kip, up by 9.5% and the number of investor accounts has increased from 14,803 accounts to 15,053 accounts, or up by 1.7%.
LALCO is expected to use the money from selling shares to expand its leashing business in Vientiane Capital and other provinces. The company currently operates seven branches in the provinces of Huaphan, Xieng Khuang, Luang Prabang, Borikhamxay, Savannakhet, Champassak and Saravan. The company has an ambitious plan to expand its business to all provinces nationwide.
Source: Lao News Agency