Phousy Appoints Lanxang Securities as Lead Underwriter for Share Sales | Lao Tribune

Phousy Appoints Lanxang Securities as Lead Underwriter for Share Sales

The Phousy Construction and Development Public Company appointed on Thursday Lanxang Securities Public as its lead underwriter for the selling of its initial public offering (IPO) shares.

An agreement on the appointment was signed in Vientiane between Chairman of the Board of Directors of the Phousy Construction and Development Public Company MrSithongPhommachith and General Director of Lanexang Securities Public Company MrNalinSilivongsith in the presence of the relevant officials.

MrSithong said that his company will offer 150 million shares for IPO subscription with the expected prices of 2,500 to 2,800 kip per share.

He said the shares will be available for both domestic and foreign businessmen for subscription this month, but the exact date hasn’t yet been disclosed.

“We are holding road shows domestically and overseas to provide the opportunity for the prospective buyers to learn about our financial status, corporate growth recorded over the past three years, and targets we have set for years to come before they decide to buy our shares,” said MrSithong.

“I am confident that after Phousy is listed on the Lao Securities Exchange, its shares will be able to give bring about good profits for its investors because it has recorded significant growth over the past years,” said MrNalin.

Phousy Construction and Development Public Company expects to be able to raise more than 300 billion kip (almost US$36.8 million) through the Lao Securities Exchange (LSX).

The company recorded revenue of 144 billion kip and a net profit of 68 billion kip (over US$8.3 million) in 2015.

In 2014, the company recorded revenue of 93 billion kip and a net profit of 72 billion kip. One year earlier the company fetched 111 billion kip in revenue and net profit of 38 billion kip.

Source: Lao News Agency