Overseas listing gets Hoang Anh Gia Lai into hot water
Hoang Anh Gia Lai, the first Vietnamese firm to list abroad, has been punished by the State Securities Commission for its unfulfilled foreign listing disclosure.
The punishment was handed down six months since Hoang Anh Gia Lai listed its global deposit receipts (GDRs) on the London Stock Exchange.
Hoang Anh Gia Lai at this time disclosed that it sold a stake to Deutsche Bank via a private placement, but did not reveal the stake placement would serve a GDRs issuance afterwards.
The firm’s London-listing surprised the regulator and investors, as no legal framework had been approved for Vietnamese firms to list shares on foreign market and several overseas listing plans were being delayed for years.
The firm was fined VND40 million ($1,950). The conglomerate had raised more than $60 million through the GDRs.
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