A golden move by HAG

March 23, 2011 | 14:00

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The first Vietnamese global depositary receipt was listed overseas today, paving the way for Vietnam companies to approach international markets.

Hoang Anh Gia Lai hotel

Hoang Anh Gia Lai Joint Stock Company (HAG), the real estate developing giant in Vietnam, has just been accepted by the London Stock Exchange (LSE) to list the company’s global depositary receipts (GDRs). Deutsche Bank is the depositary bank for the GDRs.

“The listing of HAG’s GDRs on London exchange opens the door for the company as well as other big companies in Vietnam to approaching foreign investment capital,” said Deutsche Bank’s Sonali Shahpurwala.

Shahpurwala added that the listing also increase the liquidity for the company’s GDRs that were now held by foreign investors.

Deutsche Bank had tried to issue the Vietnam’s GDRs overseas two years ago. The progress had been prolonged as the nation did not have a sufficient legal framework for this kind of issue yet.

Lord Mayor of the City of London Michael Bear indicated that LSE was willing to support Vietnam’s enterprises in listing on the exchange.

vir.com.vn

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