Petroleum Trading Lao Co. Ltd (PetroTrade) applies for an IPO
Introduction: Petroleum Trading Lao Co. Ltd (PetroTrade) has filed the regulatory application documents with the Lao Securities Commission Office to offer 60 million shares in an Initial Public Offering or IPO to raise capital for expansion of its service station network in the country. The shares are expected to go on offer at the price of 2,000 kip per share.
Story: A press conference was held in Vientiane on Monday attended by the Head of the LSCO, Vatthana Daraloy, Chair and CEO of Lao Securities Exchange, Assoc. Prof. Dr Dethphouvang Moularat and representatives of publicly listed companies in Laos and Thailand.
The IPO proceeds will be used for expanding the number of its service stations and for working capital in the company as it prepares for growth in the business and the arrival of the Asean Economic Community (AEC) at the end of 2015.
PretroTrade owns and operates 107 service stations all over Laos under two systems, company owned company operated (COCO) and company owned dealer operated (CODO).
It is noted that, this is an important part of PetroTrade’s business expansion and also enhances its competitiveness.
This is fourth company to sell their shares on the LSX and it is expected there will be more companies making IPOs next year. At the moment there are three stocks on offer at the LSX, Banque pour le Commerce Exterieur Lao Public (BCEL), EDL-Gen and Lao World Public Company.
Source: Lao National Television News in English
Broadcast on October 22, 2014