LCS Assurance authorises sale of BCEL shares
VIENTIANE (Vientiane Times/ANN) - The Banque pour le Commerce Exterieur Lao Public (BCEL, representing the Ministry of Finance, has obtained agreement from the Lao-China Securities Company Limited (LCS), as its financial advisor and assurance authority, for the sale of 19 percent of BCEL’s shares held by the ministry.
The agreement was signed in Vientiane on Wednesday by the General Managing Director of BCEL, Mr Phoukhong Chanthachack, and General Manager of LCS, Mr Lin Li.
The signing was attended by Deputy Minister of Finance, Mr Sila Viengkeo and Deputy Governor of the Bank of the Lao PDR, Mrs Vatthana Dalaloy, along with relevant government officials and company representatives.
The shares will now be sold to Lao or foreign investors.
The objective of the share sale is to spread BCEL’s shares more widely among different investors, to drive the bank’s development and expand its business operations in a sustainable manner.
To this end, the Ministry of Finance on behalf of the government has decided to sell its 19 percent shareholding in BCEL.
The shares will be sold as two types. 10 percent will be sold to Lao and foreign investors while the remainder will be sold to strategic partners chosen by the Ministry of Finance.
In selling the shares, the Ministry of Finance authorised BCEL as its agent to seek companies for financial advisory services and assurance.
After lengthy consultations between BCEL and the ministry, the two parties agreed to appoint LCS as the financial advisor and assurance for the sale of the 19 percent stake held by the ministry in BCEL.
LCS has many years of experience in international securities, securities share insurance assurance, strategy investor selection, and investment services.
Lao-China Securities Company Limited will use this experience and good management to sell the ministry’s 19 percent shareholding in BCEL to domestic and foreign partners in the hope of achieving the desired target.
LCS also has experience as a financial advisor and underwriter for share issuance both in public offerings (PO) and rights offerings (RO) for BCEL.