Author: Gordon Platt

EMERGING MARKETS INVESTOR: DR NEWS

By Gordon Platt

Hoang Anh Gia Lai, a conglomerate with interests in real estate and rubber plantations, has become the first Vietnam-based company to list global depositary receipts (GDRs) on the London Stock Exchange.

The company’s common shares are listed on the Ho Chi Minh Stock Exchange, where it is one of the largest firms by market capitalization.

Hoang Anh Gia Lai has expanded throughout Vietnam, as well as in neighboring Laos and Cambodia.

Deutsche Bank was named as depository for the GDR program, which raised $56.5 million. Elara Capital, based in the UK, was lead manager and bookrunner. Sacombank Securities was the Vietnam-based financial adviser.

A flock of Russia-based companies also listed GDRs in London in April. At press time Nomos Bank was seeking to issue up to $640 million of equity securities in a dual London-Moscow listing. St. Petersburg-based Etalon, a property developer, planned to raise $500 million in GDRs and said it could sell a further $150 million in existing shares.

In a deal that was postponed a year ago due to market conditions, food producer Rusagro set a price for its $300 million initial public offering in London. Russian mobile-phone retailer Euroset priced an offering of $140 million GDRs in a range that was lower than expected.

BNY Mellon was selected by VTB Bank, one of Russia’s largest banks, for its secondary GDR offering in London. Each GDR represents 2,000 shares.

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