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Joint venture to help firms with stock market listing
A Korean consulting company has joined up with a local partner to offer consulting services for businesses wanting to list on the Lao securities market, which is scheduled to open next year.
A representative of Jisung Horizon, Mr Yang Yong Tae, and Lao Law and Consultancy Group President, Mr Khamsaeng Sayavong, signed a joint venture agreement yesterday, establishing the new company JSH-LLC in Vientiane.
The company will provide consulting services for local firms planning to sell their shares on the Lao stock market to raise investment capital, helping them to meet the necessary criteria and requirements for listing.
JSH-LLC will also provide consulting services for firms operating in the areas of finance, property and natural resources.
The government plans to open the first ever securities market at the end of 2010, hoping to enable private and state-owned enterprises in Laos to access investment capital by selling shares to the public. This will enable them to expand and create more jobs and income for local people.
The government hopes the market will encourage firms in Laos to be more transparent, which will enable more accurate payment of taxes. Transparency is one of the main factors in encouraging people to buy the shares of companies listed on the stock market.
Construction of the stock market building in Vientiane is now underway in front of the International Trade Exhibition and Convention Centre.
According to a press release from JSH-LLC, Jisung Horizon is the sixth to seventh largest consulting company in the Republic of Korea with about 130 lawyers and 120 support staff. The company has experience in providing services in the areas of finance, property and lawsuits.
The Korean company has business operations in many countries including China, Vietnam and Cambodia. Laos is the latest country into which the company is expanding.
The Lao Law and Consultancy Group is one of the largest consulting companies in Laos. It provides information for foreign companies wanting to invest in Laos. Speaking at a media briefing session, Mr Haeng Gyu Lee said the joint venture learnt there were companies in Laos that had the potential for stock market listing.
He said one of the main requirements for listing was to become a public company. The auditing system used by a public company was an important part of its operations.
The new joint venture hoped to play a part in the development of the Lao stock market and help boost the country’s economic development.
Vientiane Times
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