March 25, 2011

Deutsche Bank launches first GDR programme for a Vietnamese firm


Deutsche Bank Trust Company Americas was tapped as depositary bank for the London Stock Exchange-listed global depositary receipt (GDR) programme of Hoang Anh Gia Lai Joint Stock Company (HAGL).
HAGL is currently one of the largest private sector companies, by market capitalization, listed on the HoChiMinh stock exchange. It primarily operates in the following business sectors: real estate, rubber plantations, iron ore mining, hydropower and manufacturing. Originally focussed in the Gia Lai province of Vietnam, HAGL has expanded its activities throughout Vietnam and into the neighbouring states of Laos and Cambodia. HAGL exports its products throughout Asia, Europe and the Americas.
Akbar Poonawala, head of global equity services at Deutsche Bank, says, “We are delighted to have HAGL as a client and to work on the first depositary receipt programme from Vietnam. This pioneering mandate exemplifies our strong capabilities in the depositary receipts business.”
Doan Nguyen Duc, chairman of HAGL, adds, “We are pleased to engage Deutsche Bank as depositary for the first GDR programme for a Vietnamese company. The GDR programme provides an additional investment and trading venue to our investors.”
Elara Capital plc acted as lead manager and bookrunner and Sacombank Securities Joint Stock Company acted as Vietnamese financial adviser on this transaction.

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