The ordinary shares of Vietnam Enterprise Investments Limited (VEIL) have been admitted to trading on the Main Market of the London Stock Exchange.
Launched over 20 years ago, VEIL was the first-ever Vietnamese closed-ended fund. Today it has assets of approximately USD890 million and provides exposure to a portfolio of Vietnamese equities, approximately half of which are at their foreign ownership limits and are otherwise difficult for foreign investors to access.
The company's move to the Main Market is expected to create a more transparent and liquid market in the shares, widening potential ownership, attracting greater analyst coverage, increasing VEIL’s profile and narrowing the discount to NAV (net asset value) at which the shares currently trade.
The company's market quote on the London Stock Exchange has been redenominated into Sterling; the shares were previously traded on the main securities market of the Irish Stock Exchange in US Dollars. Its admission to trading on the Irish Stock Exchange has been cancelled.
Dominic Scriven (pictured), executive chairman of Dragon Capital Group, says: “We are delighted for VEIL to become part of the most active and successful market for listed investment companies. With its premium listing, robust governance arrangements and a portfolio management team who have been together for the last 15 years, we believe VEIL provides a strong investment opportunity for both institutional and retail investors.”
