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The move took place amidst many companies’ postponing listing or floating on the LSE, probably due to uncertainty following Britain’s exit from the European Union.
Closed-end VEIL was originally listed on the Irish Stock Exchange. The London listing is expected to create a more transparent and liquid market in VEIL’s shares, thereby widening potential ownership, attracting greater analysis coverage, and narrowing the discount to net asset value (NAV) at which the shares currently trade. The listing will also address demand from a wide range of investors looking to benefit from Vietnam’s economic growth.
VEIL, with a net asset value (NAV) of about $900 million, is the largest Vietnam-focused fund to be listed on the London Stock Exchange. Other Vietnam-focused funds on the exchange include Vietnam Holding, Vietnam Infrastructure Ltd., Vinaland, and Vietnam Opportunity Fund (VOF).
In March, VinaCapital’s VOF moved to the premium segment of the Main Market of the London Stock Exchange from the AIM. As of the end of April, VOF invested about 60 per cent of its assets in OTC and listed Vietnamese stocks.