Lao Stock market appoints new chief

VIENTIANE (Vientiane Times) -The Bank of the Lao PDR (BOL) last week appointed the former Director General of the International Cooperation Department, Mr Oth Phonxiengdy, as the new CEO of the Lao Stock Exchange (LSX). 

The former CEO of the LSX, Mr Vankham Voravong, will take up a new post at the central bank, according to BOL sources.

The reshuffle of LSX leaders is aimed at restructuring the management chart to increase professional capabilities in various fields of work.

Newly-appointed Mr Oth is the third leader of the LSX since its establishment in 2010. The first CEO was Mr Dethphouvang Moularat, followed by Mr Vankham Voravong, who took up the post in 2015.

According to the BOL, Mr Oth holds a higher diploma in political ideology and a Master’s degree in economics from the Australian National University (ANU) and has been working with the central bank since 1989.

Before taking up the new post at the LSX, he held several important positions, including as Director General of International Cooperation with the BOL.

Speaking at the handover ceremony, BOL Governor Sonexay Sithphaxay praised the management of the LSX and its achievements and encouraged the incoming leader to maximise the efficient management of the stock exchange.

“The LSX needs effective management to maximise the trading environment according to international standards and corporate governance,” he advised.     

The new leader would continue to encourage qualified companies to register on the local bourse. This could be a capital-raising platform for enterprises and a backup to implementation of the nation’s socio-economic development plan, Mr Sonexay added.

The handover ceremony for the new appointment was also attended by the Office Head of BOL and Chairman of the LSX Board of Management, Mr Phetsathaphone Keovongvichith, and senior officials from the Lao Securities Commission Office.

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