DFDL along with Mekong Law Group advised Credit Bureau Asia Limited (“CBA”) as issuer local counsel in Cambodia and Myanmar in relation to its initial public offering (“IPO”) and listing on the main board of the Singapore Stock Exchange.
DFDL conducted the legal due diligence on Credit Bureau (Cambodia) Co. Ltd and Myanmar Credit Bureau Limited, reviewed the prospectus, issued legal opinions on the respective associated companies and provided general advice on regulatory and compliance issues with local laws in Cambodia and Myanmar.
In Cambodia, DFDL’s team was led by partners Chris Robinson and Khem Vansok, working in collaboration with Kong Chhung (Mekong Law Group).
In Myanmar, DFDL’s team was led by partners William D. Greenlee, Jr. and Nishant Choudhary with support from Bhawna Bakshi (Legal Adviser).
Credit Bureau (Cambodia) Co. Ltd. and Myanmar Credit Bureau Limited are the sole credit bureaus in Cambodia and Myanmar, and CBA intends to use the net proceeds from the offering and issuance of the cornerstone shares primarily (amongst others) for strategic investments, regional expansion and acquisitions in the frontier markets of Cambodia and Myanmar. The ultimate aim is to pave the way for easier access to credit and financial services in addition to enhancing competition and the overall quality of services in these jurisdictions.
The smooth functioning of the credit bureaus will assist lenders in refining their risk assessment processes and assessing the creditworthiness of potential borrowers in Cambodia and Myanmar. This is especially important because in Cambodia and Myanmar most businesses do not manuscript their credit history and, consequently, do not meet the requirements for financial assistance needed for growth.
This is a landmark listing, which has paved the way for Cambodia and Myanmar to have a more efficient and analysed credit systems.
