Cambodia's Securities Exchange to start trading in April with one listed firm

Cambodia's Securities Exchange to start trading in April with one listed firm

The state-owned Phnom Penh Water Supply Authority (PPWSA) will be the first firm to list on Cambodia's Security Exchange (CSX) on April 18, officials said Wednesday.

In the first IPOs (Initial Public Offerings), the PPWSA will sell 13 million shares, or 15 percent of the company's whole shares, Dong Hyuk Yoon, head of Investment Bank Tong Yang Securities-Hong Kong, which is the preparer of the IPOs for the PPWSA, said during a presentation to about 300 prospective investors.

He said the offering price per share is between 1-1.57 U.S. dollars and the share subscription will begin from March 29 to April 4. The listing on the CSX will be on April 18.

The CSX, a joint venture between the government of Cambodia (55 percent) and the Korean Exchange (45 percent), was inaugurated last July, but no trading has come online since then due to lack of listing company.

The PPWSA is one of the three state-owned enterprises that the government ordered to prepare IPOs to list on the CSX. The other two are Sihanoukville Autonomous Port and Telecom Cambodia.

Ek Sonn Chan, PPWSA's director general, said that buying the shares of the PPWSA would be a good chance for investors to make a return earning as the company has seen stable revenues in recent years.

He said that according to the financial statement, the PPWSA earned a total revenue of 28.4 million U.S. dollars last year. After being cleared with all operational expenses, the firm made a profit before interest and tax of 10.7 million U.S. dollars last year.

xinhuanet