Cambodian Vtrust plans CSX floating
Local real estate company Vtrust Property Group plans to engage an underwriter in as little as two years to help it list on the Cambodia Stock Exchange, the company’s chairman, Kuy Vat, said yesterday.
The company is now preparing the necessary documents on its business, corporate governance and board structure required for an initial public offering. Once preparations are 70 to 80 per cent complete – a process that could take two to three years – the company will contact an underwriter, Kuy said.
The company also needs to be profitable.
“Right now, we are not earning profits as we are focused on expanding our investments,” he said.
According to the Securities and Exchange Commission of Cambodia, companies must make a net profit in the three years of operation prior to joining the country’s bourse.
But Kuy said he is confident the company will return to the black, because “our economy is growing”.
The company, which also owns the chain of Park Cafe eateries in Phnom Penh, had a grand opening for its sixth outlet in Psar Kandal yesterday.
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