Grand Twins delays stock exchange listing
Grand Twins delays stock exchange listing
Grand Twins International (Cambodia) Co. Ltd., a Phnom Penh-based manufacturer of clothes for U.S. athletic brands, announced Thursday that it would delay its listing on the Cambodia Securities Exchange (CSX) by three weeks.
The company now plans to list on May 29, according to an announcement posted on the Phnom Penh Securities Exchange website, which did not explain the reason for the delay. Grand Twins’ listing was originally scheduled for May 8.
When it does go public on the CSX, Grand Twins will be the first private company trading shares on the bourse and the second company to list. The first was the state-run Phnom Penh Water Supply Authority in April 2012.
While Thursday’s announcement only states the new listing date, it gives more information on the closing of Grand Twins’ book building process, during which it recorded investor demands to determine the price for an initial public offering (IPO).
“Phnom Penh Securities, which guarantees the securities subscription of Grand Twins International (Cambodia) Co. Ltd. and organizes the initial public offering, would like to inform the public investors that Grand Twins International (Cambodia) Co. Ltd. conducted the book building process successfully on April 11, 2014,” the announcement states.
“[B]ut the announcement of the result can’t be made as expected because permission from the Securities Exchange Committee of Cambodia is needed,” it continues.
The statement goes on to say that Grand Twins will announce its investors on April 24 and its share subscribers on May 23.
Liao Chung Te, CEO of Grand Twins, told reporters during a news conference last month that the company plans to offer a total of 8,000,000 shares for the IPO, with an initial share price between 7,400 riel (about $1.85) to 14,000 riel (about $3.50).
A report presented during the news conference shows the company expects revenue to increase to $40 million in 2015, up from an estimated $30 million this year.
Grand Twins manufactures clothing for Adidas and Reebok.
Mr. Liao could not be reached Thursday for comment.
The Cambodia Daily
