Grand Twins’ listing date official, but late
Grand Twins’ listing date official, but late
The Cambodian Stock Exchange (CSX) has approved Grand Twins International’s (GTI) final submission of IPO documents and issued an official listing date of June 16.
“Cambodia Securities Exchange has a great honor to inform the public that Grand Twins International (Cambodia) Plc is approved to be listed on CSX from 16 June, 2014,” it said in a statement.
The exchange issued the statement on Friday, nearly a week before GTI had hoped to commence trading on June 12. The new date marks the second time the IPO has been pushed back in as many weeks.
The regulator did not detail the exact reasons for the delay.
Stephen Hsu, CEO of Phnom Penh Securities, the chief underwriting firm overseeing the garment maker’s IPO, said that the postponement was due to the time required by CSX to process GTI’s final application documents.
“The CSX needed more time for operation,” he said, referring to the processing of GTI’s final documents.
The Taiwanese garment firm, which largely makes sporting apparel for Adidas and Reebok, will be just the second company to join the local bourse. Its offering of eight million shares at $2.41 each attracted more than 230 investors, mostly from overseas, according to Hsu.
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