Prince Bank offering perks to companies listed on CSX
Prince Bank offering perks to companies listed on CSX
The Cambodia Securities Exchange (CSX) and Prince Bank Plc have reached a cooperation agreement for the latter to offer better loan and fixed deposit rates for companies listed on the bourse.Prince Bank becomes the third commercial bank to provide the special package for listed firms after Canadia Bank and Bank of Investment Development of Cambodia launched the service last March.
CSX CEO Hong Sok Hour said Prince Bank’s service is another in a line of rewards for listed firms, which include government incentives such as tax amnesty, a 50 per cent reduction in income tax for three years, long-term sustainable growth, name recognition and increased competitiveness.
“The incentives are a good complement between the securities and banking sectors. They prove the transparency and strong business operations of CSX-listed companies, which allow the bank to provide them better services than unlisted firms.
“Moreover, the CSX seeks to procure more incentives from the government and the private sector for listed firms. The bourse is also pleased to provide free consultation to those who are interested in going public, to fasten the process and minimise the cost.
“Listed companies that are interested in the offer should contact the CSX or Prince Bank for further details,” Sok Hour said.
Prince Bank president and group managing director Hon Sorachana said the agreement is a sign of capital market development in which incentives are provided to listed companies and their staff.
“I hope the companies will find it easier to obtain loans for their operations, with better conditions for their businesses to grow,” said Sorachana.
Sok Hour said: “This year, another seven companies are scheduled to list securities and corporate bonds on the CSX. We expect to double the number of listed firms this year compared to 2019.”
Last year, market capitalisation increased 157 per cent to $800.39 million. There are currently five stock-listed and three bond-listed firms, which have raised $151 million in funds.
The number of investors in the CSX currently stands at 22,338, with 17 per cent foreigners. The average trade volume is 1,750,502 shares per month, equivalent to $4,221,490 per month.
