Telcotech gets CSX nod to list bond
Telcotech gets CSX nod to list bond
Submarine fibre optic cable solutions provider Telcotech Ltd on August 19 became the third company this year to receive the in-principle nod from the Cambodia Securities Exchange (CSX) for its eligibility review application to list on the bourse.
“To be able to officially list and trade on the CSX, Telcotech must be authorised by the Securities and Exchange Regulator of Cambodia [SERC] to issue bonds and meet certain other requirements regarding the listing,” the bourse said in a statement.
DBD Engineering Plc was the first company in 2021 to be approved in-principle by the CSX for its application to list, with JS Land Plc following soon after.
CSX Market Operations Department director Kim Sophanita told The Post on August 22 that Telcotech’s offering would be a “new type of bond issuance” that is favourable to companies wishing to raise debt capital from private market sources.
She said it was sure to get listed soon thanks to the reduced requirements, especially dealing with disclosure obligations and corporate governance regulations.
“We are glad to welcome Telcotech on board. Our market now will now have a more diversified range of products for investors, in terms of product type, company size and industry.
“It won’t take much time for Telcotech to get approval and listed since it is a special type of bond issuance for qualified investors, and I heard that all the bonds have been fully booked,” she added.
While she declined to disclose the issuance amount or coupon rate of the bond, Sophanita said it would be guaranteed by Metro Manila-based Asian Development Bank’s (ADB) trust fund Credit Guarantee and Investment Facility (CGIF).
Established in 2007, Telcotech has established a solid presence in public telecoms services in the Kingdom, notably in internet services, data centres and cloud solution.
The company was wholly-acquired by Royal Group of Companies Ltd CEO Kith Meng’s Ezecom Co Ltd in 2011.
