Snacks maker CSL looks to go public in 2025
Snacks maker CSL looks to go public in 2025
Homegrown snacks manufacturer CSL Enterprise plans to list on the Main Board of Cambodia Securities Exchange (CSX) in 2025 to raise funds for the expansion of its distribution channel to serve markets within and outside the country.
Founded in 2017, family-run CSL Enterprise produces flavoured cashew nuts, dried fruits such as mango and longan, chips made from local fruits, and grains and spices, which are supplied to stores and supermarkets in Phnom Penh.
In an interview with The Post on August 15, Song Kheng Lean, owner and managing director of CSL, said the company is currently participating in Securities Exchange Regulator of Cambodia’s (SERC) Excellence Program 2.
The programme has encouraged him to consider raising funds via CSX to grow the company’s distribution channel instead of seeking overseas funding or help from development partners.
“Right now, we are in the listing preparation stage with SERC’s guidance. Normally, we look to raise funds abroad or from development partners.
“However, I see an opportunity to do so via the capital market which would ensure long-term funding for our business expansion,” Kheng Lean said, believing that his company is qualified to go public.
“We just need some more time to prepare internally, such as book-keeping, human resource development, and good governance.
“I plan to list in 2025, giving us two years to prepare because I don’t want to be just family-owned, I want to make it public,” Kheng Lean asserted.
SERC director-general Sou Socheat said that through the Excellence Program, the regulator has been providing technical tips to small- and medium-sized enterprises (SME) that want to list on the capital market.
These include preparation of the financial report, corporate governance and issues involving compliance.
“We have many SMEs enrolled in our Excellence Program 2, which is aimed at preparing SMEs for listing or securing financing from other sources in our financial sector,” Socheat told The Post.
Following that, SERC would conduct an onsite visit to their enterprise to check on their progress. Listing on the capital market depends on the company’s decision.
“If they think that they are well-prepared for listing, then we will assist them further,” he added.
On August 11, SERC led a group of stakeholders including CSX, Cana Securities Ltd, Cambodian Investors Capital Partners Plc, Grant Thornton (Cambodia) Ltd, ACLEDA Bank Plc and Sithisak Law Office to conduct on-site visit to CSL to review the progress of the company, financial statements, legal compliance and corporate governance.
CSL buys fresh fruit from farmers which are made into snacks. They are categorised into two product types, which are dried fruit, cashew nuts and chips, and grains and spices (mung bean, soybean, red bean, chilli powder and peppercorn).
“Our products are sold at DUFRY and in most retail outlets in Phnom Penh such as AEON, Lucky, Chip Mong, Thai Hout, Bayon, Super Duper, Prince, Kiwi, Superstore, Makro and Natural Garden,” Kheng Lean said.
