Archive for the ‘A road to establish a Stock Market’ Category

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Licences granted for Kingdom’s bourse

In A road to establish a Stock Market,Banking,Economy,Finance,Stock Investment on November 4, 2010 by viCheth

PP Post,  TUESDAY, 02 NOVEMBER 2010 19:37 NGUON SOVAN

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Fifteen companies have been officially granted licences by the Securities and Exchange Commission of Cambodia to act for the Kingdom’s first stock exchange.

Commission chairman and Economy and Finance Minister Keat Chhon said granting the licences was a key step towards the bourse, scheduled to launch in July next year “at any cost”.

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Taking stock: Cambodia’s exchange

In A road to establish a Stock Market,Economy,Finance,Stock Investment on September 14, 2010 by viCheth

TUESDAY, 14 SEPTEMBER 2010 21:15 NGUON SOVAN

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The government has said Cambodia’s first stock exchange will launch next July “at any cost”. As the country readies itself for the much-delayed bourse Inpyo Lee, project director of Korean Exchange, which holds a 45 percent stake in the Cambodian Securities Exchange, holds an interview with Nguon Sovan.

What  still needs to be done for CSX to launch in July?

Our project is now running to the finish line. We have almost completed our information technology system development and are now in the final stage of testing.

We are about to ship all the IT equipment and materials from Korea to Cambodia.

In the meantime, the first CSX board members meeting will be held soon. Then we will decide when we will apply to SECC to get a licence for CSX.

However, we need to develop more macrostructure – such as a balanced banking and financial sector, and an advanced accounting system.

Moreover, potential companies for listing must be carefully examined.   Another major issue is the education of potential investors, but CSX is preparing for that.

What have you observed about companies in Cambodia in terms of adherence to accounting standards, management systems and transparency? Are they qualified enough for listing?

For many companies, I think there is a long way to go to meet CSX requirements.

However, there are good, qualified companies that can be listed in the CSX next year – some companies already practice international
standards

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SECC opens search for cash settlement agent

In A road to establish a Stock Market,Stock Investment on July 8, 2010 by viCheth

WEDNESDAY, 07 JULY 2010 15:00 NGUON SOVAN, PP Post

THE Securities and Exchange Commission of Cambodia will start to receive applications for accreditation for a cash settlement agent, it was announced yesterday. According to a prakas, or edict, the applicant must be a commercial bank and will be required to pay an annual fee of 40 million riels (US$9,500). The application deadline is August 15.

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ADB: List in dollars and riels

PP Post, WEDNESDAY, 07 JULY 2010 15:01 JEREMY MULLINS

CAMBODIA’S planned stock exchange ought to consider allowing listings in both United States dollars and riels, according to Asian Development Bank Office of Regional Economic Integration Chief Economist Jayant Menon.
After being asked for advice by bourse officials, Menon said he recommended allowing listings in both currencies to foster investors’ interest, rather than using the exchange as a tool to meet the government’s long-term aim to “de-dollarise”, or transition from the dollar to the riel.
“It’s not the time to address dedollarisation, it’s the time to address the success of the stock exchange,” he said at yesterday’s Phnom Penh launch of an ADB-published book, Dealing with Multiple Currencies in Transitional Economies, which he co-authored.
“I don’t think trying to use the exchange as a de-dollarisation tool will help it at this fragile stage.”

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Posted July 8, 2010 by viCheth

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Economist: Cambodian stock market might list in both Dollar and Riel

In A road to establish a Stock Market,Economy,Finance,Monetary,News In Khmer Language on July 8, 2010 by viCheth

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Canadia Tower pencilled in as temporary bourse home

PP Post, THURSDAY, 17 JUNE 2010 15:00 NGUON SOVAN AND SOEUN SAY

Negotiations under way for Cambodia’s tallest building to host stock exchange

100617_7Canadia Bank’s tower, as seen last year, could prove a temporary home for the new Cambodian stock exchange while its future home in Camko City is constructed. Sovan Philong

 

THE Cambodian Securities Exchange (CSX) could be launched in Canadia Tower at the year’s end as construction on its planned site in Phnom Penh’s Camko City has not begun, officials said Wednesday.
Negotiations are under way to secure one to two storeys in the Kingdom’s tallest building as an interim home for the bourse and are expected to wrap up within two months, CSX General Director Hong Sok Hour said.
“The decision to rent floor space from Canadia Tower is because work on the dedicated CSX building at Camko City has not yet begun. We will move into Camko when construction is completed there,” Hong Sok Hour said.
The exchange has announced it will open by the end of this year, after missing its previous self-imposed deadline in 2009.
Charles Vann, Executive Vice President of Canadia Bank, owner of the 32-storey tower, said Wednesday that a final decision on location rested with exchange officials.
“No agreement has been reached, but it is the Finance Ministry’s decision,” he said.

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Posted June 17, 2010 by viCheth

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Stock exchange delay feared

In A road to establish a Stock Market,Finance,Stock Investment on May 26, 2010 by viCheth

PP Post, FRIDAY, 21 MAY 2010 15:01 NGUONSOVAN AND SOEUN SAY

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Photo by: Tracey Shelton

The site of Cambodia’s stock exchange stands empty late last year. Sources at Camko City say nothing has changed.

BUSINESS representatives fear the launch of Cambodia’s new stock exchange could be years away, despite official assurances that the bourse is on track for 2010.

On Thursday, businessmen expressed concern that Cambodia may not be ready for the launch of a stock exchange, which is slated to open later this year.

Nguon Meng Tech, director general of Cambodia Chamber of Commerce, said that it may take at least another five years for Cambodia’s bourse to be up and running.
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