PP Post, TUESDAY, 02 NOVEMBER 2010 19:37 NGUON SOVAN
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”.
TUESDAY, 14 SEPTEMBER 2010 21:15 NGUON SOVAN
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
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.
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.”
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
Canadia 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.
PP Post, FRIDAY, 21 MAY 2010 15:01 NGUONSOVAN AND SOEUN SAY
The site of Cambodia’s stock exchange stands empty late last year. Sources at Camko City say nothing has changed.
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.
Read More »
Phnom Penh Post, THURSDAY, 18 MARCH 2010 15:00 NGUON SOVAN
A centralised mercantile exchange, set to launch in July, will offer transparency and therefore equitable prices, says Shafeequr Rahman, CEO of the Cambodian Mercantile Exchange PLC
The new mercantile exchange will depend on Internet connections for prices to be transmitted to the provinces, a factor that could be problematic given the lack of connectivity and electricity in rural areas of the Kingdom, says Shafeequr Rahman, CEO of the Cambodian Mercantile Exchange Plc.
Many people do not understand how a commodities exchange works and what it does. Can you explain the exchange?
A commodities exchange is a central meeting place where buyers and sellers meet to do business.
The exchange provides an online trading facility where buying and selling takes place.
The exchange itself does not buy or sell commodities or contracts; nor does it set or establish prices, but it makes sure that a fair trade happens between its member buyers and sellers.
A commodity exchange performs three valuable functions.
It sets rules and regulations to promote uniform practices between buyers and sellers in the market.
It instantly circulates valuable price and market information to exchange members, their customers and other interested market participants. And it provides the machinery for settlement of business disputes. Read More »
Douglas Clayton, CEO of Leopard Capital, talks with CNBC about business opportunities and the up coming stock exchange in Cambodia
Phnom Penh Post, MONDAY, 21 DECEMBER 2009 15:00 JEREMY MULLINS
STOCKS in international firms conducting business in the Kingdom generally rose last week as Jardine Strategic Holdings Limited announced Thursday it has bought 12.25 percent of ACLEDA, Cambodia’s second-largest bank.
Analysts said entry of the Hong Kong-based multinational investor represented renewed confidence in the domestic financial sector following a turbulent year for the economy. The firm’s share price closed Friday in Singapore up 1.3 percent at US$17.40.
Asahi Breweries Ltd also ended up for the week at $19.09, a 52-week high for the Tokyo-based firm. This month the firm announced a number of plans to bolster its business in Asia, intending to increase market share partially through acquisitions and to shore up ties with China’s Tsingtao Brewery Co to strengthen its position in Asia’s second-largest economy.
The brewery held an event Friday in Phnom Penh to mark the repositioning this month of its flagship Asahi Super Dry beer in Cambodia as a premium product in line with its global branding strategy.
The parent of Cambodian mobile operator Beeline, Moscow-based Vimpelcom, saw its share price briefly surge to a high of $20.04 Friday morning on the New York Stock Exchange after shareholders approved a $0.32 interim cash dividend per share. The stock lost ground in afternoon trade, closing at $19.31, but still up 3.15 percent over the week.
In Hong Kong trading, Malaysian retailer Parkson Group, which said this month it intends to open its first Phnom Penh location by early 2011 as part of its expansion plans in Asia, ended at $1.67, down half a cent on the week.
Trading in JSM Indochina remains suspended at $0.66 on London’s AIM exchange pending the appointment of a new adviser to the firm.
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