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Kingdom's big businesses take stock of CSX delay
Would-be players in Cambodia’s planned stock exchange welcomed news that the bourse has been postponed until July as “the right decision”.
According to a release from the Finance Ministry issued Tuesday, the government of Cambodia and South Korea will launch Cambodia Securities Exchange by July 2011 “at any cost” after delaying the planned end-of-year deadline.
“The postponement is the right decision because if the government rushes to do it when rules and regulations are not in place, the operations will not be done well,” In Channy, president and CEO of ACLEDA bank, said yesterday.
ACLEDA bank is among 22 companies that have applied for a licence as a securities firm in the upcoming bourse. It has yet to hear whether it has been approved.
In December, the government announced that three state-owned enterprises would prepare themselves to list in the bourse: Sihanoukville Autonomous Port, Phnom Penh Water Supply Authority and Telecom Cambodia.
Lou Kim Chhun, Chairman and CEO of Sihanoukville Autonomous Port, said yesterday that the finance ministry was well-aware of the economic situation and always thought about the interest of the nation.
“If the finance ministry requires us to list later next year, it would be fine,” he said.
The decision would also give the company time to meet requirements for listing.
The port still needs an auditor to examine financial statements in order for it to meet international accounting standards.
Ek Sonn Chan, director general of PPWS, said that although the stock market was slated to launch by July, that did not meant that PPWS would list straight away – despite only needing to “adjust” its management system in order to meet with CSX requirements.
“We list only if we need capital,” he said.
Lao Sareoun, TC’s director general, could not be reached for comment yesterday.
The decision to postpone CSX, the government said, was made to adapt to the fragile nature of the global economic recovery.
Phnom Penh Post
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