The Cambodia Securities Exchange (CSX) has seen slow progress in its first year of operations because there has been only one listed firm and public knowledge about the stock market remains low, officials said Thursday.
The CSX was officially launched trading on April 18 last year with only one listed enterprise,... continue
Holders of shares in the Phnom Penh Water Supply Authority (PPWSA) have criticised the level of dividend payment that they will receive from the company.
PPWSA, which is the only company listed on the Cambodia Securities Exchange (CSX), was to pay its first dividend to 1,500 shareholders as of the close of business yesterday.
PPWSA will distribute a total dividend of 2.4 billion riel ($600,350), or 27.7 riel per share, to investors. However many investors said they are not happy with the amount. …
A major Vietnamese bank is closing its brokerage and securities arm in Cambodia, an official said yesterday, amid the ongoing drought of listings on the Cambodian Securities Exchange (CSX). …
Sacombank, which will continue to operate as a bank in Cambodia, set up the securities firm in January 2011 with $7 million capital.
[Tram Minh Trung, director-general of Sacombank Securities Cambodia Public Ltd. Co.,] said the company had informed the Securities and Exchange Commission of Cambodia (SEEC) that it was handing back its licence as a securities registrar, transfer agent and paying agent. …
The CSX still only offers the stocks of one company, the Phnom Penh Water Supply Authority, which listed in the bourse’s first and only initial public offering in April 2012. …
Newly-Appointed Director General of the state-owned Telecom Cambodia (TC) Kim Vikra vowed Monday to enhance the enterprise’s governance in order to improve business operations and revenues.
“I am committed to working with all colleagues in order to lead the enterprise to progress,”he said at his official appointment ceremony.”I will enhance the firm’s governance through improving accountability, transparency and high responsibilities.” …
Kim Vikra succeeded the firm’s ex-director general Lao Sareoun, who was removed from the post on Feb. 14 after more than 300 staff staged a protest, claiming that millions of dollars had gone missing from the company’s accounts and calling for Lao Saroeun to be sacked.
However, at a ceremony on Monday, Lao Sareoun was promoted as undersecretary of state at the Ministry of Posts and Telecommunication. …
TC is one of the state-owned enterprises that plan to list on the Cambodia Securities Exchange (CSX). However, the listing plan will be postponed indefinitely due to poor financial performance …
State-owned fixed-line company Telecom Cambodia’s (TC) plan to join the Cambodia Securities Exchange (CSX) has been postponed indefinitely because of its poor financial performance, reports The Phnom Penh Post. The company will need to redesign its business plan to improve operations, said Sarak Khan, secretary of state at the Ministry of Post and Telecommunications. …
It will be worse still when the transit fee, a major source of revenue for TC, is deducted from this year, added Khan. According to Khan, revenue from transit fees account for about USD 17 million annually, more than 50 percent of TC’s total revenues. …
Securities and Exchange Commission of Cambodia (SECC) director general Ming Bankosal said any company that fails to make a net profit in the last three years of operation will be barred from joining the country’s bourse …
State-owned Telecom Cambodia lost more than $40 million during the five-year tenure of director general Lao Saroeun, who is now set to move into a new government job despite an investigation into alleged corruption at the company, officials said yesterday. …
Speaking at the annual meeting of the Ministry of Post and Telecommunications, Secretary of State Sarack Khan said that in 2012, Telecom Cambodia- which provides commercial phone and internet services- made losses of more than $10 million. In 2011 the company lost $14 million. …
According to staff, the company also lost more than $17 million between 2008-when Mr.Sarouen took over as director general- and 2010. …
[Mr. Kahn] said the overcrowded telecommunications market, in which there are now six competing companies after a series of bankruptcies and mergers, meant that prices had been driven too low.
Despite the tough market, the company had been named as the candidate to be listed on the Cambodian Securities Exchange. …
La Narath, a secretary of state at the Telecommunications Ministry, said that Kim Vikra, who stepped in as acting director –general as Mr. Saroeun went off sick, will be officially appointed to the position during a ceremony next week. …
Phnom Penh Water Supply Authority (PPWSA) yesterday announced plans to pay its first dividend to shareholders. …
Dividends from the stock will be given to investors next month in cash after the financial performance of the company is audited by an international firm.
Up until now, the company released neither the price of dividend per share nor the amount of revenue shareholders will get, as PPWSA is waiting for the audit be completed. …
The minister of posts and telecommunications yesterday said he needs more time to investigate corruption and mismanagement allegations at state-owned firm Telecom Cambodia before involving other government institutions.
Telecom Cambodia director-general Lao Saroeun is officially on sick leave, but staff at the company say they were told he has been suspended after they went on strike last week to have him removed. …
Minister [of posts and telecommunications] So Khun met with Telecom Cambodia employees on Friday, but Mr. Khun said yesterday that he had declined to immediately forward the employees’ complaints to Prime Minister Hun Sen.
“We need to question, to clarify the details and look at what documents the Telecom Cambodia staff have to show that Mr. Saroeun is corrupt. I need to question Mr. Saroeun,” Mr. Khun said. …
Telecom Cambodia has been considered a successful state-owned enterprise, and was expected to have listed last year on the Cambodia Securities Exchange. …
More than 200 employees of Telecom Cambodia demonstrated yesterday morning, demanding the company’s general director step down and that the Anti-Corruption Unit investigate the company. …
The strikers claimed general director Lao Saroeun had been involved in large-scale embezzlement, other forms of corruption and disrespect of workers throughout his five-year tenure and such misdoings had delayed the company’s listing on the Cambodia Securities Exchange.
“According to the report of 2011 incomes, Lao Sareoun and his accountant and financial director took $2 million of Telecommunication Cambodia’s income,” the workers claim in a public statement.
The statement goes on to allege that in order to cover up the $2 million shortfall, Sareoun, his accountant and his financial director counterfeited a report to the Ministry of Economy and Finance. …
Telecommunication Cambodia is one of two state-owned enterprises the government plans to list on the securities exchange this year.
The Taiwanese-owned garment company Grand Twins International (Cambodia) Plc says it intends to list on the Cambodia Securities Exchange (CSX) next month, in a boost for the Kingdom’s nascent stock market.
Phnom Penh Securities (PPS), an underwriter for Grand Twins International (GTI), said yesterday the company would offer 12 million shares at $0.25 a share. …
The government has said it plans to list two other state-owned enterprises, Telecom Cambodia and the Sihanoukville Autonomous Port, some time this year. Officials of both enterprises did not confirm that time frame yesterday.
PPS said that as of June last year, GTI’s total assets and total capital were about $31.6 million and $27.7 million, respectively. GTI is incorporated as a 100 per cent Taiwanese company. …
Phnom Penh Water Supply Authority’s price was unchanged at 6,200 riel yesterday, with 854 shares changing hands, according to data of the CSX.
GTI’s sales increased about 17 per cent, from $21.86 million to $25.56 million, between mid-2011 and mid-2012. …
Cambodia’s Securities Exchange (CSX) on Monday broke ground for the construction of a 3-storey building in the heart of Phnom Penh, the country’s capital. …
“The construction of the building reflects the government’s firm stance in developing the stock market and the building will build more confidence among both local and foreign investors in the CSX,” Cambodian deputy Prime Minister and finance minister Keat Chhon said at the groundbreaking ceremony. …
The building will cost 4 million U.S. dollars and the construction will be completed in early 2014, he said.
It is located near the capital’s historical site Wat Phnom in Duan Penh district. …
The CSX was initiated by the Korean Exchange in 2007. It is a joint venture between the government of Cambodia holding 55 percent of the stakes and the Korean Exchange owning the remaining 45 percent. …
Stock trading at the Cambodia Securities Exchange of the only publicly listed company, Phnom Penh Water Supply Authority, slightly fluctuated in terms of both trading volume and price in the last five trading days from Nov. 26 to Dec. 5.
On Nov. 26, one day before the official Water Festival break, the share’s price remained at KHR 6,200 (US$ 1.55), and kept the same level after the festival. But on Dec. 3, after the weekend, the price increased to KHR 6,300 (US$1.58) before it dropped to KHR 6,150 (US$1.54). On the last day, Dec. 5, price increased slightly to KHR 6,200, according to data available on the website of the Cambodia Securities Exchange. …
The price of the exchange’s sole listed company, PPWSA, remained very stable from Nov. 8-15 at KHR 6,200 (US$1.55), the price it arrived at on Oct. 30. Trading volumes over the period fluctuated between 4,501 and 38,951 shares. …
Cambodia’s stock market is set for a revival early next year when initial public offerings are expected by at least four local companies, ending a drought for a bourse that has hosted just one listing since its trading debut in April.
State-owned Telecom Cambodia and Sihanoukville Autonomous Port are likely to list by June, while two private garment manufacturers are preparing for first-quarter IPOs, Cambodia Securities Exchange Chief Executive Hong Sok Hour said in an interview Monday. …
Trading on the Cambodian Securities Exchange remained low yesterday, which also marked six months of operation for the bourse. An official said this is due to a lack of public awareness and listed companies.
Ming Bankosal, General Director of the CSX, said that as listed companies increase so will public interest and trading. …
Douglas Clayton, CEO of Leopard Capital, wrote via email that PPWSA seemed to have found its valuation, which happens to be back at the IPO price.
Until there is an earnings growth catalyst investors cannot expect the price to re-rate higher. Water utility stocks tend to have low price volatility, he said. …
Ming Bankosal said that according to traders, most of them bought and then kept their shares because they have confidence in PPWSA, which as a state-run company in the CSX will never lose value or go bankrupt. …
Every day, thousands of people drive past a big electronic billboard showing market data from the Cambodia Securities Exchange (CSX), the first securities market in the Kingdom’s history. While waiting for the traffic light, those Cambodians who are interested can get a glimpse of the activity on the new bourse and whether the stock price of its one listed company, the state-owned Phnom Penh Water Supply Authority (PPWSA), is up or down.
Right now, interest in PPWSA shares seems to be decreasing daily and the sup- ply is outstripping demand, which has led to the price falling below the IPO level. …
In the near future, when activity picks up, securities firms will pro- vide software for online trading that should streamline the process further. Phnom Penh Securities is building and testing such software and will launch it in the not-too-distant future , Sok Chamroeun said.
If all goes to plan and more companies list and trading is made easier, the CSX should emerge from the doldrums of the last several months and volumes will rise again. This, in turn, could move new investors like Phan Chankun and others who have been holding onto their stocks to begin placing orders in the young market again. .. .
The price of Phnom Penh Water Supply Authority stock over the Sept. 27- Oct. 3 period was only KHR 6,200 (US$1.54), under the IPO price of KHR 6,300 (US$1.56), for nearly the whole week.
But on Oct. 3, the price rose to the IPO price again, while trading volumes varied widely from around 1,400 to 37,400 shares, according to data from the Cambodia Securities Exchange (CSX) website. …
The main players of the week were Golden Fortune Securities, Acleda Securities and Tong Yang Securities.
The amount of cargo entering Cambodia through the Phnom Penh Autonomous Port has increased 15.24 percent through the first nine months of this year, compared to the same period last year, a port official said yesterday.
Hei Bavy, general director of the Phnom Penh Autonomous Port, said that from January through September, the port received a total 70,079 standard 20-foot (6-meter) long shipping containers, up from 60,810 during the same period last year. …
The state-run port in July announced that it would prepare an initial public offering on the Cambodian Securities Exchange, though there has been no further information.
More than two months after the firm announced it would list on the Cambodian Securities Exchange, Bonna Realty has selected Tong Yang Securities to underwrite its initial public offering (IPO), an official said yesterday.
Sung Bonna, the CEO of the Phnom Penh-based realty firm, said that the two sides would finalize an agreement before the end of the week as the firm looks to list on the stock exchange in one to two years time. ..
Tong Yang has thus far prepared the IPO for the bourse’s lone listing, the Phnom Penh Water Supply Authority and is also currently in the final stages of preparing the IPO for another state-owned enterprise, Telecom Cambodia, which is set to launch in early 2013.
The price of Phnom Penh Water Supply Authority stock over the Sept 12-19 period remained very stable, falling early on from KHR 6,350 (US $1.57) to KHR 6,300 (US $1.56) where it stayed.
Trading volumes over the five days varied from around 4200 to 13,600 shares, according to data from the Cambodia Securities Exchange (CSX) website. …
After the weekend the trading volume rose slightly to 5,065, creating KHR 31.9 million (US $7,906). On the next trading day, the volume doubled to 11,329 shares, which generated KHR 71.3 million (US $17,651). The executed volume continued rising on Sept. 19 to 12,750 shares, producing KHR 80.3 million (US $19,867).
The main players of the week were Golden Fortune Securities, Acleda Securities, Tong Yang Securities and Cana Securities.
