NagaCorp reassures investors over Cambodia licence

October 7th, 2014 , GGRAsia

Cambodian casino operator NagaCorp Ltd has taken the step of reassuring investors about its casino licence rights in the country. …

It stated that the deal includes an exclusive right to operate a casino (NagaWorld, pictured) in the capital Phnom Penh, and the area within a radius of 200 kilometres (124 miles) of the city, “except the Cambodia-Vietnam border area, Bokor, Kirirom Mountains and Sihanoukville”. The company added that the exclusivity right lasts until the end of 2035.

NagaCorp said it was issuing the filing because it had “noted, whether with an intention to cause trouble or not, some questions on the company’s exclusivity rights”. …

GGRAsia News Staff

US retailers express support for Cambodian living wage

October 2nd, 2014 , VOA Khmer

As a new round of Cambodian wage negotiations approaches this month, major U.S. and European retailers who source from the country say they will be watching the talks carefully and want to see fair pay for workers.

Representatives of the brands like Gap, Levi Strauss, and Columbia say they want a proper wage that affords Cambodian workers adequate food, housing, clothing, medical care and social services. …

Union leaders, factory representatives and government officials met Sept. 26 to negotiate a wage increase, but talks failed after factories said they could only increase wages to $110 per month, a slight increase over the current $100 per month. …

Kimseng Men

KrisEnergy formally takes over as operator of Cambodia’s offshore Block A

October 2nd, 2014 , Rigzone

Singapore-based KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, referred to the announcement dated Aug. 11 in relation to the acquisition of the entire issued and paid up share capital of Chevron Overseas Petroleum (Cambodia) Limited (COPCL) and announces the completion of the acquisition on Oct. 1, following receipt Sept. 17 of acknowledgement from the Royal Government of the Kingdom of Cambodia for the change of control. …

Rigzone News Staff

Lack of construction regulations a concern

October 2nd, 2014 , The Cambodia Daily

Cambodia is experiencing a runaway property boom that must be constrained by laws and regulations in order to draw investment from European developers, which are largely absent in the country, experts said at an industry conference in Phnom Penh on Wednesday.

Simon Griffiths, senior manager at real estate firm CB Richard Ellis, said Cambodia’s property sector has experienced a major transformation over the past five years as favorable laws on foreign ownership were established and the economy prospered. …

Kang Sothear and George Styllis

Resintech to tap into rubber plantation with joint venture in Cambodia

September 30th, 2014 , The Malaysian Reserve

Resintech Bhd, a local Polyethylene and poly vinyl chloride (PVC) pipe manufacturer, will tap into the rubber plantation sector in a bid to diversify its business segment given the healthy outlook on the rubber industry.

Resintech’s managing director Datuk Teh Kim Poo said that according to his sources, rubber is a commodity that has high growth potential given the fact that not many countries produce it, this enables natural rubber to be controlled and as a result, prices of rubber will continue to rise. Unlike palm oil which has various substitutes. …

K Vinotharan

Cambodia needs more investments and global integration – Moody’s

September 29th, 2014 , International Business Times UK

Cambodia needs increased investments, and for that, deeper regional as well as global integration is crucial, Moody’s Investors Service has said.

The B2 sovereign bond rating is constrained by the small size of the economy, low per capita income and high level of dollarization while robust growth record balances it to some extent.

The budget and balance of payment gaps are bridged by external concessional aid.

Moody’s has assessed Cambodia’s economic strength as low (-); institutional strength very low (-); fiscal strength medium (-); and susceptibility to event risk medium (-). …

Boby Michael

Asia Pacific travel trade show kicks off in Cambodian capital

September 17th, 2014 , Shanghai Daily

The Asia Pacific region’s largest travel trade show–PATA Travel Mart 2014–kicked off at Diamond Island here on Wednesday evening, aiming to promote tourism industry.

The 3-day PATA (Pacific Asia Travel Association) Travel Mart 2014 brought together more than 1,000 delegates from over 60 countries and regions around the world. …

Shanghai Daily News Staff

Cambodian telecom firm cooperates with China’s Huawei to build 4G network in Cambodia

September 17th, 2014 , Xinhuanet News

Cambodian telecommunications company EMAXX signed a contract with China’s Huawei, a global ICT solutions provider, on Wednesday in order to develop EMAXX’s 4G network in Cambodia.

The contract was inked between Ai Min, chief executive officer of EMAXX, and Weng Kefeng, deputy general manager of Huawei Technologies-Cambodia, under the presence of Kan Channmeta, Secretary of State at the Cambodian Ministry of Posts and Telecommunications, and Li Zhigong, political councilor of the Chinese Embassy to Cambodia. …

Xinhuanet News Staff

EU gives $3.9 million to attract investment

September 17th, 2014 , The Phnom Penh Post

The European Union will spend €3 million ($3.9 million) on a program to encourage small and medium enterprises to invest in Cambodia.

Speaking at a conference yesterday in Phnom Penh, EU Ambassador to Cambodia Jean-Francois Cautain said the five-year grant – to be managed by EuroCham – would be used to market Cambodia as an investment destination for European businesses and to strengthen advocacy to create a favourable business environment in the Kingdom. …
http://Daniel de Carteret

LOLC Group acquires 60 pct stake in Cambodian Microfinance Company for USD 20.3 Mn

September 16th, 2014 , Lanka Business Online

Sri Lanka’s Lanka Orix Leasing Company acquired a 60 percent stake in Thaneakea Phum Cambodia (TPC) a microfinance company in Cambodia, for 20.3 million US dollars, identifying the immense potential in emerging economies of the South East Asian region the company said in a media release. …

Lanka Business Online News Staff

NagaCorp commissions independent report on AML risk

September 15th, 2014 , GGRAsia

NagaCorp Ltd, the operator of the NagaWorld casino resort (pictured) in Phnom Penh, Cambodia, says it has commissioned “an independent professional party to review the internal controls of the company and its subsidiaries…with a focus on anti-money laundering”.

The firm gives the information in its interim report for 2014, filed with the Hong Kong Stock Exchange on Monday, adding that the findings of the review will be given in NagaCorp’s annual report for the year ending December 31, 2014. …

GGRAsia News Staff

Opening new flight paths between Seychelles and Asia – air service agreement signed with Cambodia

September 15th, 2014 , Seychelles News Agency

Plans to establish air links between Seychelles and the Asian nation of Cambodia are being finalised following the signing of a memorandum of understanding and air service agreement between the two sides.

The signing by the Secretary of State of the State Secretariat of Civil Aviation of Cambodia, Mao Havannall, and Wilfred Fock Tave, General Manager of Operations of the Seychelles Civil Aviation Authority (SCAA) took place this morning at the SCAA headquarters at Pointe Larue, eastern district of the Seychelles main island of Mahé. …

Sharon Uranie

Israeli businessmen interested in cassava investment in Cambodia

September 13th, 2014 , The Cambodia Herald

A group of investors from Israel showed their interest in investing in cassava in Cambodia, according to a statement by Ministry of Commerce. …

Chanthol expressed his support for this cassava investment project and recognized the importance of advance technology in agriculture production and processing to better serve the global markets. …

The Cambodia Herald News Staff

Cambodia holds construction, property expo as construction sector booms

September 10th, 2014 , Xinhuanet News

An international construction and property exhibition kicked off here, in the capital city of Cambodia, on Wednesday as the country’s construction continued enjoying strong growth, officials said.

Andrew Siow, chief executive officer of AMB Event-Cambodia, which organized the expo at the capital’s Diamond Island Exhibition Center, said more than 300 companies from 23 countries and regions have their construction and property products displayed at the three-day event. …

Xinhuanet News Staff

Cambodian deputy PM says strategic partnership with China creates more opportunities for businesses

September 7th, 2014 , Xinhuanet News

The Comprehensive Strategic Partnership of Cooperation between Cambodia and China has been providing “more favourable conditions” for economic, trade and investment ties between the two countries, Cambodian Deputy Prime Minister and Cabinet Minister Sok An said on Sunday. …

Xinhuanet News Staff