New CSX tools aim to lure traders

January 16th, 2015 , The Phnom Penh Post

Trading on Cambodia’s fledgling stock market will become easier after the bourse announced two new tools aimed at improving usability and access to the exchange platform.

A January 14 statement released by the Cambodian Securities Exchange (CSX) said two new trading methods, “continuous trading” and “trading before settlement”, will become available to traders from February 2. …

Eddie Morton

Power-grid study to tackle supply problems

December 19th, 2014 , The Cambodia Daily

U.S. conglomerate General Electric (GE) on Thursday inked a $1 million deal with Cambodia’s state-owned Electricite du Cambodge (EdC) to conduct a six-month study to identify weaknesses in Cambodia’s electrical grid with the aim of enhancing the reliability of the power supply.

According to the EdC, the distance between the country’s main power sources, located in the southern provinces of Kampot, Preah Sihanouk and Koh Kong, and energy-hungry Phnom Penh leads to inefficiency in the delivery of electricity, and frequent outages. …

George Styllis and Kang Sothear

SME policy to roll out in 2015

December 17th, 2014 , The Phnom Penh Post

The Cambodian government is nearing completion of a policy aimed at strengthening the Kingdom’s small and medium-sized enterprises (SMEs), a senior official said yesterday.

Minister for Industry and Handicraft Cham Prasidh yesterday told reporters his ministry was preparing a comprehensive SME policy with the purpose of boosting the sector’s competitiveness. “Maybe during the first half of next year [2015], the policy will be ready for implementation,” he said during the National Conference on ASEAN Economic Integration in Phnom Penh. …

Hor Kimsay

Chinese-invested Bayon Airlines ready to start domestic flights in Cambodia

December 15th, 2014 , Global Post

Cambodia Bayon Airlines (CBA), a wholly-owned subsidiary of the Aviation Industry Corporation of China, is ready to operate domestic flights in Cambodia later this month, the company said Monday. …

The MA60 aircraft will be mainly utilized to fly domestic routes within Cambodia.

“Flight operations are scheduled to begin by the end of December this year, servicing routes from capital Phnom Penh to Siem Reap cultural city, Siem Reap to coastal Sihanoukville, and Phnom Penh to Sihanoukville,” the statement said. …

Global Post News Staff

Cambodian, Chinese firms sign deals for business cooperation

December 15th, 2014 , Global Post

Cambodian and Chinese companies on Monday signed five agreements for business cooperation and joint ventures in construction and agriculture.

The deals were signed on the sidelines of an annual Cambodia Import-Export Exhibition here under the presence of Cambodian Commerce Ministry Secretary of State Kem Sithan. …

Global Post News Staff

Cambodian, Chinese companies ink two business deals

December 14th, 2014 , Global Post

Two business agreements were signed between 21 companies from East China Fujian province and their Cambodian counterparts at a business matching meeting here Sunday. …

Of the two agreements signed between the two sides, one was between China’s Fuzhou Yifeng Rice Company and Cambodia’s Mekong Oryza Trading Company. Under the deal, the Chinese firm will purchase 30,000 tons of milled rice from the Cambodian counterpart a year.

The other agreement was between China’s Fuzhou Newgroup Industry and Cambodia’s Khmer Brewery Limited. Under the agreement, the Chinese company will act as a distributor of the Cambodian company’s beer products to Chinese markets.

Global Post News Staff

Presence of Vietnamese goods limited in regional market

December 9th, 2014 , Saigon-GP Daily

Many types of Vietnamese goods have faced strong competition of imported products from nations in the Southeast Asian region, while local businesses have met difficulties in broadening the presence of their products in these markets.

For the last ten years, many businesses in Ho Chi Minh City have considered Cambodia as a key export market. The city authorities have hosted several trade promotional activities to open ways for Vietnamese goods to this market. …

The Ministry of Industry and Trade reported that Vietnam’s export value to Cambodia reached US$2.87 billion and import value hit US$496 million last year. …

Thuy Hai

Wah Seong subsidiary inks deal to sell green power in Cambodia

December 8th, 2014 , The Star
Wah Seong Corporation Bhd’s strategy to develop a portfolio of renewable energy and power plants in the region is taking off after it inked an agreement with Cambodia.

The company said on Monday its indirect subsidiary had signed a power purchase agreement with Baitang (Kampuchea) Plc to sell up to 3.5 MW per hour of any and all electric to the latter over 20 years. …

The Star News Staff

Borey 999 investors anxious

December 5th, 2014 , The Phnom Penh Post

The news that tycoon Thong Sarath is wanted for questioning over the murder businessman Ung Meng Cheu, has sent a wave of nervousness through investors who have money tied up with the fugitive property developer. …

A cabinet deputy chief at the Ministry of Defence, Sarath is also the president of Meanchey International Investment, with a variety of business interests that include the Borey 999 apartment project.

The company has a dozen real estate developments throughout Phnom Penh, selling both apartments and condos. Each project is at varying levels of completion. …

Sum Manet and Hin Pisei

Grand Twins revenue plunges

November 25th, 2014 , The Phnom Penh Post

Grand Twins International (GTI), one of two listed firms on the Cambodian Stock Exchange, has blamed third-quarter revenue losses on garment-worker demonstrations in December and January.

On November 21, GTI posted a 40 per cent decline in revenue to $10.9 million for the three-month period ending September 30. The poor third-quarter performance contributed to an 8 per cent fall in revenue over the first nine months of 2014.​​ …

However, while GTI’s revenues declined between July and September, profits reportedly increased 42 per cent to more than $2.4 million, according to the unaudited financial results.

However, the statement also shows GTI paid just $700,000 in taxes over the first nine months of this year, 50 per cent less than the $1.4 million allegedly paid during the same period in 2013. …

Eddie Morton

China’s ZTE will build 4G LTE project in Cambodia

November 18th, 2014 , China Tech News

Chinese telecom device maker ZTE Corporation has won the bid for 4G LTE project construction from Southeast Asia Telecommunications Holdings Limited.

At the same time, ZTE Senior Vice President Zhang Renjun and Southeast Asia Telecom Group Chairman Zuo Huazheng signed a memorandum and strategic cooperation agreement on behalf of the two parties. …

China Tech News Staff

Gov’t audit shows Vietnam Rubber Group missing millions

November 12th, 2014 , The Phnom Penh Post

Contentious plantation giant Vietnam Rubber Group reportedly “lost” nearly $391 million of state funds over five years, including $22.75 million from a rubber plantation in Cambodia, an official investigation into the firm’s dealings has found, according to Vietnamese media.

Hanoi’s anti-corruption body, the General Inspectorate, last week concluded a years-long investigation into the state-run company, which reportedly owns more than 160,000 hectares of land concessions in Cambodia.

In what it called a “major violation”, the audit found that one of VRG’s subsidiaries, Phu Rieng Kratie Co, had lost nearly $23 million since it began cultivating its 6,400-hectare Snuol district plantation in 2007. …

Daniel Pye and May Titthara

New lotto company enters a shrinking industry

November 11th, 2014 , The Cambodia Daily

A Hong Kong company is hoping to attract a sizeable slice of Cambodia’s lottery market with the opening of outlets in Phnom Penh and around the country next month, according to the CEO of the firm’s local subsidiary.

EGame Solutions, the parent company of Cambodian Mark 6, established an office in Phnom Penh earlier this year under the brand CM6 and is currently constructing an office and gambling shop on Sihanouk Boulevard that will open by the end of the year, according to the company’s chief executive officer, Phillip Wong. …

George Styllis