The Sihanoukville Autonomous Port (PAS) was officially listed in the initial public offering (IPO) of the Cambodia Securities Exchange (CSX) this morning.
The Official Listing Ceremony was held under the presidency of H.E. Aun Porn Moniroth, Senior Minister and Minister of Economy and Finance.
H.E. Hean Sahib, Secretary of State for Economy and Finance and Chairman of CSX, expressed his welcoming and congratulatory remarks to PAS that has completed the listing process and has been successfully registered in the CSX today.
PAS is so far the fifth listed company on CSX and the third public enterprise listed after Phnom Penh Autonomous Port. The listing of PAS is one of the greatest contributions to urge the development of securities market in Cambodia through increasing market liquidity which is the main reason attracting both local and international investors, especially institutional investors whose investments come as portfolios, he underlined.
H.E. Lou Kim Chhun, Director General of PAS, said that IPO proceeds will be used effectively in order to develop port operation as the its plan including procuring QCs, purchasing land for port inland container deport 52 hectares, procuring trucks and trailers and expanding the road in front of the port, and so on.
Addressing to the event, H.E. Aun Porn Moniroth called all related parties in securities sector, especially the Security and Exchange Commission of Cambodia (SECC) and CSX to spread information about the benefits provided by Royal Government of Cambodia to listed companies and listing benefits on the Exchange including raising fund for long term uses, expand and strengthen business, and good corporate governance which are leading to effectiveness in business, transparency, accountability and trustworthy from stakeholders. The Royal Government of Cambodia still supports and develops this sector until it develops as neighboring countries, he affirmed.
The opening bell of securities trading starts at 9:00 am with starting price of 5,360 Riel (about US$1.34) which increases by 320 Riel (some US$0.08), or 6.35 percent, compared to the IPO price.
The PAS' listing came after the company gets successfully in book building process with some 21.4 million shares to the public. It has the biggest IPO of US$27 million on the Bourse.
The other four listed companies include the state-owned Phnom Penh Water Supply Authority; Grand Twins International (GTI), a China's Taiwanese-owned textile and footwear factory; the state-owned Phnom Penh Autonomous Port, and Phnom Penh Special Economic Zone Plc.
CSX, a joint venture investment by the Royal Government of Cambodia with 55 percent of the shares and the Korean Exchange holding 45 percent, was launched in July 2011.
Source: Agency Kampuchea Press