Taiwanese garment factory Grand Twins International will be the second company to go public on Cambodia’s fledgling stock exchange, the Securities and Exchange Commission of Cambodia (SECC) confirmed yesterday.
In a first for Cambodia’s turbulent garment sector, Grand Twins – the second largest garment factory in Cambodia, according to its own statistics – anticipates listing in April, according to Chhun Sambath, director of the security insurance supervision department of the SECC. It will join the Phnom Penh Water Supply Authority.
“[The company] has prepared quite well,” Sambath said in a recent interview, adding that Grand Twins was calculating an opening price somewhere between $1.85 and $3.50 per share. A pitch to potential investors says that 8 million shares are going up for sale in the IPO.
The firm did not return calls yesterday, but the manufacturer’s marketing material says it had some 5,700 employees in 2012, and that nearly 90 per cent of the clothing produced at the factory ships to sports retail giant Adidas.
Grand Twins first announced listing plans in 2011 but delayed the IPO several times, once over disagreements regarding share prices.