Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian, Thai firms form business alliance

Cambodian, Thai firms form business alliance

Cambodian, Thai firms form business alliance

SBI Royal Securities, a subsidiary of Japanese-based SBI Holdings, has concluded a basic agreement to form a business and capital alliance with one of Thailand’s leading securities firms, in a move that could attract more investment from Cambodia’s northern neighbour.

The agreement with Thailand’s Finansia Syrus Securities will help underwriter SBI Royal to acquire “investment banking business know-how and expertise” from a company that boasts a “top record in IPO underwriting,” according to a statement yesterday. “Meanwhile, Finansia Syrus Securities is planning to expand business in Cambodia in order to tap into the country’s rapid economic growth, relative to other Asian countries, as well as the expected increase in IPO transactions.”

Sok Dara, deputy director general of the Securities and Exchange Commission of Cambodia, welcomed the deal and said it will contribute to strengthening the country’s nascent securities market.

So far, only one entity, the Phnom Penh Water Supply Authority, has listed on the Cambodia Stock Exchange.

“Whenever there is a merger or cooperation, even in terms of capital or technical capacity, our stance as the regulator is to support them because the market will be more open to customers. Another thing, the new partner will help to enhance or exchange their techniques to improve the local firms here,” he said.

“In addition, we welcome Finansia Syrus Securities in our market because since we opened we don’t have any Thai securities firms apply for an operating licence. So their presence will definitely attract more Thai investors as well as their businessmen to consider investing in the market.”

He said the SECC will have to sign off on the deal before approving it.

Finansia Syrus Securities operates 40 branches throughout Thailand. SBI Phnom Penh Securities (SBIPP), which was established in February 2010, became the first Japanese financial institution to operate a securities business in Cambodia. In December 2011, SBIPP merged with the Royal Group’s securities unit to form SBI Royal Securities Plc.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all