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Local IT firm eyes off-shore expansion

Information technology firm First Cambodia on Friday joined forces with little-known Singaporean investment company GlobalVision, in a move that aims to expand the local company’s international footprint.

As part of the joint partnership, GlobalVision has purchased a 50 per cent stake in First Cambodia for an undisclosed amount. The local IT firm will use the partnership to attract clients from overseas markets, San Sithea, CEO of First Cambodia, said .

“We needed this partnership because we want to expand our business operations,” she said, adding that the IT firm hopes to launch an initial public offering within the next three years.

“We will start preparing ourselves to become a public company, either in Cambodia, Hong Kong or Singapore. When we are ready, we will choose one from the three of them,” she added.

Sithea said a lack of capital had delayed its expansion plans.

Pan Sorasak, acting minister of the Ministry of Commerce, said Cambodia’s ICT industry was catching up with the rest of the world.

“It speaks the volumes for the ICT industry in Cambodia that a local company such as First Cambodia can attract influential partners and investment from overseas,” he said.

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