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Slow start for GTI as public firm

Slow start for GTI as public firm

Grand Twins International (GTI) ended trading yesterday with a slight decline.

The newly listed company was changing hands at 9,480 riel ($2.36) per share at the 1pm close, down from 9,640 riel ($2.40) at the morning’s opening.

Douglas Clayton, CEO of investment firm Leopard Capital, said GTI’s slow start may be linked to volatility in the sector. Clayton pointed to Hong Kong-owned garment factory Yu Feng, which suddenly closed its doors and went out of business last week.

“[GTI] sounds like a progressive company, just in the wrong sector to serve as the CSX stalwart,“ Clayton said.

GTI is just the second company to list on the local bourse, following state-owed Phnom Penh Water Supply Authority’s listing in 2012.

The garment maker is the first ever private company to go public in Cambodia.

GTI shares fell almost 5 per cent on the firm’s first day of trading on Monday after launching at $2.41 per share.

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