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Acleda reports sound first quarter post-IPO

Acleda reports sound first quarter post-IPO

Acleda Bank Plc (ABC), a stock-listed firm on the Cambodia Securities Exchange (CSX), reported sound business performance in the first quarter of the year.

It logged $36 million in profit for the quarter, a surge of more than 17 per cent from the $29 million recorded in the same period last year, it said in its financial report filed to the bourse on Thursday.

CSX vice-president Ha Jong-weon told The Post that ABC’s strong quarterly performance reflects on its ability to generate profit no matter the national economic environment.

He said ABC will also gain “more loyal customers and stronger branding because of the benefits from listing on the CSX”, which will lead to even higher profits in the future.

ABC listed on the exchange on May 25, raising $17.5 million in its official initial public offering (IPO).

It became the sixth stock-listed firm and the first commercial bank to issue on the bourse with a total of 4.34 million shares for sale – one per cent of its total shares of more than 433 million, according its CSX filing.

Price per share started at 16,200 riel ($3.94) and closed its first day at 16,500 riel.

Ha said the CSX has seen a flurry of activity since the listing, with ABC’s daily trading volume averaging 273,405 shares, worth 5.78 billion riel per session.

“ABC [has led to] thousands of investors trying to log in to our trading system at the same time, and it was history for our market.

“During the past years, most of the CSX listed stocks are valued stock, so the market is not very active.

“After the listing, ABC became a momentous stock that investors were trying to get profit from by trading. Many more people are opening trading accounts every day to join the investment,” said Ha.

ABC closed 0.81 per cent higher at 19,840 riel on Thursday, with 68,166 shares traded, worth 1.35 billion riel.

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