Logo of Phnom Penh Post newspaper Phnom Penh Post - ACLEDA, Tong Yang sign MoU

ACLEDA, Tong Yang sign MoU

ACLEDA, Tong Yang sign MoU

Tong Yang Securities (Cambodia) and ACLEDA Securities yesterday signed a memorandum of understanding to partner the services they offer to the Kingdom’s budding financial markets.

To expand their footprint in the market,  the companies aimed to provide a combination of advisory and underwriting services for companies planning to list on the CSX, officials said yesterday.

ACLEDA Bank president and chief executive In Channy pointed to Tong Yang’s experience with its home South Korean markets as a main reason for the partnership, while Tong Yang president and chief executive You Joon Ryeol noted ACLEDA’s reach within the Kingdom.

“The partnership we are marking today will create the real synergy for each party’s growth by putting each other’s expertise and strength together,” You Joon Ryeol said.

Tong Yang Securities is a licensed underwriter that is readying Phnom Penh Water Supply and Telecom Cambodia for trading on the Cambodia Securities Exchange, which launched in July without any public listings.

ACLEDA Securities, a subsidiary of ACLEDA Bank, is licensed as a broker, in addition to other services including cash settlement agent.

Fifteen securities firms – seven underwriters, four brokers, three dealers and two investment advisers – had been licensed by the Securities and Exchange Commission of Cambodia, but a merger between SBI Phnom Penh Securities and Cambodia Capital last month shrank that number to 14.

SBI director Jeremy Ha said the large number of securities firms was not a problem in a new market such as Cambodia.

“In my view, it’s okay because the market is open,” Ha said, adding that other firms might seek partnerships to bolster their positions in the Kingdom’s financial markets.

MOST VIEWED

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading

  • PM warns EU and opposition on 34th anniversary of his rule

    HUN Sen reached the milestone of 34 years as Cambodian prime minister on Monday and used the groundbreaking ceremony for a new ring road around Phnom Penh to tell the international community that putting sanctions on the Kingdom meant killing the opposition. “Please don’t forget