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Asset valuators sought for Cambodian bourse

Asset valuators sought for Cambodian bourse

REAL estate agents are being sought to provide asset valuation services for Cambodia’s new stock exchange, set to launch next year.

The Security and Exchange Commission of Cambodia will today put for public consultation a new draft prakas on the accreditation of companies providing asset valuation services in the securities sector.

According to a copy of the draft prakas, an asset valuation company applying for accreditation should have a business licence from the Ministry of Commerce and a licence granted by Ministry of Economy and Finance.

The company must have undertaken two or more asset-valuation engagements worth more than 8 billion riels (US$1.9 million) during the past year and have a minimum capital of 500 million riels (US$118,000) as well as at least two independent valuers, it said. The last three years of financial statements must be audited by an independent auditor.

Sung Bonna, President and CEO of Bonna Realty Group, said yesterday that his firm would be the first applicant.

“We have met all the requirements, except the financial statements,” he said. “However, we will adapt to meet the criteria for the licence.”

Finance ministry data states Cambodia has 42 licensed real estate and asset valuation companies.

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