Logo of Phnom Penh Post newspaper Phnom Penh Post - Bank of China soars, ANZ feels Swan effect

Bank of China soars, ANZ feels Swan effect

Bank of China soars, ANZ feels Swan effect

BANK of China, which announced it had refinanced Cambodia’s largest mobile provider Mobitel on Thursday, closed up 5.3 percent on the week, reaching HK$4.85 (US$0.63) a share in Hong Kong by end of play Friday.

The firm’s President Li Li Hui inked a deal with Kith Meng, chairman of Cambodian conglomerate The Royal Group, that would see its subsidiary Mobitel refinanced through a US$591 million long-term loan from the Chinese bank.

Mobitel had previously been financed through a US$421 million loan from a number of banks and funds, including Australia and New Zealand (ANZ) Banking Group.

Australia-listed ANZ saw its share prices drop 3.5 percent last week to end at A$24.09 (US$24.45).

The firm – which is 55 percent owner of Cambodia’s fourth largest bank ANZ Royal – had been up in trading on the week until Wednesday, when Australian Treasurer Wayne Swan vowed to crack down on “arrogant banks” down under.

Meanwhile, Brighton Mining Group Limited closed up 5 percent in its first week of trading on the Australian Securities Exchange.

The firm had listed at A$0.20 on Wednesday, after it conducted an initial public offering that raised A$2.2 million.

Managing Director Jonathon Remta has said the firm would be funded from three or four other sources, besides the recent float.

Brighton has the right to acquire by transfer 70 percent of Cambodian-incorporated joint venture Sun Hill Minerals Co Ltd, which owns the exclusive rights on three semi-contiguous concessions in Mondulkiri province, according to the firm’s prospectus.

Record-setting gold prices last week helped push up Cambodian concessionaire  Southern Gold’s share price on the ASX.

Gold hit a record high of $1,398.25 an ounce on Friday and in its wake sister metal silver nailed a 30-year peak of $26.90.

Oil also struck the highest level since late 2008 last week after the United States Federal Reserve agreed to pump the world's biggest economy with fresh stimulus.

“Currency wars, quantitative easing and global economic uncertainty all pose risks to investors.

“To protect themselves, many have sought the safety of gold,” said Anthony Grech, an analyst at trading firm IG Index.

“Silver has the potential to continue outperforming gold, with the metal likely to be driven by increasing industrial use and investment demand.”

In Sydney, Southern Gold closed out the week at A$0.078 a share, up four percent from the week’s open. The firm is exploring properties in Australia as well as six tenements in northeastern Cambodia.

Axiata Group Bhd, the owner of Cambodian mobile provider Hello, saw its share price drop 1.6 percent during trading on the Bursa Malaysia last week, closing out at 4.44 ringgit (US$1.44).

The firm launched its “Axiata Roam” service on Wednesday, which offers discounted rates for users travelling between countries with Axiata networks. ADDITIONAL REPORTING BY AFP

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