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Broker opens ahead of CSX launch date

Broker opens ahead of CSX launch date

DESIGNATED broker Sonatra Securities inaugurated its operations yesterday ahead of the Cambodian Securities Exchange launch next week.

Sonatra Securities is one of four firms licensed by the Securities and Exchange Commission of Cambodia to act as brokers, meaning it can buy and sell shares on behalf of clients for a fee.

Sonatra chief executive  Sorn Sokna said the launch of the firm was a reflection of the government’s efforts to launch the exchange.

“I firmly believe that Cambodia’s securities market will spur the country’s economic growth, promoting the country into the global community as well as ASEAN,” he said.

Minister of Economy and Finance and SECC chairman Keat Chhon said at Sonatra’s launch yesterday that brokers played a role that was vital to the exchange’s operation.

“It is the pride of Cambodia, having a Cambodian-owned firm participate in the process and the development of the securities market from the beginning,” he said.

The CSX would offer another source of funding for companies operating in Cambodia, Keat Chhon said.

“The securities market will be operating smoothly, successfully and fruitfully in the short term, although it needs quality, skill and professionalism from all the components of the market [to succeed],” he said.

The other firms licensed as brokers on the exchange  by the Securities and Exchange Commission of Cambodia are ACLEDA Securities, Cambodia Capital Securities and CAB Securities.

The Cambodia Securities Exchange is set to be launched  next week, after  twice being delayed.

Three state-owned companies have been tapped to list, although officials from the Phnom Penh Water Supply Authority, Telecom Cambodia and the Sihanoukville Autonomous Port have said they will not be ready until later this year.

Several private companies are also said to be considering listing on the exchange.

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