Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian, Thai firms form business alliance

Cambodian, Thai firms form business alliance

Cambodian, Thai firms form business alliance

SBI Royal Securities, a subsidiary of Japanese-based SBI Holdings, has concluded a basic agreement to form a business and capital alliance with one of Thailand’s leading securities firms, in a move that could attract more investment from Cambodia’s northern neighbour.

The agreement with Thailand’s Finansia Syrus Securities will help underwriter SBI Royal to acquire “investment banking business know-how and expertise” from a company that boasts a “top record in IPO underwriting,” according to a statement yesterday. “Meanwhile, Finansia Syrus Securities is planning to expand business in Cambodia in order to tap into the country’s rapid economic growth, relative to other Asian countries, as well as the expected increase in IPO transactions.”

Sok Dara, deputy director general of the Securities and Exchange Commission of Cambodia, welcomed the deal and said it will contribute to strengthening the country’s nascent securities market.

So far, only one entity, the Phnom Penh Water Supply Authority, has listed on the Cambodia Stock Exchange.

“Whenever there is a merger or cooperation, even in terms of capital or technical capacity, our stance as the regulator is to support them because the market will be more open to customers. Another thing, the new partner will help to enhance or exchange their techniques to improve the local firms here,” he said.

“In addition, we welcome Finansia Syrus Securities in our market because since we opened we don’t have any Thai securities firms apply for an operating licence. So their presence will definitely attract more Thai investors as well as their businessmen to consider investing in the market.”

He said the SECC will have to sign off on the deal before approving it.

Finansia Syrus Securities operates 40 branches throughout Thailand. SBI Phnom Penh Securities (SBIPP), which was established in February 2010, became the first Japanese financial institution to operate a securities business in Cambodia. In December 2011, SBIPP merged with the Royal Group’s securities unit to form SBI Royal Securities Plc.

MOST VIEWED

  • Man arrested for fake PM endorsement

    The owner of currency exchange company GCG Asia Co Ltd was temporarily detained by the court yesterday for attempted fraud after Prime Minister Hun Sen reacted to the company using his name and pictures to allege his endorsement of the firm. Phnom Penh Municipal Court

  • Archeologists find ancient phallic statue

    An archeological team has found a metre-long tipless stone linga (penis) of the Hindu deity Shiva in the foundations of a temple in Kratie province’s historical Samphu Borak area, a former capital of the pre-Angkor Empire Chenla period. Thuy Chanthourn, the deputy director of

  • China steel company relocates to Cambodia

    Chinese state-owned iron and steel company China Baowu Steel Group Corp Ltd has unveiled plans to relocate its blast furnaces from Xinjiang Autonomous Region in the northwest of China to Cambodia, which will be the first overseas Baowu production plant, a Reuters report on Wednesday

  • Sihanoukville authority orders structure dismantled

    The Preah Sihanouk provincial administration has ordered owners of two unauthorised construction sites to immediately dismantle them and warned of legal action if the owners failed to comply. Ly Chet Niyom, development management and construction bureau chief at the provincial hall, told The Post on