Cellcard head office in Phnom Penh. Heng Chivoan
Cellcard (CamGSM), one of Cambodia’s leading mobile operators, has received final approval for its imminent green bond listing on the Cambodia Securities Exchange (CSX) this month.
Sou Socheat, director-general of the Securities and Exchange Regulator of Cambodia (SERC), told The Post on November 7 that CamGSM, which has previously listed securities on the CSX, has received the body’s authorisation to list its green bond within the month after a thorough review by his technical team.
“SERC has given the green light for the listing of the bond on the CSX. The company must now advance through additional processes including subscription and a roadshow. They are expected to announce their schedule to the public next week, and we are hopeful they will be able to list on the exchange by month’s end,” he said.
Hong Sokhour, CEO of the CSX, noted on November 7 that CamGSM has been diligently preparing for the listing of their sustainability bond.
“Their preparations suggest they will meet the end-of-month target,” he said.
“Previously, the company was able to raise around $5 million through securities issued on our bourse. However, with the forthcoming green bond, they are expected to raise over $10 million, as big investors have shown interest in the green bond, attracted by the prospects of a higher interest rate,” he added.
The Cambodia Sustainable Bond Accelerator (CSBA) initiative was launched in March of 2023, according to the UN Economic and Social Commission for Asia and the Pacific (UNESCAP).
The programme is a collaboration between UNESCAP, the Global Green Growth Institute (GGGI), SERC, the Credit Guarantee and Investment Facility (CGIF) and GuarantCo, which is a member of the Private Infrastructure Development Group (PIDG).
The initiative selected three private sector bond issuers – Golden Tree (GT), Amret Plc, and Royal Group’s Phnom Penh Special Economic Zone (PPSEZ) – to receive support in issuing green and sustainability bonds in 2023.
Amret, a Cambodian microfinance institution, is set to issue a sustainability bond worth $50 million, while real estate firm GT is backed to launch its second green bond of $25 million for eco-friendly building projects. The publicly-listed PPSEZ will be aided in issuing a $20 million sustainability bond, as per the UNESCAP.
