Login Register

Logo of Phnom Penh Post newspaper Phnom Penh Post - Canadians paid $103M for ABA stake: source

Canadians paid $103M for ABA stake: source

| Publication date 11 May 2016 | 07:18 ICT

Canadians paid $103M for ABA stake: source

The National Bank of Canada paid $103 million to increase its stake in Cambodia-based Advanced Bank of Asia (ABA Bank) from 42 per cent to 90 per cent, the Canadian press said yesterday, reporting on the acquisition announced on Monday.

National Bank of Canada took a controlling stake in ABA Bank with the share purchase, raising its total investment in the bank to $148 million.

A previous version of this article incorrectly stated that National Bank of Canada had acquired an additional stake in ABA Bank by purchasing shares from the bank's CEO, Askhat Azhikhanov. Records show, however, that Mr. Azhikhanov is not a shareholder in the bank. The Post apologises for any inconvenience caused.

MOST VIEWED

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Phnom Penh curfew starts today

    A two-week curfew from 8pm to 5am starts today in Phnom Penh, a day after a sub-decree detailing administrative measures to contain Covid-19 was issued by Prime Minister Hun Sen. “Travelling in Phnom Penh is temporally banned between 8pm and 5am,” said Phnom Penh governor

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Cambodia gears up for muted New Year festival

    The recent curfew and restrictions imposed in the capital and other Covid-19 hotspots were intended to break the chain of transmission, Ministry of Health spokeswoman Or Vandine said as municipal and provincial authorities issued new directives banning certain activities during the upcoming Khmer New Year

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting

  • Covid-19 vaccination now obligatory

    Prime Minister Hun Sen on April 11 issued a sub-decree making Covid-19 vaccination compulsory for individuals unless they have a medical certificate proving they have pre-existing health conditions that prevent them from doing so. «This applies to all members of the armed forces and civil servants

Related articles