Logo of Phnom Penh Post newspaper Phnom Penh Post - Capital’s port on course for IPO

Capital’s port on course for IPO

Boats are loaded with containers at the Phnom Penh Autonomous Port in 2012.
Boats are loaded with containers at the Phnom Penh Autonomous Port in 2012. Heng Chivoan

Capital’s port on course for IPO

Cambodia Securities Exchange (CSX) will hold a meeting next week to review the submitted financial statements of Phnom Penh Autonomous Port (PPAP), Cambodia’s second-largest port, and to consider its eligibility to list and trade its securities on the stock exchange, a CSX official said yesterday.

Soleil Lamun, acting director of market operations at the exchange, said CSX boardmembers will meet on September 22 to review PPAP’s listing documents, which include the company’s profile and financial statements.

He said the board is expected to approve PPAP’s listing application before referring it to the market regulator.

“CSX will issue the permission in principle, and PPAP will then submit [its documents] to the Securities Exchange Commission of Cambodia [SECC] for final approval,” he said.

If approved, PPAP could become the third company to launch an initial public offering (IPO) on Cambodia’s fledgling stock exchange.

State utility Phnom Penh Water Supply Authority (PPWSA) listed in 2012 and Taiwanese garment manufacturer Grand Twins International launched an IPO in June last year.

Soleil said the inclusion of PPAP on the bourse would make CSX more attractive to investors.

“Our exchange will have [more listed companies], which is a good point for investors, who will have more alternatives,” he said

PPAP has said it will use the funds it raises in a public offering to finance the second stage of development of a new port in Kien Svay, Kandal province.

The state-owned enterprise launched the first stage of the project in 2013, spending more than $28 million provided by the Chinese government.

Kong Channy, secretary to the chairman of PPAP in charge of the company’s IPO process, said he is confident that the port operator will receive the green light for a public offering, and expects it to list on the exchange by November.

“We hope that it will go according to plan, but may have to postpone it for a week or two,” he said.

MOST VIEWED

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Banteay Meanchey flood victims receive aid

    Prime Minister Hun Sen on Wednesday provided aid to more than 10,000 families affected by flooding in Banteay Meanchey province’s Mongkol Borei district and offered his condolences to the 18 victims who drowned in the province over the past week. He said flooding had occured in

  • Angkor provides ‘valuable’ water storage

    The Apsara National Authority (ANA) has stored millions of cubic metres of water at reservoirs in the Angkor area after Cambodia experienced a series of rainstorms over the last few days. The storing of the water, besides serving temple conservation, will also be used to

  • PM urges caution as Polish man tests positive for Covid

    The Ministry of Health on Wednesday reported that a 47-year-old Polish man tested positive for Covid-19 after arriving in Cambodia on Monday. There are a total of six Covid-19 patients currently in the country, all of whom are being treated at the Khmer-Soviet Friendship Hospital

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from