Logo of Phnom Penh Post newspaper Phnom Penh Post - CSX technically ready for listing

CSX technically ready for listing

CSX technically ready for listing

120113_07

Heng Chivoan/ Phnom Penh Post
Hong Sokhour, CEO of the Cambodia Securities Exchange, gives a stock-trading demonstration yesterday at the CSX in Phnom Penh.

The final technical aspects of the Cambodian Securities Exchange were completed yesterday, readying the exchange for listing and trading, government officials said.

A date for the initial public offerings of the three companies expected to list on the exchange was not disclosed.

“The securities market infrastructure is now complete,”  Economy and Finance Minister Keat Chhon said during an exchange simulation yesterday, explaining that securities firms and banks were connected via the CSX IT system.

In a separate training session late yesterday, officials from the Securities and Exchange Commission of Cambodia (SECC) met with leaders from the three expected listers –Phnom Penh Water Supply, Telecom Cambodia and Sihanoukville Autonomous Port – to discuss corporate governance.

Officials have attributed the delays in listing on the exchange, which officially opened in July, to a lack of familiarity with standard trading procedures among companies.

Company transparency and accountability to stakeholders was a main concern at yesterday’s training session.

“Effective corporate governance is essential to a well-functioning public market,” Ruwan Hulugalle, a market-entry consultant, said during the session. “It maintains the trust and confidence of shareholders and investors.”

Lim Channa, acting head of the corporate governance division of the SECC, said companies were still in the process of selecting independent and non-executive directors, one of the SECC’s benchmarks for meeting good governance standards.

Lao Saroeun, director-general of Telecom Cambodia, said forming the board of directors was a challenge, given that the process started from scratch.

MOST VIEWED

  • US to ramp up sanctions after ‘flawed’ national polls

    At a press conference on Wednesday, the US State Department announced that it would expand visa sanctions on the Cambodian officials and individuals it deems responsible for “undermining democracy” in Cambodia. At the briefing, spokesperson Heather Nauert reiterated that the department regarded the July 29 elections

  • Final poll results confirm first single-party Assembly

    IN an unprecedented situation in Cambodian politics, the official results of the July 29 national elections have declared that the Cambodian People’s Party (CPP) will take all 125 seats in the National Assembly on the back of it receiving 76 per cent of the votes. The National

  • PM's Bodyguard commander hits back at US

    The commander of Prime Minister Hun Sen’s Bodyguard Unit (BGU) Hing Bun Heang on Sunday dismissed a short video clip that went viral on social media in which he says he is preparing for a war with the United States over its aggressiveness towards

  • Chinese influence to sweep Kingdom?

    Growing Cambodia-China ties have seen the latter’s influence sweep across the Kingdom through increased investments and tourism. The Asian giant has become the leading source of foreign funds in Cambodia, fuelling the construction sector with huge casino and hotel projects. Much of the growth