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

  • Angkor Wat named as the top landmark for the second year

    Travel website TripAdvisor has named Cambodia’s ancient wonder Angkor Wat as the top landmark in the world for the second year running in their Travelers’ Choice Award 2018, an achievement Cambodian tourism operators expect will attract more tourists to the Kingdom. The website uses traveller

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Hun Sen detractors ‘will die’

    Prime Minister Hun Sen on Wednesday said those who curse or insult him would eventually die without a plot of land to bury their bodies after being killed by lightning, suffering the same fate as those who recently died in Thmar Baing district in Koh

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman