Logo of Phnom Penh Post newspaper Phnom Penh Post - CSX trading postponed again until next year

CSX trading postponed again until next year

CSX trading postponed again until next year

Trading on the Cambodia Securities Exchange will be delayed once again until the beginning of 2012, Minister of Economy and Finance Keat Chhon said yesterday.

He blamed an incomplete regulatory regime and the public’s lack of confidence in the stock market as reasons for the delay, saying trading would most likely start early next year.

“It’s probably a little bit later than [the original] schedule. It will probably start trading from January,” Keat Chhon said, speaking to reporters after his speech at an International Business Chamber of Cambodia conference in Phnom Penh.

The stock exchange officially launched in July, though no companies were yet ready to list. Keat Chhon said at the time that stocks would begin trading by year’s end, before revising his outlook yesterday.

“We had been working conscientiously and still discussing some more rules and regulations to build a comprehensive rules and regulation for participants in the stock market,” he said.
“It can be in operation only if there is public confidence,” he added.

Keat Chhon also confirmed that three state-owned enterprises – Sihanoukville Autonomous Port, Telecom Cambodia and Phnom Penh Water Supply Authority – had been preparing for initial public offerings on the stock exchange.

Keat Chhon said another state-owned firm, Phnom Penh Autonomous Port, is also preparing a listing, as well as a number of private companies. However, he declined to name those private companies.

ADDITIONAL REPORTING BY REUTERS

MOST VIEWED

  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • China-Cambodia tourism forum held

    The Cambodian tourism sector must be prepared to welcome a growing number of Chinese tourists, as they lead the globe in the number of outbound travellers and were responsible for the most visitors to the Kingdom last year, the country’s tourism minister said on