Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom's big businesses take stock of CSX delay

Kingdom's big businesses take stock of CSX delay

Kingdom's big businesses take stock of CSX delay

WOULD-BE players in Cambodia’s planned stock exchange welcomed news that the bourse has been postponed until July as “the right
decision”.

According to a release from the Finance Ministry issued Tuesday, the government of Cambodia and South Korea will launch Cambodia Securities Exchange by July 2011 “at any cost” after delaying the planned end-of-year deadline.

“The postponement is the right decision because if the government rushes to do it when rules and regulations are not in place, the operations will not be done well,” In Channy, president and CEO of ACLEDA bank, said yesterday.

ACLEDA bank is among 22 companies that have applied for a licence as a securities firm in the upcoming bourse. It has yet to hear whether it has been approved.

In December, the government announced that three state-owned enterprises would prepare themselves to list in the bourse: Sihanoukville Autonomous Port, Phnom Penh Water Supply Authority and Telecom Cambodia.

Lou Kim Chhun, Chairman and CEO of Sihanoukville Autonomous Port, said yesterday that the finance ministry was well-aware of the economic situation and always thought about the interest of the nation.

“If the finance ministry requires us to list later next year, it would be fine,” he said.

The decision would also give the company time to meet requirements for listing.

The port still needs an auditor to examine financial statements in order for it to meet international accounting standards.

Ek Sonn Chan, director general of PPWS, said that although the stock market was slated to launch by July, that did not meant that PPWS would list straight away – despite only needing to “adjust” its management system in order to meet with CSX requirements.

“We list only if we need capital,” he said.

Lao Sareoun, TC’s director general, could not be reached for comment yesterday.

The decision to postpone CSX, the government said, was made to adapt to the fragile nature of the global economic recovery.

MOST VIEWED

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • PM warns EU and opposition on 34th anniversary of his rule

    HUN Sen reached the milestone of 34 years as Cambodian prime minister on Monday and used the groundbreaking ceremony for a new ring road around Phnom Penh to tell the international community that putting sanctions on the Kingdom meant killing the opposition. “Please don’t forget