Logo of Phnom Penh Post newspaper Phnom Penh Post - Koreans eyeing bank IPO

Koreans eyeing bank IPO

Content image - Phnom Penh Post
Korean investors express their excitement as Acleda Bank Plc – one of Cambodia’s largest banks – prepares to list on the Cambodia Securities Exchange’s (CSX’s) main board. Hong Menea

Koreans eyeing bank IPO

Korean investors are looking forward to investing in the local stock market as it prepares to welcome Acleda Bank Plc into its main board.

With Acleda Bank, one of the largest banks in the Kingdom, scheduled to go public in upcoming weeks, hundreds of Korean businesspeople and investors joined a seminar in Phnom Penh on Wednesday entitled ‘Acleda Bank Plc is going IPO’.

Phnom Penh Commercial Bank president Shin Chang-moo said Acleda Bank’s initial public offering (IPO) has raised considerable interest among the Korean community in Cambodia because the bank is a leading player in the thriving local banking sector.

“This is the first IPO in the commercial sector in Cambodia. Acleda Bank is leading the way for all commercial banks in the Kingdom.

“Acleda Bank has lots of potential to grow. As the number one Cambodian bank, it consistently generates a lot of revenue. I am sure investors are very interested,” said Shin.

He said investors can’t wait for the IPO, particularly now that Acleda Bank has announced that individuals can become shareholders. This, he said, is a positive step for the local securities market and for the economy.

Cambodia Securities Exchange (CSX) chief operating officer Ha Jong-weon agreed that anticipation among Koreans is high.

“Many big Korean institutional investors have bought local banks in the past, but so far, individual Korean investors have never been given a chance to participate.

“A lot of Korean investors living here are asking about this IPO. I believe this seminar will provide the information they need to decide whether to buy the bank’s shares or not,” Ha said.

Acleda Bank president and group managing director In Channy said the IPO was historic. “Acleda Bank Plc will become the first bank in Cambodia to join CSX. This seminar is a great opportunity for potential investors to learn about the securities sector in Cambodia.”

From a national NGO meant to provide credit to small enterprises, the bank has increased its capital 700-fold and its net profit nearly 2,000-fold in the last 27 years. Its assets are now valued at $6 billion.

Acleda Bank was the first Cambodian commercial bank to be granted permission in principle to issue securities on CSX on November 26.

MOST VIEWED

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Phnom Penh curfew starts today

    A two-week curfew from 8pm to 5am starts today in Phnom Penh, a day after a sub-decree detailing administrative measures to contain Covid-19 was issued by Prime Minister Hun Sen. “Travelling in Phnom Penh is temporally banned between 8pm and 5am,” said Phnom Penh governor

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Cambodia gears up for muted New Year festival

    The recent curfew and restrictions imposed in the capital and other Covid-19 hotspots were intended to break the chain of transmission, Ministry of Health spokeswoman Or Vandine said as municipal and provincial authorities issued new directives banning certain activities during the upcoming Khmer New Year

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting

  • Covid-19 vaccination now obligatory

    Prime Minister Hun Sen on April 11 issued a sub-decree making Covid-19 vaccination compulsory for individuals unless they have a medical certificate proving they have pre-existing health conditions that prevent them from doing so. «This applies to all members of the armed forces and civil servants