Logo of Phnom Penh Post newspaper Phnom Penh Post - New underwriter launches

New underwriter launches

New underwriter launches

Chairman of Phnom Penh Securities, Kay Vat
Chairman of Phnom Penh Securities, Kay Vat, celebrates its launch yesterday. Photo by: Wesley Monts

PHNOM Penh Securities opened its doors yesterday, becoming the third of seven approved underwriters to open ahead of the planned launch of the Cambodian stock exchange later this year.

Chairman of the firm, Kay Vat, said a key focus of the business would be guiding foreign firms planning to invest in the Kingdom’s listed companies.

“Especially, my company is focusing on marketing to other countries,” he said at the launch of Phnom Penh Securities on Monivong Boulevard in Daun Penh district yesterday.

A press release claimed US$10 million in net capital, financed through local and international shareholders, and added that its operations team came from Taiwan, Hong Kong and China as well as the Kingdom.

The names of shareholders in Phnom Penh Securities were not revealed yesterday.

The firm added hopes it could “assist Cambodia to become the financial centre of South East Asia” in a statement.

Underwriters are approved to trade on the exchange, as well as providing advice for companies looking to issue securities on the exchange.

The stock exchange – which is planned to launch in July of this year – is a long-term source of investment for the Kingdom, Securities and Exchange Commission of Cambodia director general Ming Bangkosal said at the launch yesterday.

The government was working hard to ensure investors in the planned bourse were ensured transparency, accountability, and security, he said.

“The Phnom Penh Securities Company is prepared and in the market for Cambodia,” he said. Speaking on the event sidelines, Ming Bankosal said educating Cambodians about the role of an exchange could be challenging, but added that exchanges were difficult ideas to understand even in developed countries.

The other six companies approved as underwriters were Tong Yang Securities (Cambodia), OSK Indochina Securities, CANA Securities, Campubank Securities, Cambodia-Vietnam Securities, and SBI Phnom Penh Securities.

MOST VIEWED

  • WHO: Covid in Cambodia goes into new phase

    The World Health Organisation (WHO) in Cambodia said that Cambodia has reached a new phase of the pandemic with “decreasing case numbers, high vaccination coverage and a more transmissible circulating variant threatening a hidden surge”. In a press release on September 6, the WHO said that

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • 'Pursue your goals, reach out to me': Young diplomat tapped as envoy to South Korea

    Chring Botum Rangsay was a secretary of state at the Ministry of Foreign Affairs and International Cooperation before being designated as the new Cambodian ambassador to South Korea. According to her official CV published on the foreign ministry’s website, she started her first government

  • School reopening ‘offers model for other sectors’

    World Health Organisation (WHO) representative to Cambodia Li Ailan said school reopening process should be used as a role model for reopening other sectors currently mothballed by the Covid-19 pandemic. Li strongly supports the government’s decision to reopen schools, saying it is a decision

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.