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

  • Government hits back at threats to pull EBA, suspend UN seat

    The spokesman for the ruling Cambodian People’s Party (CPP) has said the government is in no way concerned after the European Parliament gave it three months to reverse what it called the “systematic repression of the political opposition”. Ignoring the ultimatum could mean facing

  • Chinese influx pushing locals, Westerners out of Preah Sihanouk

    Some within the Kingdom’s tourism industry have speculated that the recent influx of Chinese visitors may hinder domestic tourism as the price of accommodations in the coastal city of Sihanoukville continues to rise. Preah Sihanouk province, which has become a hotbed for Chinese investment

  • Sar Kheng: Sokha requested security

    Interior Minister Sar Kheng on Sunday revealed the story behind the transfer of former opposition party leader Kem Sokha from Trapaing Phlong prison in Tbong Khmum province to his house in the capital. Speaking at the ruling Cambodian People’s Party (CPP) headquarters in Prey

  • ‘Dire consequences’ from sanctions, warns AmCham

    American businesspeople in Cambodia have warned that any sanction against the Kingdom would have “dire consequences” that could push Cambodia even further into the arms of China. In a letter to US senators and representatives dated Monday, the American Chamber of Commerce Cambodia (AmCham) said