Logo of Phnom Penh Post newspaper Phnom Penh Post - Phnom Penh Port aims for November listing

Phnom Penh Port aims for November listing

Phnom Penh Port aims for November listing

The Kingdom’s second-largest port, Phnom Penh Autonomous Port, is aiming to be listed on the Cambodia Securities Exchange by this November, which would help raise funds for the development of a new terminal, a senior port official said yesterday.

Hei Bavy, director general at Phnom Penh Autonomous Port (PPAP), said the port has come a long way in improving internal working systems and changing its accounting practices to comply with international standards.

“It has taken us some time for these preparations. We have made good progress since starting this project more than a year ago,” Bavy said. “With the money we get from the listing, we are planning to expand the second phase of development at a new terminal in Kandal – and the project is expected to be worth around $10 million.”

The public offering, which is being managed by Yong Yang Securities, will help increase the terminal’s capacity to 300,000 containers, from the 150,000 developed during the first phase.

Although PPAP, a state-owned enterprise, received government approval to list last year, Bavy said preparations have been under way for the last few years. He declined to reveal the size of the issue and resulting valuation of the business.

“We have to wait for the last evaluation from independent accounting firm.”

Svay Hay, president and CEO of Acleda Securities, said that state-owned enterprises can build trust among the public, as witnessed with the oversubscription of Phnom Penh Water Supply Authority.

“Many [people] trust state-owned enterprises in the Kingdom. Therefore it will be attractive, especially for income investors who focus on sustainability and high dividend yield,” he said.

In Early January 2013, the PPAP launched a new terminal in Kien Svay district of Kandal province and paid for by the Chinese. The terminal, which cost more than $28 million, is about 30 kilometres from the existing port in Phnom Penh. The port expects to generate nearly $2 million per year from charges on the servicing of cargo at the port.

MOST VIEWED

  • Stock photo agencies cash in on Khmer Rouge tragedy
    Stock-photo companies selling images from S-21 raises ethics concerns

    A woman with short-cropped hair stares directly into the camera, her head cocked slightly to the side. On her lap is a sleeping infant just barely in the frame. The woman was the wife of a Khmer Rouge officer who fell out of favour, and

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the