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Port a step closer to 2015 IPO

Port a step closer to 2015 IPO

Sihanoukville Autonomous Port (SAP) recorded above-average revenue growth in 2014, marking the third year of consecutive profit and paving the way for a 2015 initial public offering, officials say.

SAP revenue totalled more than $44 million in 2014, up 15 per cent from $39 million in 2013, according to the state-owned enterprise’s latest financials.

“This represents the port’s great performance over the past 12 months,” Lou Kim Chhun, general director of SAP, explained.

Chhun said the port, which handles more than 60 per cent of Cambodia’s cargo traffic, had seen an average annual revenue growth rate of 10 per cent since 2012.

In 2010 and 2011, the port recorded revenue declines off the back of poor currency exchange rates between the US dollar and the Japanese yen, when the company had to repay debts to the Japanese government.

“We expect that this achievement will help increase public interest and success in listing on stock market this year,” he said, adding that SAP is actively preparing its IPO documents for submission to the Securities and Exchange Commission of Cambodia by mid 2015.

The port is required by law to record three years of consecutive profits to be considered for a public listing on the Cambodian Stock Exchange (CSX).

The CSX has attracted just two listings since it launched in 2011 – the Phnom Penh Water Supply Authority and garment-maker Grand Twins International.

Soleil Lamun, deputy director of market operations department at the CSX,

said that the port’s revenue increase reflects an increase in the country’s manufacturing and production industries’ performance.

“The port’s activities tend to correlate with the international trade and economic activities of Cambodia, which is growing,” he said.

“This performance strengthening would attract more attention from investors and it is good for SAP when it goes public.”

In 2014, cargo traffic at SAP reached 3.4 million tonnes, up 14 per cent from 3 million tonnes in 2013. The most commonly exported products included garments, rice and cassava. Imported items included industrial equipment and machinery, and construction materials.

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