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Power firm poised for listing on the CSX

Power firm poised for listing on the CSX

The Cambodian Securities Exchange (CSX) granted its approval for an initial eligibility review for Pestech (Cambodia) Ltd to be listed on the bourse.

According to the announcement on Wednesday, Pestech, an electric power engineering company, would become the sixth to be listed on the exchange if it meets requirements.

Lamun Soleil, director of market operations at CSX, on Wednesday said the addition of another firm is a positive sign.

“It is good for us when we have more products to sell and the investors have choices,” he said.

In order to be listed and have its securities traded on the CSX, the firm, which specialises in power transmission, will require approval from the Securities and Exchange Commission among other requirements, the announcement said.

Pestech (Cambodia), wholly owned by its Malaysian-owned parent company Pestech International, plans to raise a cash equivalent of $18 million during its initial offering on the CSX in order to expand its presence in the Indo-China region.

Pestech was last year awarded a contract to build a 230-kilovolt transmission line valued at $100 million connecting Koh Kong province’s Stung Tatai hydropower dam to Phnom Penh, according to a filing on the Malaysian stock exchange.

Currently there are five companies being trading on the exchange, of which three are state-owned enterprises.

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