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SSEZ affirms stock market listing plans remain on the table

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Sihanoukville Special Economy Zone Co Ltd (SSEZ) president Chen Jiangang (left) meets with Deputy Prime Minister Hor Namhong on November 16. Hor Namhong Facebook Page

SSEZ affirms stock market listing plans remain on the table

Sihanoukville Special Economy Zone Co Ltd (SSEZ), the developer and operator of Cambodia’s largest industrial zone in terms of size and occupancy, on November 16 reiterated its interest in listing on the Cambodia Stock Exchange (CSX), tapping into the capital market to raise more funds.

Deputy Prime Minister Hor Namhong said this following a meeting with SSEZ president Chen Jiangang.

The Sihanoukville Special Economic Zone lies on a whopping 11.13sq km in Bit Traing commune’s Pou Thoeung village in Preah Sihanouk province’s Prey Nop district.

Established in 2008, SSEZ is a partnership between by Jiangsu Taihu Cambodia International Economic Cooperation Investment Co Ltd and the Cambodia International Investment Development Group Co Ltd (CIIDG).

Last year, SSEZ said it had been preparing to list on the stock exchange, according to a statement issued by the CSX on June 20, 2019.

According to the deputy prime minister, Chen said political stability and economic growth in the Kingdom has given the special economic zone (SEZ) a shot in the arm.

He said revenue from imports and capital inflow on investment was to the tune of $1.3 billion in the first 10 months of this year, gaining 31 per cent over the same period last year.

He added that the SSEZ was eyeing the CSX to angle for more potential investors.

“SSEZ is preparing the requisite documents to list on the Cambodian bourse in a bid to sweeten the allure [of the SEZ] to international investors, first and foremost those from Europe and the US,” Chen was quoted as saying.

Thrilled as he was by the news, Securities and Exchange Commission of Cambodia (SECC) director-general Sou Socheat told The Post on November 17 that the securities regulator had not received a direct expression of interest or official letter from SSEZ on its listing plans.

“[But] we welcome any company that intends to list on the CSX, as long as it prepares its documents in accordance with the laws and regulations in force,” he said.

According to Socheat, there has been mounting interest in listing on the bourse.

Namhong pointed out the SEZ’s strategic location, near Sihanoukville Autonomous Port, which he described as an engine for the import-export sector that securely positions the southwestern coastal city of Sihanoukville as the Kingdom’s most vital economic and tourism pole.

The industrial park is on track to drive the Cambodia-China trade volume to $10 billion by 2023 and boost similar figures for other countries as well, according to him.

“I would like to voice my support for SSEZ as it forges on in its ambition to debut on the CSX, which will serve to further develop the SEZ in the near future,” Namhong said.

According to Chen, the industrial zone currently boasts 165 tenants and a 30,000-strong workforce.

After listing on the CSX, SSEZ will set its sights on the Stock Exchange of Hong Kong, he said.

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