Logo of Phnom Penh Post newspaper Phnom Penh Post - Still no date for launch of bourse, admits govt

Still no date for launch of bourse, admits govt

Still no date for launch of bourse, admits govt

ALTHOUGH the government’s self-imposed end-of-year deadline for opening a stock exchange is now just over two months away, Minister of Finance Keat Chhon said Tuesday there is still no specific launch date.

Speaking after a training workshop on securities regulators held in Phnom Penh, Keat Chhon said that progress had been made by Securities and Exchange Commission of Cambodia (SECC) officials and the private sector.

“We are not delayed; we are doing it, but there is no specific schedule for when [the exchange] will launch,” he said, adding it was simple to sign agreements on the bourse, but more difficult to fulfil requirements in practice.

“Only when corporate governance is good will the [securities] market open. Now we are getting stuck with many issues,” he said.

The ministry recently rejected architectural designs for the stock exchange building, forcing designers World City Co Ltd of South Korea to rework the plans ahead of a projected groundbreaking next month. According to this schedule, the structure would not be ready for use until about this time next year, World City Vice President Duk-kon Kim said previously.

Chan Narith, director of the SECC’s Department of Securities Market Supervision, said that six sectors would be prioritised for initial public offerings on the exchange – agriculture; physical infrastructure, including transportation and telecoms; utilities; human resource development; the export industry; and tourism.

“Because the securities sector is new for Cambodia, so public awareness, investor education and strong communication … are still limited,” he said.

MOST VIEWED

  • WHO: Covid in Cambodia goes into new phase

    The World Health Organisation (WHO) in Cambodia said that Cambodia has reached a new phase of the pandemic with “decreasing case numbers, high vaccination coverage and a more transmissible circulating variant threatening a hidden surge”. In a press release on September 6, the WHO said that

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • 'Pursue your goals, reach out to me': Young diplomat tapped as envoy to South Korea

    Chring Botum Rangsay was a secretary of state at the Ministry of Foreign Affairs and International Cooperation before being designated as the new Cambodian ambassador to South Korea. According to her official CV published on the foreign ministry’s website, she started her first government

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • School reopening ‘offers model for other sectors’

    World Health Organisation (WHO) representative to Cambodia Li Ailan said school reopening process should be used as a role model for reopening other sectors currently mothballed by the Covid-19 pandemic. Li strongly supports the government’s decision to reopen schools, saying it is a decision

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.