VIMPELCOM, owner of Beeline, the newest entrant into Cambodia’s crowded mobile phone sector, recorded further strong gains last week on the New York Stock Exchange despite falling 2.31 percent Friday.
The stock, which has hit successive year-to-date highs this month, reached US$20.81 Monday – its highest value since September 2008 – before ending Friday trading at $19.84, a 0.3 percent increase for the week.
The Moscow-based company received assurances from the Russian government Wednesday that mobile firms would be permitted greater control of Russia’s telecoms infrastructure in future after decades of control by the Kremlin during a meeting between President Dmitry Medvedev and local businessmen. Mikhail Fridman, controlling shareholder of Alfa Group, which owns 44 percent of Vimpelcom, was involved in the discussions, Bloomberg reported.
JSM Indochina Ltd, which is investing in property development in Cambodia and Vietnam, saw its shares soar 11.11 percent in London last week to £0.70 ($1.15) after reports stakeholder Passport Capital LLC, a San Francisco-based hedge fund, called for an investor meeting to replace three senior directors over accusations they had been slow to invest in the region.
Shares in the $220 million fund were up 2.94 percent Friday.
A number of mining companies continued to fall following a surge earlier this month on the back of soaring gold prices.
Australia’s OZ Minerals, which is expected to resume drilling in Mondulkiri province after the rainy season, fell 1.59 percent in Sydney last week ending Friday at A$1.24 ($1.148).
Elray Resources, which operates mineral concessions in northern Cambodia, had a strong finish to the week with a 5.56 percent rise in its over-the-counter listing Friday as it made up for previous losses to finish up 2.7 percent to $0.19.
Posco delays IPO
Meanwhile South Korea’s Posco Engineering, which is planning a riverside development in Phnom Penh, said in an announcement last week it was delaying an initial public offering on the back of low demand in what would have been the largest listing on the Seoul exchange for three years.
The company opened a new steel factory in southern Vietnam last week that Bloomberg reported would be used to export to the rest of Southeast Asia.