Logo of Phnom Penh Post newspaper Phnom Penh Post - Total weathers French storm

Total weathers French storm

Total weathers French storm

OIL firms, property investors and hoteliers with interests in Cambodia had mixed fortunes on international markets last week, as strikes hit Europe while companies looked towards Asia for expansion plans.

Mass labour strikes across France shut 12 oil refineries and temporarily brought down stock price for oil giant Total – which has exploration interests in Block III in the Gulf of Thailand.

Total SA, also parent company of Total Cambodge, saw its share price on the New York Stock Exchange drop 1.8 percent to US$52.42 on Tuesday’s opening as the news of strikes at France’s oil refineries spread through the market.

Total, France’s biggest refiner, recovered better than its counterparts partly driven by an announcement on Wednesday of a “significant new gas and condensate discovery” in Brunei. Its share price climbed 1.7 percent on the day immediately following the news before settling back to its opening price.

Total ultimately rose 2.2 percent over the week to close at $54.88 on Friday, in spite of labour disputes continuing throughout the week.

Meanwhile, regional property fund manager JSM Indochina climbed 6.9 percent to $0.31 on Monday, where it remained all week, after announcing it had a buyer for its 49 percent interest in Vietnam-based Hieu Duc property. London-listed JSM, which is looking to sell its entire Cambodian portfolio, will receive $12.3 million for the sale.

The InterContinental Hotels Group, which has a hotel in Phnom Penh, saw its share price climb in New York after reports on Thursday it was planning to double the number of hotel rooms in greater China.

Already the world’s largest hotelier by rooms, the group’s shares jumped 1.4 percent on Friday’s open to $18.88 and hit a 52-week high of $18.93 before settling back to close the week at $18.80.

The company planned to add about 50,000 rooms in China, Hong Kong, Macau and Taiwan in the next three to five years, reports said. The group’s share price has climbed 37.7 percent in the last 12 months.

On the medical front, the world’s largest pharmaceutical company Pfizer, which imports medicinal drugs to the Kingdom, saw its share price climb after announcing it would buy pain-killer manufacturer King Pharmaceuticals for $3.6 billion.

Pfizer shares rose 10 cents to $17.48, while King surged $3.99, or 39 percent, to $14.14 on the NYSE on Tuesday. Pfizer closed Friday at $17.75 – 1.66 percent up on its Monday open. ADDITIONAL REPORTING BLOOMBERG


  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • Sam Rainsy, government group set to clash at IPU Geneva meet?

    Opposition figure Sam Rainsy has been invited to speak at the General Assembly of the Inter-Parliamentary Union (IPU) in Geneva, according to a former Cambodia National Rescue Party (CNRP) lawmaker. A government delegation is also set to attend the meeting, a National Assembly press release