Logo of Phnom Penh Post newspaper Phnom Penh Post - Twenty five per cent stake in Acleda Bank almost ready

Twenty five per cent stake in Acleda Bank almost ready

Content image - Phnom Penh Post
‘Many people want the chance to invest in Acleda, apart from depositing their money in the bank’, ASA chairman Neth Piseth said . Post staff

Twenty five per cent stake in Acleda Bank almost ready

Twenty-five per cent stake in Acleda Bank will be offered to the public next month as stakeholder ASA Plc confirmed on Monday that it is almost ready to list the shares on the Cambodia Securities Exchange (CSX).

ASA chairman Neth Piseth said on Monday that his company had completed about 96 per cent of the process for the share’s listing and expressed confidence they will be ready for trading in November.

Piseth said the only work remaining was to determinate the price of the shares and obtain approval from the Securities and Exchange Commission of Cambodia (SECC).

"Making ASA’s shares available to the public has been a long time coming. Many people want the chance to invest in Acleda, apart from depositing their money in the bank,” he said.

However, Piseth could not disclose the share price at listing since it is still being discussed with experts, including CSX officials.

Shareholder

Established in 2000, ASA owns over 25 per cent of Acleda and is itself owned by more than 10,000 shareholders, mostly Acleda employees.

A profile published in August last year said ASA is the second largest Acleda Bank shareholder, while Acleda Financial Trust is the largest with a 26 per cent stake.

It was also reported that ASA’s share capital last year was $89.6 million.

A prakas from the National Bank of Cambodia (NBC) in September last year said financial institutions could issue equity securities with a maximum of 20 per cent of the company’s voting share.

They could also issue debt securities at a rate that does not exceed 20 per cent of total assets. However, the central bank noted that financial institutions can only issue equity and debt securities with the permission of the NBC.

Piseth said yesterday that ASA is not a financial institution, but a shareholder in Acleda bank. Hemce, it does not require the NBC’s approval. However, he said the firm had already notified the NBC of its plan to list on the CSX.

CSX Listing and Disclosure Department director Lamun Soleil said yesterday that ASA’s shares would help to activate the securities market. He said the pricing of ASA’s shares is being thoroughly discussed as CSX wants to ensure it is reasonably priced.

“There’s also a concern that the price could decrease if existing shareholders rush to the market to sell their shares for capital gain."

“However, they could actually enjoy higher prices and get better benefits if they wait, as long as Acleda keeps growing in the foreseeable future,” he said.

MOST VIEWED

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement

  • Cambodia detects new Covid cases after 52 days: PM

    After 52 days of zero new Covid-19 cases, Cambodia has now detected new infections, according to Prime Minister Hun Sen. In his special audio address to the nation late on June 28, Hun Sen said the new cases were detected on people who had undergone PCR tests

  • Gold-covered boundary stone found within Angkor Thom’s West Gate

    The Apsara National Authority (ANA) announced that their working group in charge of restoration work at Angkor Thom's Takav Gate or the West Gate recently found an ancient stone slab commonly known as a boundary stone. The boundary stone is 53 cm by 53 cm and 12 cm

  • Higher education leaders tour US

    With support from the US Department of State, 10 Cambodian leaders in higher education participated in the 10-day International Visitors Leadership Programme (IVLP) in three US states from June 19 to July 1. They included nine university rectors and directors of higher education institutions who are members of