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Underwriter resets date for Grand Twins public listing

Underwriter resets date for Grand Twins public listing

Grand Twins International will list on the Cambodian Stock Exchange on June 12, according to a statement issued yesterday by underwriting firm Phnom Penh Securities (PPS).

It comes after the underwriter confirmed earlier this week that the final listing date had been pushed back from May 29 due to delays in submitting final documentation to the Cambodia Securities Exchange (CSX), which was allegedly brought on by the recent holiday period.

The PPS statement stated that the public subscriptions process, which ended May 9, had been a success and resulted in an “oversubscribed amount”. It added that the underwriter would dispatch notice to successful applicants yesterday, May 29.

“For the official announcement of the [subscription] result, which was expected to be released on 23 May 2014, is postponed for a few days due to holidays which have affected the whole operations,” the statement reads.

The latest postponement marks the second time the garment maker has had to shift its desired listing date, which was initially slated for May 8 when the firm commenced its roadshow in March.

Chhun Sambath, director of the security insurance supervision department at the Securities and Exchange Commission of Cambodia said the two-week deferral was due to both the April Khmer New Year holiday period and PPS having to process applications of many foreign investors.

“This is only small delay, and it will have no effect,” he said. “GTI had many subscriptions from abroad and they needed to process all those documents. And when the IPO is delayed earlier on, it is understandably automatic that the other dates will also be delayed.”

The SECC official added that according to the regulator’s rules, companies wishing to list on the CSX have six months to complete the IPO process and no penalty is inflicted by the change of date.

GTI’s offering of eight million shares, set at $2.41 each, stands to generate more than $19.2 million for the Taiwanese firm if fully subscribed. With the increased liquidity, GTI, which largely makes sporting apparel for Adidas and Reebok, plans to expand its operation to a new $10 million factory located outside of Phnom Penh.

GTI will be just the second company to list on the CSX since the local stock market was launched in 2012, joining the state-owned Phnom Penh Water Supply Authority.

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