Logo of Phnom Penh Post newspaper Phnom Penh Post - Opening of bourse delayed to next year

Opening of bourse delayed to next year

Opening of bourse delayed to next year

Daejeon, South Korea
CAMBODIA’S stock exchange should open next year, Finance Minister Keat Chhon said this week, despite a previous goal of opening by the end of 2010.

The stock market “should be next year, but saying that we will discuss more with our partner”, Keat Chhon said Monday when asked whether the bourse would meet its planned 2010 launch date.

The minister’s comment at an International Monetary Fund conference in Daejeon, South Korea, marked the first time a government official had said publicly that the second launch date was in doubt, after an initial 2009 deadline was not met.

Previously, growing concern from the business community about whether the Cambodian Stock Exchange could open this year – the bourse building in Phnom Penh’s Camko City has yet to be constructed – had been met with assurances that the project was on-track.

Keat Chhon said that there were both internal and external factors affecting the exchange – such as the global impact of the sovereign debt crisis in Greece and the importance of preparing well domestically.

“We have to be careful for preparation to avoid problems,” he said, declining to comment further.

Some elements of the stock exchange still appear on track to be ready by December.

Inpyo Lee, project director of Korean Exchange, which holds a 45 percent stake in the CSX in a joint-venture with the government, said Monday that the administrative offices of the exchange would open in 2010.

He refused to be drawn on whether this would include the bourse itself.

Ming Bankosal, director general of the Securities and Exchange Commission of Cambodia, speaking in South Korea, said the results of a private-sector survey on the currency requirements for listings would be released in August.

ADDITIONAL REPORTING NGUON SOVAN

MOST VIEWED

  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group