Komfie Manalo
All Headline News Foreign Correspondent
Phnom Penh, Cambodia (AHN) - Cambodia's stock market will commence trading in 2009 as the Korea Exchange of South Korea is reportedly seeking a joint venture with the Cambodian government to develop and manage its market.
The KRX, which runs South Korea's stock market and was instrumental in the development of Vietnam's financial markets, has already sent the Cambodian government a draft memorandum of understanding to establish a joint venture to develop Cambodia's bourse
The Cambodian Press Review said KRX I seeking a 51 percent, majority stake in the country's future bourse and wants to sign a deal immediately.
Kim Bong-tae, a KRX official, said the KRX and the Cambodian government could sign the deal soon. After a deal has been completed, KRX will then train Cambodian personnel over the next three years on the procedures and the ins and outs of stock trading.
Chea Peng Chheang, secretary of state at the Cambodian Ministry of Finance, the government is rushing a draft law on stock exchange and wants to finish it in 2007. Trading is scheduled to start in 2009.
Among the preconditions in trading with Cambodia's stock market, listed companies must improve their accounting systems and confidence of the citizens by making their transactions transparent.
He said, "We must also import South Korean technology to be used for Cambodia's stock market." Cambodia wants a healthy trading in its stock market so as to attract big-time investors and the public sector.
The KRX, which runs South Korea's stock market and was instrumental in the development of Vietnam's financial markets, has already sent the Cambodian government a draft memorandum of understanding to establish a joint venture to develop Cambodia's bourse
The Cambodian Press Review said KRX I seeking a 51 percent, majority stake in the country's future bourse and wants to sign a deal immediately.
Kim Bong-tae, a KRX official, said the KRX and the Cambodian government could sign the deal soon. After a deal has been completed, KRX will then train Cambodian personnel over the next three years on the procedures and the ins and outs of stock trading.
Chea Peng Chheang, secretary of state at the Cambodian Ministry of Finance, the government is rushing a draft law on stock exchange and wants to finish it in 2007. Trading is scheduled to start in 2009.
Among the preconditions in trading with Cambodia's stock market, listed companies must improve their accounting systems and confidence of the citizens by making their transactions transparent.
He said, "We must also import South Korean technology to be used for Cambodia's stock market." Cambodia wants a healthy trading in its stock market so as to attract big-time investors and the public sector.
4 comments:
Casino in the open?
This is all good news for the public. But, at current crisis in CPP ruling party. It is a bad omen for Khmer people. We will see more suffering and corruption; this give more financial backbones for governments to inflict pains/sufferings for Khmers for mellenium. Unless, we have someone is willing to stand up ah Hun Sen regime.
If this is done incorrectly, it will be worst than a casino because the richs and the polically connected will manipulate the market to their benefits. Lack of transparency, corruption,and inside tradings are a fews thing to watch for. Be very careful with your money!!
If the South Korean dare do shit to harm Cambodia in anyway, we will invite the North Korean to confront them!
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