PHNOM PENH, Sept 12 (Reuters) - Cambodia's parliament passed legislation on Wednesday to allow a stock market to open in 2009, another concrete step in the Southeast Asian nation's recovery from the devastation of Pol Pot's "Killing Fields".
South Korea has pledged $1.8 million in aid and technical assistance from the Seoul stock exchange to get the Phnom Penh bourse off the ground. Overall, the launch would cost $15 million, Finance Minister Keat Chhon said.
Government officials tout the planned stock exchange opening as evidence of their restructuring the economy to increase investment and drive growth. The opposition says it is just as likely to make corrupt government officials rich.
As many as 400 companies are thought to be possible candidates for flotation in the nation of 13 million.
Much of Cambodia's economy is dependent on agriculture, although it has some proven off-shore oil and gas reserves, a vibrant garment industry and booming domestic construction and telecommunications sectors.
South Korea has pledged $1.8 million in aid and technical assistance from the Seoul stock exchange to get the Phnom Penh bourse off the ground. Overall, the launch would cost $15 million, Finance Minister Keat Chhon said.
Government officials tout the planned stock exchange opening as evidence of their restructuring the economy to increase investment and drive growth. The opposition says it is just as likely to make corrupt government officials rich.
As many as 400 companies are thought to be possible candidates for flotation in the nation of 13 million.
Much of Cambodia's economy is dependent on agriculture, although it has some proven off-shore oil and gas reserves, a vibrant garment industry and booming domestic construction and telecommunications sectors.
3 comments:
Does Hun Sen will guarantee the security if he won't be the prime minister?
The answer do not try in the first three year or yourn still control Cambodia.
I really want to see how many Cambodian people will become millionaire from this so called Cambodian stock market gamble! Don’t get me wrong stock market trading is a form of gambling!
In United States, American government had persecute many high profile cases including CEO or even celebrity for doing inside trading because they know certain inside information that the public don't know!
My prediction is that there will be a lot of illegal inside trading going on because Cambodian government is the most corrupted on Earth!
"The following are examples of illegal insider trading:
•The CEO of a company sells a stock after discovering that the company will be losing a big government contract next month.
•The CEO's son sells the company stock after hearing from his dad that the company will be losing the big government contract.
•A government official realizes that the company will lose a big government contract, so the official sells the stock." http://www.investopedia.com/articles/02/061202.asp
I know there will a lot gamblings, inside tradings, money laundring etc and some honest investors will lose their shirts. But I also hope that the exchange will force the govnmt. to pass reform laws in such area as accounting; thus, improve transparency in this mafia economy. The govnmt. cannot expect international investors without carring out reforms.
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