PHNOM PENH, Feb. 13 (Xinhua) -- The Korea Exchange (KRX) and the Cambodian government will sign an official agreement next week to help launch the kingdom's proposed stock exchange market in December, national media said on Friday.
Three state-owned enterprises were likely to be the first to list on the bourse after its expected inauguration, English-language daily newspaper the Phnom Penh Post quoted KRX manager Inpyo Lee as saying.
Formalizing the arrangement would make legally binding on both parties and move the exchange a step closer to reality, said Lee.
"It is just a gentlemen's agreement," he added.
The capital contribution of each side was confidential at this stage, but the Cambodian side would own 55 percent of the exchange and KRX of South Korea would control the remaining 45 percent, he said.
The exchange was on track for a December launch, provided the companies slated to be listed could complete preparation on time, he said.
"It is critical (that they are ready)," he said, adding that listing rules would be issued in March.
Due to the current global financial crisis, the Cambodian government once admitted postponement of inaugurating the market, but later denied it and insisted that the plan would go on as expected.
Three state-owned enterprises were likely to be the first to list on the bourse after its expected inauguration, English-language daily newspaper the Phnom Penh Post quoted KRX manager Inpyo Lee as saying.
Formalizing the arrangement would make legally binding on both parties and move the exchange a step closer to reality, said Lee.
"It is just a gentlemen's agreement," he added.
The capital contribution of each side was confidential at this stage, but the Cambodian side would own 55 percent of the exchange and KRX of South Korea would control the remaining 45 percent, he said.
The exchange was on track for a December launch, provided the companies slated to be listed could complete preparation on time, he said.
"It is critical (that they are ready)," he said, adding that listing rules would be issued in March.
Due to the current global financial crisis, the Cambodian government once admitted postponement of inaugurating the market, but later denied it and insisted that the plan would go on as expected.
7 comments:
Stock exchange market without the rule of law and functional institutions for this rule of law, and pervasive corruption in all walks of life?!
I wish it all success, though.
LAO Mong Hay, Hong Kong
It's very sad for population Cambodia...Hanoi PhD they din't know how to run economic... They know how to kill there own people...
Cheers,
Student in Cambodia
These people with the regime must be fucking crazy to have thought about openning the stock exchange in Cambodia during the tumultuous economy.
I recommend to call our stock exchange as PHNOM PENH STOCK EXCHANGE "PPSC" or "PPSX" or "P2X"
That would be nice!!!
What rule of law do you need, Dr Lao?
The US got everything you can think off, but they are still corrupted.
Stop living in the textbook, will ya?
11:24,
One rule would be, government cannot hide stats like the CPP did this Summmer when the inflation number was high. In the future, who will have access to those economics number since those stats can move market?
Or how about inside trading rule. With all the major businesses are owned and operated by cronies and families of the CPP, will investors be properly or equally treaded?
11:24 you stupid PhD from Hanoi why you talk so dumb? You mothe may delevered you from her behind.
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