PHNOM PENH, Feb 3 (Reuters) - Prime Minister Hun Sen said on Wednesday three state firms could be among the first to list on Cambodia's new stock market, although an official involved in the project said it may not be ready until the end of the year.
"Our Cambodia is creating a stock market, its headquarters are almost finished," Hun Sen told more than 1,000 accountancy graduates in Phnom Penh.
"So, in a short time, we will have a stock market, and some state firms and private enterprises will get listed there."
Hun Sen mentioned three candidates for a listing -- Sihanoukville Autonomous Port, the Phnom Penh Water Supply Authority and Electricite du Cambodge, the state power company.
The finance ministry has previously suggested the port operator, the water utility and Telecom Cambodia, the national phone company, could seek a listing.
The exchange will be in a new financial district being built by South Korean-backed World City on the outskirts of Phnom Penh, the capital of the Southeast Asian country.
It was supposed to open in September 2009. When that date passed, government officials mentioned January or February as a possible start date for trading, even if the headquarters wasn't fully ready by then.
Ming Bankosal, director general of the Securities Exchange Commission of Cambodia, told Reuters on Wednesday the bourse would probably be up and running at the end of this year, adding that some regulatory laws had already been drawn up.
"We planned to operate at the end of 2009 but the situation was not fruitful. The economic crisis also affected us," Ming Bankosal said.
"We would rather be late than have it one or two years and then it collapses," he said.
"We plan to open it at the end of the year but that will depend on whether companies are ready," he said, adding Cambodian firms would need to be more transparent.
Ming Bankosal said some private companies had expressed an interest in listing shares, but he declined to name them. Financial companies have until March 1 to submit applications to operate as underwriters, brokers, dealers and investment advisers.
(Reporting by Prak Chan Thul; Editing by Alan Raybould)
"Our Cambodia is creating a stock market, its headquarters are almost finished," Hun Sen told more than 1,000 accountancy graduates in Phnom Penh.
"So, in a short time, we will have a stock market, and some state firms and private enterprises will get listed there."
Hun Sen mentioned three candidates for a listing -- Sihanoukville Autonomous Port, the Phnom Penh Water Supply Authority and Electricite du Cambodge, the state power company.
The finance ministry has previously suggested the port operator, the water utility and Telecom Cambodia, the national phone company, could seek a listing.
The exchange will be in a new financial district being built by South Korean-backed World City on the outskirts of Phnom Penh, the capital of the Southeast Asian country.
It was supposed to open in September 2009. When that date passed, government officials mentioned January or February as a possible start date for trading, even if the headquarters wasn't fully ready by then.
Ming Bankosal, director general of the Securities Exchange Commission of Cambodia, told Reuters on Wednesday the bourse would probably be up and running at the end of this year, adding that some regulatory laws had already been drawn up.
"We planned to operate at the end of 2009 but the situation was not fruitful. The economic crisis also affected us," Ming Bankosal said.
"We would rather be late than have it one or two years and then it collapses," he said.
"We plan to open it at the end of the year but that will depend on whether companies are ready," he said, adding Cambodian firms would need to be more transparent.
Ming Bankosal said some private companies had expressed an interest in listing shares, but he declined to name them. Financial companies have until March 1 to submit applications to operate as underwriters, brokers, dealers and investment advisers.
(Reporting by Prak Chan Thul; Editing by Alan Raybould)
11 comments:
well it is greet to hear from HUN sen openly to have stock market in cambodia ,I wish all of stock will not run by crook of goverment or bad company and sleep together ,we need to faithfull of profit those company
Only idiots trust band of thieves
Who will steal from whome!
Remember the building Hun Xen who had the last laufht! SOURTH KOREAN?
i dont think it will work because it under the dictator leader control. stock market is not something you fool around with. there lot of way to steal the investors money. believe me know these thing. in america the law is so tight but still people get rip off by the ceo,brokers,the banks,the traders...leave the invest with nothing. i dont trust cpp period.
does hun sen and his cpp know what's the stock market is. how the investors make money and losing money. how the market goes up and down. how does the market go up and down any.
Well, I have no idea what the hell this Hun Sen guy was talking about. Listing state agencies on a stock market? I wonder who are stupid enough to invest in stocks of companies of a country under a dictorship? Who follows accounting rules and regulations while no body with power or money doesn't even respect the state laws and regulations? In Cambodia, corruptions are norms and cash is really king... Oh well, happy investing in Cambodian securities if you are a brave soul...
Stock market is on in our country now, if any of you would to invest and here what I suggest you all citizen that owned business and property will qualify. Cash Per Property in front. The sooner you invest the smoother you'll back. Don't delay act now it not to late, if you snooze you loose.
Only MONKIES will put thei money into Hun Sen stock.
Hun Sen try to make money before he gone from office.
7:44 AM Exactly! Out of Time!
3 listings on a "stock market". and we haven't heard if the 3 "companies" have changed their state-ownership based charter or what protection is there for private investors..
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