Associated Press
PHNOM PENH, Cambodia—Cambodia has delayed the opening of its proposed stock market for a second time, pushing the date back to July 2011.
In a statement Wednesday, the Finance Ministry said the delay was due to technical issues and the global economic crisis.
``The postponement of the stock market is to adapt to the evolving situation of the global economic and financial situation, which shows some positive signs of recovery but is still fragile,'' the statement said.
Last December, officials said Cambodia's stock market would open by the end of this year after initially targeting it to begin operating in 2009. After receiving the approval from Prime Minister Hun Sen, the Cambodia stock exchange is expected to kick off in July 2011, the statement said.
The Cambodian economy is small and reliant on textiles, which account for nearly 80% of exports, and hundreds of millions of dollars in international aid. Foreign investment has been deterred by the country's reputation for endemic corruption.
Neighboring Vietnam started its stock market in July 2000. Nearby Laos also is planning a stock exchange.
Hong Sok Hour, director general of the Cambodia Securities Exchange, said the delay was necessary because Cambodia needs everything to be in place before the opening.
``We want our bourse to be a good one when we open. That is why we need the infrastructure and human resources to be ready at the same time,'' he said.
In December, Cambodia awarded a contract to a South Korean firm, World City Co. Ltd., to build the $6 million, four-story, 71,900-square foot stock market building in Phnom Penh's planned financial district on the outskirts of the capital.
The finance minister announced plans in 2007 to launch a stock market, saying Cambodia needs to find new ways to attract international capital beyond international aid and bank loans. Soon after, lawmakers approved a securities law on issuance and trading of nongovernment securities to pave the way for the market.
In a statement Wednesday, the Finance Ministry said the delay was due to technical issues and the global economic crisis.
``The postponement of the stock market is to adapt to the evolving situation of the global economic and financial situation, which shows some positive signs of recovery but is still fragile,'' the statement said.
Last December, officials said Cambodia's stock market would open by the end of this year after initially targeting it to begin operating in 2009. After receiving the approval from Prime Minister Hun Sen, the Cambodia stock exchange is expected to kick off in July 2011, the statement said.
The Cambodian economy is small and reliant on textiles, which account for nearly 80% of exports, and hundreds of millions of dollars in international aid. Foreign investment has been deterred by the country's reputation for endemic corruption.
Neighboring Vietnam started its stock market in July 2000. Nearby Laos also is planning a stock exchange.
Hong Sok Hour, director general of the Cambodia Securities Exchange, said the delay was necessary because Cambodia needs everything to be in place before the opening.
``We want our bourse to be a good one when we open. That is why we need the infrastructure and human resources to be ready at the same time,'' he said.
In December, Cambodia awarded a contract to a South Korean firm, World City Co. Ltd., to build the $6 million, four-story, 71,900-square foot stock market building in Phnom Penh's planned financial district on the outskirts of the capital.
The finance minister announced plans in 2007 to launch a stock market, saying Cambodia needs to find new ways to attract international capital beyond international aid and bank loans. Soon after, lawmakers approved a securities law on issuance and trading of nongovernment securities to pave the way for the market.
8 comments:
That too bad. Now the Cambodian elite have to wait until July 2011 to lauder their dollars.
Without stock market, Cambodia will never grow.
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GOOG is the stock market symbol for google on the NASDAQ stock exchange market.
From now on you “the original google kid” is nick named GOOG.
You have started it all, and now there are so many of your copycats, and we don’t know who is who.
So GOOG is for your only, ok Viet kid.
GOOG, years ago you were my neighbor and I told you several times not to let the horses fucking your big mouth, but you did not listen to me. Now look at what has happen to you; you stutter in public 2 to 3 and sometime 4 times before you can hear yourself talking. And you think that other people were like you. No kid, you are wrong, we are not messed up like you are, ok.
Your mouth and hearing are all fucked up. Your brain is functioning at 50% capacity and it keeps on declining…. I don’t want to mention about your sight and sense of smell, they are probably FUBR = fuck up beyond recognition.
Your breath stings, but I cannot figure out the strange pungent smell. Oh, it ought to be from those horses’ cum, heh. So, do us a favor, just shut it; people can smell it for miles when you are around. Can you smile for me; I like to see how many teeth you have left. ; )
Haha, I like that story of the kid named GOOG. Keep on entertain us, man.
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