PHNOM PENH, March 12 (Reuters) - Cambodia's new stock exchange will quote share prices in the local riel currency , despite pleas from foreign investors who want the dollar used on the long-delayed bourse.
The Securities and Exchange Commission of Cambodia (SECC) said all stock quotations on the Cambodia Securities Exchange (CSX) must be in riel only. It is due to commence trading in July, but investors are braced for more bureaucratic delays.
The bulk of Cambodia's financial transactions are in dollars, which make up 90 percent of deposits and credits in the banking system in what is one of Asia's poorest countries.
The SECC says the government and central bank want Cambodia to be more independent in terms of its currency and is seeking to increase its use.
Foreign investors have urged the SECC to use dollars, at least in the beginning, because use of the riel would make risk harder to assess.
The commission said, however, that although riel would be quoted in the primary and secondary markets, dollar transactions would be permitted initially to settle payments, with the consent of the parties involved.
"The resettlement in dollar is permitted for use for the first three years when the securities market is formed," the SECC said in a statement, adding that the decision to use the riel followed a two-year study in which private companies, international financial institutions, academics and the public were consulted.
At least 10 private sector companies want to list on Cambodia's long-awaited bourse. Three state-owned companies, the Phnom Penh Water Supply Authority, Telecom Cambodia and Sihanoukville Autonomous Port, are also expected to list.
The SECC has granted licences to 15 securities firms to operate on the CSX -- seven underwriters, four brokers, two investment advisers and two dealers -- most of which are either partly or wholly owned by Malaysian, Vietnamese, Japanese, South Korean or U.S. companies.
Finance Minister Keat Chhon last week urged more private companies to seek a listing so they could raise funds to expand. The government is also considering tax incentives for firms that issue public shares.
(Reporting by Prak Chan Thul; Editing by Martin Petty)
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ដោយ ៖ កោះឯករាជ្យ
ថ្ងៃ សុក្រ ទី ១១ ខែ មិនា ឆ្នាំ ២០១១
ជនសង្ស័យដែលឃាត់ខ្លួនឈ្មោះង្វៀន យ៉ុងធឹក និងនារីរងគ្រោះអាយុ១៨ឆ្នាំ
(រូបថត បាសាក់)
ជនសង្ស័យដែលឃាត់ខ្លួនឈ្មោះង្វៀន យ៉ុងធឹក និងនារីរងគ្រោះអាយុ១៨ឆ្នាំ
ខេត្តកណ្តាល ៖ បុរសជនជាតិវៀតណាមម្នាក់ត្រូវសមត្ថកិច្ចកងរាជអាវុធហត្ថឃាត់ ខ្លួនកាលពីថ្ងៃទី១០ មីនា ២០១១ ដោយយោងតាមពាក្យបណ្តឹងរបស់ពី អាក្បត់ជាតិ ជា សា រុនប្រធាន សាខា បក្សប្រជាជន កុម្មុយនិស្ត វៀត ណាមនៅប្រទេសកម្ពុជាដែលចោទថាបានចាប់ កូនស្រីវាដាក់រថយន្តនាំយកទៅរំលោភ សេពសន្ថវៈកាលពីវេលាម៉ោង៨ និង៤០នាទីព្រឹកថ្ងៃទី៧ មីនា ២០១១ នៅចំណុចភូមិព្រែកល្វា ឃុំពញាឮ ស្រុកពញាឮ.
អាក្បត់ជាតិជា សា រុនប្រធាន សាខា បក្សប្រជាជន កុម្មុយនិស្ត វៀត ណាមនៅប្រទេសកម្ពុជាវាថា
គ្មានវៀតណាមម្នាក់រស់នៅប្រទេសកម្ពុជា ដូចចោទប្រកាន់ថាស្អីនោះទេតែឥឡូវ ឃើញទេ?
កូនស្រីវាត្រូវអា ង្វៀន យ៉ុងធឹក ដាក់រថយន្តនាំយកទៅរំលោភ.
អាក្បត់ជាតិ ជា សា រុន វាថា អាហ៊ុន សែន ជាវរ្ម័នទី១ ជាទេវតានៃកម្ពុជា,អាក្បត់ជាតិ
សព្វថ្ងៃនេះអាក្បត់ជាតិហ៊ុន សែន ឲ្យយួនរស់នៅពេញទឹកដី ពួកគេធ្វើថីមិនខ្ចីមាត់
សព្វថ្ងៃនេះយួនពង្វក់អាក្បត់ជាតិហ៊ុន សែន ឲ្សំឡាប់ប្រជាជនខ្មែរ
ឲ្យអស់រលីង!
បរាជ័យ! ពួកអាក្បត់ជាតិ ចក្រពត្ដិ សក្ដិភូមិ នឹងបរិវារយោធាយួន ហ៊ុន សែន និង ជា សា រុន
"CAMBODIA will use the local currency for trading on its soon-to-be-launched stock exchange, officials said on Saturday, in a bid to boost the use of the riel in the heavily dollarised country."
=Oh my God! Why are these dirt poor Cambodian people are in such a hurry to gamble their money away? It doesn't matter whether it is riel or dollar because this is pure gambling! If dirt poor Cambodian people don't even know the inner working of the stock market and they are in for a sucker!
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