PHNOM PENH, July 11 (Reuters) - Cambodia opened its new stock exchange on Monday but there was no trading because there are no listed companies and officials seemed uncertain that any would be listed by the end of the year, the latest date for the much-delayed start of operations.
In a speech at the country's tallest building, part of which houses the Cambodia Securities Exchange (CSX), Finance Minister Keat Chhon told the three state-owned companies that plan a listing to hurry up.
"The inauguration today signals the readiness of the securities market for trading, which is planned for the end of this year if the companies can issue securities as planned," Keat Chhon said before touring the CSX's small trading room, which was crowded with guests and journalists.
He placed the first dummy order but the system did not appear to work.
Three state companies, Phnom Penh Water Supply Authority (PPWSA), Telecom Cambodia and Sihanoukville Autonomous Port, are preparing listings.
Alexandra Herbel, general manager of the French Cambodia Chamber of Commerce, said she was aware of several private companies that were also making preparations.
"The process of listing is quite long, nine months to two years. It will take a little bit of time, so it will start with these three large companies and I think they have been working very hard and getting things up to standard," she said.
"How long it will take to really get everything approved, I don't know," she added.
PPWSA's director general, Ek Sonn Chan, declined to commit himself. "As of now, I don't know when we can get listed."
The CSX is a joint venture between the Cambodian government and Korea Exchange, the operator in Seoul of Asia's fourth-largest bourse.
It also helps run the bourse in Laos, another Southeast Asian frontier market. That market opened in January and trades two stocks.
(Reporting by Prak Chan Thul; Editing by Alan Raybould)
9 comments:
It seems these incompetent CPP did not know what is needed to have a stock market_ not even getting it right on a dummy run. These stupid CPP had traveled to Korea to get training, spent lavishly on meals and stayed in expensive hotels. This is what held Cambodia from progress forward, this is what had happened when Hunsen CPP held powers for so long, and this is why Cambodia is so poor in South East Asia.
must you use your bias political agenda on cambodia on the time? you must be a loser all your life, really!
the trader must be read their company lips ,those company follow all monster business or called monkey business
Who implemented the system? by Hanoi? Lolz!!!
Just another way for the CPP-VIetcong to transfer illegal funds from Cambodia to Communist Hanoi. They try to make it so it looks legimate.
Cambodian people are being robbed in daylight!
KIET CHHON GRADUATED AS " GENIE MARITIME" IN PARIS. HIS SPECIALTY IS TO BUILT SHIPS SUPPOSEDLY. HE WAS AND CONTINUED TO BE A HENCHMAN
OF EVERY REGIMES IN CAMBODIA: THE SANGKUM REASTR NIYUM OF SIHANOUK,
THE GRUNK ( GOUVERNEMENT ROYAL UNI
NATIONAL KAMPUCHEA ) OF SIHANOUK/
KHIEV SAMPHAN, THE DEMOCRATIC
KAMPUCHEA OF SALOTH SAR AKA POL POT
, THE POPULAR REPUBLIC OF kAMPUCHEA
, THE STATE OF KAMPUCHEA AND NOW THE SECOND KINGDOM OF CAMBODIA. HAS
HE EVER BUILT A SHIP YET? NO.CAN WE
EXPECT HIM TO BUILT KHMER ECONOMY?
GOD HELP ME!!!
SI ENG KRUY.
1:33 AM
really!
ok!
you know!
etc!
Who wants to buy stock from Ah Hun Sen's stock exchange? and who wants to place their stock market with the thief of the nation? Should Ah Hun Sen and his gangsters listed their money in the stock market?
No companies want to list their stock with the thief of the nation. Only the dummy companies like Vietcong, Hun Sen's followers want to list their stock or buy the stock.
How can the world trust this stupid leader when he robs his own people by grabbing the land, cut down the trees, etc...
SX in Cambodia is necessary to accompany the development of the country. Cambodia is part of South East Asia with great expectation and challenges to become a strong economy in the region.
Having said that we should look ourselves; are we ready? Our leaders understand really the rule of the game? what will be really the impact of corrupt practice which becomes a strong culture in doing business in Cambodia?
Lack of human resources to ensure correct functioning of this SX is a real concern, in the meantime, to give total confidence to the Korean team is frankly dangerous: they have got very bad reputation and their aim is only to get money back from their investment.
How to say about readiness of Cambodian Companies? Listed on SX is question of OK in all aspects in terms of financial statements and corporate governance. My understanding o% of Cambodian company does not meet the above requirement. With public accountability, the listed companies have to follow full International Financial Reporting Standards (IFRS). Even the Ministry of Economy who is the regulator does not know what these standards are all about!!Worse,they do not care and they just take advice from the amateurs and some KROU AY LUMPEAY.
We should mobilize real competent among the professionals (among Kaun Khmer) if we want to catch up with great ASEAN 2015.
Kaun Khmer
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