May 4, 2011

First Vietnamese securities firm makes debut in Cambodia

[VIETNAM NET]

Cambodia-Vietnam Securities Co (CVS) has become first Vietnamese joint venture securities firm to make its debut in Cambodian capital of Phnom Penh.

The debut of the company with a chartered capital of $10 million has taken place on the sideline of Vietnam-Cambodia Investment Promotion Conference under the chair of the prime ministers of the two countries.

CVS was established by founding shareholders such as Bank for Investment and Development of Cambodia (BIDC), Cambodia Development and Investment Joint Stock Co (IDCC), Bank for Investment and Development of Vietnam (BIDV), Cambodia-Vietnam Insurance Joint Stock Co (CVI) and BIDV Securities Co (BSC).
CVS was licensed with full ranges of securities operations in Cambodia such as investment consultancy, securities brokerage, corporate financial consultancy, issuing underwriting and investment bank operation.

Earlier, BIDV also contributed capital to set up other companies such as Cambodia Development and Investment Joint Stock Co (IDCC), Bank for Investment and Development of Cambodia (BIDC) and Cambodia-Vietnam Insurance Joint Stock Co (CVI).

IDCC has also been selected to be settlement bank for Cambodian stock market by Cambodian Securities Commission.

Dong Duong Securities Co (DDS) has also been granted the license for making capital contribution to establish the Angkor VDS Securities Plc, second Vietnamese joint venture securities firm, in the capital city of Phnom Penh.

Angkor VDS Securities PLC has a charter capital of $2 million, to which $400,000 and $300,000 were contributed by DDS and Song Ngan Joint Stock Co, and the remaining by foreign partners.

This is the first securities company to be allowed for operating in Cambodia in the fields of investment consultancy, IPO consulting, listing and issuing shares on the stock markets, enterprise re-structuring, M&A, stock investment by Cambodian Securities Commission.

The Cambodia Stock Exchange was expected to officially operate in July this year.

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