[PHNOM PENH POST]
The final technical aspects of the Cambodian Securities Exchange were
completed yesterday, readying the exchange for listing and trading,
government officials said.
A date for the initial public offerings of the three companies expected to list on the exchange was not disclosed.
“The
securities market infrastructure is now complete,” Economy and Finance
Minister Keat Chhon said during an exchange simulation yesterday,
explaining that securities firms and banks were connected via the CSX IT
system.
In a separate training session late yesterday, officials
from the Securities and Exchange Commission of Cambodia (SECC) met with
leaders from the three expected listers –Phnom Penh Water Supply,
Telecom Cambodia and Sihanoukville Autonomous Port – to discuss
corporate governance.
Officials have attributed the delays in
listing on the exchange, which officially opened in July, to a lack of
familiarity with standard trading procedures among companies.
Company transparency and accountability to stakeholders was a main concern at yesterday’s training session.
“Effective
corporate governance is essential to a well-functioning public market,”
Ruwan Hulugalle, a market-entry consultant, said during the session.
“It maintains the trust and confidence of shareholders and investors.”
Lim
Channa, acting head of the corporate governance division of the SECC,
said companies were still in the process of selecting independent and
non-executive directors, one of the SECC’s benchmarks for meeting good
governance standards.
Lao Saroeun, director-general of Telecom
Cambodia, said forming the board of directors was a challenge, given
that the process started from scratch.
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