[PHNOM PENH POST]
The Cambodia Securities Exchange may launch as soon as March or April,
according to an official at the Korea Exchange, the Kingdom’s partner in
launching its stock market.
Final preparations for the CSX’s initial public offerings should be
complete at that time, Pat Gil-soo, senior vice-president for global
business development, said yesterday.
“I hope to visit [Phnom Penh] again in late March or early April for the opening ceremony,” he said.
But Pat Gil-soo said the decision was ultimately up to the Cambodian government, so he could not offer an exact launch date.
Korea
Exchange and the Ministry of Economy and Finance formed a joint venture
for the establishment of the CSX in 2006, with Cambodia holding 55 per
cent and KRX holding 45 per cent.
The exchange was twice delayed prior to its opening last July, and trading has yet to begin.
Economy
and Finance Minister Keat Chhon said last week the CSX was technically
ready for trading, as all securities firms and cash settlement agents
had been connected to the exchange’s computer systems.
Keat Chhon told an investor forum last November he expected trading to begin early this year.
Insiders
last month assumed trading was imminent after Phnom Penh Water Supply
Authority, one of three state-owned enterprises slated to begin trading
on the exchange, was granted permission to list by CSX officials.
Tong
Yang Securities managing director Han Kyung-tae, whose firm is an
underwriter for Phnom Penh Water Supply, predicted a first-quarter
start. “We are close to the end of preparations,” he said yesterday.
CSX chief executive Hong Sok Hour could not be reached for comment yesterday.
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