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New underwriter launches

PHNOM Penh Securities opened its doors yesterday, becoming the third of
seven approved underwriters to open ahead of the planned launch of the
Cambodian stock exchange later this year.
Chairman of Phnom Penh Securities, Kay Vat, celebrates its launch yesterday. Photo by: Wesley Monts
Chairman of the firm,
Kay Vat, said a key focus of the business would be guiding foreign
firms planning to invest in the Kingdom’s listed companies.

“Especially,
my company is focusing on marketing to other countries,” he said at the
launch of Phnom Penh Securities on Monivong Boulevard in Daun Penh
district yesterday.

A press release claimed US$10 million in net
capital, financed through local and international shareholders, and
added that its operations team came from Taiwan, Hong Kong and China as
well as the Kingdom.

The names of shareholders in Phnom Penh Securities were not revealed yesterday.

The firm added hopes it could “assist Cambodia to become the financial centre of South East Asia” in a statement.

Underwriters
are approved to trade on the exchange, as well as providing advice for
companies looking to issue securities on the exchange.

The
stock exchange – which is planned to launch in July of this year – is a
long-term source of investment for the Kingdom, Securities and Exchange
Commission of Cambodia director general Ming Bangkosal said at the
launch yesterday.

The government was working hard to ensure
investors in the planned bourse were ensured transparency,
accountability, and security, he said.

“The Phnom Penh
Securities Company is prepared and in the market for Cambodia,” he
said. Speaking on the event sidelines, Ming Bankosal said educating
Cambodians about the role of an exchange could be challenging, but
added that exchanges were difficult ideas to understand even in
developed countries.

The other six companies approved as
underwriters were Tong Yang Securities (Cambodia), OSK Indochina
Securities, CANA Securities, Campubank Securities, Cambodia-Vietnam
Securities, and SBI Phnom Penh Securities.

Phnom Penh Post
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