Economy and commerce
Hun Sen aims to attract more Japanese money
Japan’s Sumi Wiring Systems Co Ltd launched production of automobile wiring this month, a company official said yesterday. Japanese companies such as Sumi and Minebea, a ball-bearings maker, have helped Cambodia’s manufacturing industry diversify away from garments, the country’s main manufacturing product and export, and Prime Minister Hun Sen ...
Milled rice exports gaining traction
The tonnage of the Kingdom’s milled-rice exports jumped nearly 50 per cent year-on-year in the first quarter, according to the Ministry of Commerce, with export revenues soaring as much as 82 per cent. Total exports of milled rice for the first three months of 2012 hit ...
Cambodia must seek new trade partners
Cambodia will no doubt look to partners other than the US and the European Union to bolster its economic growth as those key export markets continue to struggle, a senior International Monetary Fund official says. One way in which Cambodia would forge new and growing relationships with higher-income ...
PPWSA up again, with retail buyers moving in
The price increase for Phnom Penh Water Supply Authority shares maxed out after an hour of trading yesterday morning, the second day of operations on the Cambodia Securities Exchange. PPWSA closed up 4.84 per cent yesterday at 9,750 riel (US$2.44), climbing from 9,300 the day before, ...
FTB signs MoU with Tong Yang
The Foreign Trade Bank of Cambodia (FTB) and Tong Yang Securities (Cambodia) yesterday signed a memorandum of understanding on financial consultation services and trade co-operation that is hoped to expand banking and securities business in the country. The MoU should bring the bank and the securities firm into ...
Moody’s to review Cambodia's banks for downgrades
Moody’s Investor Services will review ACLEDA Bank and Cambodian Public Bank (Campu Bank) for potential downgrades, according to a release from the rating agency on Wednesday. But the move comes primarily as a response to the global financial crisis and the rating agency’s attempt to realign sovereign ratings with ...
http://www.phnompenhpost.com/index.php/2012042055668/Business/moodys-eyes-kingdom-banks.html
Two Cambodian banks on review for downgrade
Moody’s Investor Service yesterday placed local currency long-term deposit and issuer ratings of two of Cambodia’s largest banks, ACLEDA Bank and Cambodian Public Bank (Campu Bank), on review for downgrade, according to a statement from the rating service ...
PPWSA up 48 per cent on first day
By the time Deputy Prime Minister Keat Chhon closed the first session of the Cambodian Securities Exchange yesterday morning, shares in Phnom Penh Water Supply Authority, the Kingdom’s first domestically listed company, were just shy of soaring 50 per cent. Institutional and retail investors traded 487,110 ...
http://www.phnompenhpost.com/index.php/2012041955648/Business/ppwsa-up-48-per-cent-on-first-day.html
Boat owners complain new port a burden for business
The Phnom Penh Municipality opened a new port for boat operators along the riverside in Daun Penh district yesterday in an effort to regulate operations, keep the river clean, and ensure customer safety. The new port comes three years after City Hall banned boats from docking ...
Acleda shareholders OK expansion into Burma
Shareholders of Acleda Bank yesterday approved a plan to open an initial three branches in Burma, where a year of surprise political and economic reforms are raising expectations of a flood of foreign investment ...
Bourse ready for first-day trading, CEO says
The Phnom Penh Water Supply Authority will launch its initial public offering (IPO) today on Cambodia’s bourse, and investors and securities officials said yesterday that they expected the company to make a strong start to trading The Water Supply Authority is issuing 13 million shares, which ...
Exit of ANZ Royal CEO unexplained
ANZ Royal Bank chief executive Damian Bell has resigned from the post he held for not much more than a month, a company spokeswoman confirmed yesterday. He resigned “several weeks ago”, Libby Armstrong, a Hong Kong-based ANZ spokeswoman, said by phone. No explanation was offered for ...
http://www.phnompenhpost.com/index.php/2012041855621/Business/exit-of-anz-royal-ceo-unexplained.html
Cambodian stock exchange begins trading
The formerly state-owned Phnom Penh Water Supply Authority, the only stock on offer, has floated 13 million shares or 15 per cent of the company. ...
PPWSA stock to list today
Investors, along with the next two companies expected to list on the Cambodia Securities Exchange, will watch carefully this morning the action on the country’s first initial public offering, nine months after the CSX officially opened. After a book-building process that was 17 times over-subscribed, Phnom Penh ...
http://www.phnompenhpost.com/index.php/2012041855632/Business/ppwsa-stock-floats-today.html
Cambodia Finally Starts Stock Trading
Nine months after Cambodia’s stock exchange was officially launched, the country’s first share started trading Wednesday, with the initial public offering of state-owned Phnom Penh Water Supply Authority. PPWSA’s stock, priced at 6,300 riel (US$1.57), jumped 48% to 9,300 riel, according to the data from the ...
http://blogs.wsj.com/deals/2012/04/18/cambodia-finally-starts-stock-trading/
Cambodia Joins Stocks Party
Cambodia tapped into the growing global interest in Southeast Asia with the start of trading in the sole stock at its gleaming new stock exchange on Wednesday. Ordinary Cambodians and local businesses scrambled to buy into the country’s first initial public offering—of shares in a local ...
http://online.wsj.com/article/SB10001424052702304331204577351551608365784.html
Cambodia enters global marketplace, stock trading begins
After a string of false starts, Cambodia’s stock market finally started trading on Wednesday, marking a significant step forward for an impoverished country blighted by corruption and scarred by decades of civil war. But on Wednesday, traders were reaping fast gains as the price of ...
http://www.reuters.com/article/2012/04/18/cambodia-bourse-idUSL3E8FH30X20120418
Cambodia's stock market begins trading
Trading on Cambodia’s stock exchange has begun for the first time after a state-run company completed its initial public offering. Some 13 million shares of the state-run Phnom Penh Water Supply Authority were offered at 6,300 riel ($1.57) per share. The stock exchange was officially launched in ...
Leopard Capital allegedly sank seafood firm
In Sihanoukville, just north of Cambodia’s only deep-water port, stands the headquarters of Chenla Seafood. A uniformed guard stands watch at the gate, which opens on to manicured grounds and a two-building facility that houses what will likely become the country’s premier seafood processor. A few ...
http://www.phnompenhpost.com/index.php/2012041755612/Business/leopards-fishy-business.html
Thai ban weighs on Cambodia's corn crop
A Thai ban on Cambodian corn and other agricultural products led to a 65 per cent year-on-year drop in the Kingdom’s corn exports during the first two months of the year, officials claimed yesterday. January and February exports fell to 2,333 tonnes from 6,694 a year ...
Mu Sochua calls out Aussie mining firms
Opposition parliamentarian Mu Sochua has taken aim at Australian mining companies eyeing the Kingdom’s resources, travelling to their home soil to lobby the halls of power. Mu Sochua cited fears that Australian companies awarded exploration concessions in Ratanakkiri and Mondulkiri provinces will treat ethnic minorities there ...
Cambodia May Lure Up to 10 IPOs a Year, Korea Bourse Says
Cambodia’s stock market, which is set to open next week after several delays, may be able to lure five-to-10 initial public offerings a year, according to Korea Exchange Inc., the Cambodian government’s partner in the bourse. State-owned Phnom Penh Water Supply Authority (PPWSA) will start trading ...
Microfinance Firms Look to Retail Lending
While shopping for a brand-new television, 27-year-old Loek Bunhai recently bought a Sony flat-screen at the Sunsimexco retail outlet on Phnom Penh’s Monivong Boulevard for $345. But with a monthly salary of $300 from his job as a microfinance officer in Phnom Penh, Mr. Bunhai was ...
Acleda Eyes Expansion Into Burma
Cambodia’s largest bank, Acleda, is looking to get in early on Burma’s economic reawakening with plans to open three microfinance branches in the country as soon as January, the bank’s CEO said yesterday. In Channy said he discussed the plan on Monday with a visiting Burmese ...