City’s Water Authority Open to Bids
The Phnom Penh Water Supply Authority (PPWSA) will begin taking bids from investors tomorrow in order to determine the price and number of shares it will issue during its long-awaited initial public offering on Cambodia’s stock exchange, the company’s general director said yesterday. Investors will be able to make bids for the authority’s stock at 19 Acleda Bank branches in Phnom Penh, Kandal, Siem Reap, Battambang, Kompong Cham and Preah Sihanouk provinces, according to PPWSA’s web site. Depending on how much capital is raised during the bidding process, PPWSA will then announce when it will launch its IPO. Ek Sonn Chan, general director of PPWSA – one of the three state-owned companies that have announced plans to go public – said that the government planned to list just 15 per cent of the authority, while the government would retain ownership of the remaining 85 percent. ….
