The Kingdom’s first IPO

The long awaited first security listing on the Cambodian Securities Exchange became a reality on February 23 with the Security Exchange Commission of Cambodia’s “in principle” approval of Phnom Penh Water Supply Authority’s (PPWSA) “disclosure document for public issuance of equity securities”. This is effectively a preliminary prospectus that includes information on the company such as its history, operations, management and financials as well as the terms, proceeds use, timetable, and risk factors of the offer. TongYang Securities (Cambodia) Plc, an overseas affiliate of South Korea’s TongYang Securities Inc, will act as sole underwriter, book runner and lead manager. An initial public offering, also referred to as a primary offering, is first sale of a company’s shares to investors on a public exchange. PPWSA intends to issue 13.04 million ordinary shares with a par value of 1,000 riels. The state, represented by the Ministry of Economy and Finance will retain 85 per cent ownership or 73.9 million shares. … The Cambodia Securities Exchange and Securities Exchange Commission must approve the final offering price. … The prospective listing date is April 18, and secondary market trading begins thereafter. … Proceeds from the offering will be used to repay loans from the World Bank, CAPEX, business expansion and working capital.

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