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 water company. They weren’t disappointed when trading began at the deliberately auspicious hour of 9:09 a.m. Phnom Penh Water Supply Authority shares jumped in price to close at 9,300 riel, or $2.33, up 48% from their IPO price of $1.57 a share, which raised $20 million. The shares—15% of the firm—were 17 times subscribed. Two more state-owned companies, Telecom Cambodia and Sihanoukville Autonomous Port, also plan to list shares on the new exchange. …
http://online.wsj.com/article/SB10001424052702304331204577351551608365784.html
