For Royal Group, sale not desired

26 March 2014
The Phnom Penh Post
Banking and financial services / Economic policy and administration / Economy and commerce
ANZ / ANZ Royal Bank / Australian aid / Cambodia Airlines / Grant Knuckey / Kith Meng / Ly Yong Phat / New Zealand Banking Group Limited / PAL / Philippines Airlines / Phnom Penh Sugar Company / RGC / Royal Group of Companies / Sacombank

Executives from Australia and New Zealand Banking Group Limited (ANZ) and local partner Royal Group of Companies (RGC) both went into damage control yesterday after comments by ANZ chief executive officer Mike Smith suggesting the joint banking venture between the two was on the rocks. Royal Group chief financial officer Mark Hanna said yesterday that the Cambodian conglomerate had a strong relationship with ANZ and there were no plans to break up the venture, ANZ Royal Bank. … It’s not the first time that the local firm, which is owned by Cambodian tycoon Kith Meng, has had to defend its businesses. For the better part of last year, the company fielded inquiries about its partnership with Philippines Airlines (PAL), which is helping to finance a joint venture to launch Cambodia Airlines. …

 Daniel de Carteret
http://www.phnompenhpost.com/business/royal-group-sale-not-desired