Two’s company at CSX
It may not have all the glitter, adrenaline or the iconic tolling bell of Wall Street, but today, the usually deserted Cambodian Stock Exchange (CSX) will be a hive of activity. After first hinting at an initial public offering more than two years ago, garment manufacturer Grand Twins International (GTI) and its chief underwriting firm, Phnom Penh Securities (PPS), have steered their way through the listing process to become the country’s first private-company stock offering since the CSX launched in 2011. … With an opening price today of $2.41 per share, GTI will become just the second firm to list on the bourse after the state-owned Phnom Penh Water Supply Authority (PPWSA) in April 2012. … GTI, which has more than 5,600 staff making sporting apparel for the likes of Adidas and Reebok in its factories on the outskirts of Phnom Penh, announced in January that it was floating a 20 per cent stake in the company through an eight-million-share offering. In April, after numerous delays in the initial book-building process, the firm cemented its per-share listing price. …
Eddie Morton
http://www.phnompenhpost.com/business/two%E2%80%99s-company-csx
