Published: Apr 02, 2012
Written by: Sann Sethvitou, Economics Today
As Cambodia’s stock exchange prepares to begin trading, the Securities and Exchange Commission of Cambodia (SECC) has approved the amount and price of stocks in the country’s first initial public offering, state-owned Phnom Penh Water Supply Authority, and decided to reduce several exchange operating fees.
The SECC accepted a report on stock price determination and approved the final document of registration and corporate information of the PPWSA. The path is now clear for the IPO, set for April 18.
According to the PPWSA website, its stock will sell for 6,300 riel, or US$1.57. That puts the price at the top end of the range, according to the SECC. A report released by SBI Royal Securities showed that shares were oversubscribed by a factor of 17, largely beating expectations and indicating a high level of interest in the IPO. The PPWSA is on track to earn as much as US$20.4 million.
The company has issued more than 13 million shares, or 15 percent of the total. Thirty percent of the issued shares are available for public purchase, according to Phnom Penh Securities, one of the seven securities firms licensed by the SECC.
By Sann Sethvitou, Economics Today
- : Economy & Business
- : 105
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