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Sixth initial public offering two months behind schedule

May Kunmakara / Khmer Times Share:
There are just five companies listed in CSX. KT/Chor Sokunthea

ASA Plc’s initial public offering is two months behind schedule, with a company representative saying there is still some work to be done before it can list on the local stock market.

The company’s IPO could raise $89.6 million for 25 percent its stake. The process may be shorter than usual IPO exercises since ASA is already considered a public company with 10,000 shareholders.

ASA’s shareholders are mostly employees of Acleda Bank, with ASA holding 25 percent of the bank’s shares.

Neth Piseth, chairman of the board of directors of ASA, told Khmer Times that the company is now working with the regulators to comply with all the requirements needed to proceed with the IPO.

“We are now working with regulators and will soon have more news,” said Mr Piseth.

Kim Sophanita, director of the Cambodian Securities Exchange (CSX)’s market operations department, said the local bourse is looking forward to ASA’s listing.

“As far as we know, their listing application is still under review by the Security Exchange Commission of Cambodia (SECC). CSX is ready for the listing of ASA as soon as it is approved.”

Ms Sophanita explained there has been a significant increase in trading activity at CSX, and said that ASA’s presence will further help to generate excitement for the nascent local bourse.

“Given recent active participation from investors, upward market trends and increasing interest from the public, we do expect to see ASA listing in the market as soon as possible so that they can serve market demand at the right time. The presence of ASA will boost trading activities in the bourse significantly,” she added.

CSX closed 2018 at an all-time high of 480.98 points, rising 40 percent year-on-year for a market capitalisation of $442.92 million (1.77 trillion riel) on the back of robust trading in the tail-end of the second half of the year.

The exchange now has five listed companies and one corporate bond.

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