Phnom Penh Commercial Bank’s (PPCBank) chief executive officer has outlined the bank is well placed to meet all financial reporting requirements set by the Securities Exchange Commission of Cambodia (SECC).
Shin Chang Moo added that while the bank has outlined its plans to list shares on the local equities market, because of current market volatility, there is currently no set timeframe.
The comments were made to Khmer Times and institutional investors during the bank’s successful second phase of corporate bonds launched last week and comes after several listed companies have released delayed audited reports this year.
The most common reason for the delay is the COVID-19 pandemic effect on the business environment, as well as a lack of licensed auditors to complete the auditing process.
Shin said while he understands that there have been some financial institutions that have missed their audited reporting dates this year, he feels the bank is well placed to meet all necessary dates and regulations.
“PPCBank’s major shareholder [JB Financial Group] and other stakeholders are based in South Korea and regulatory reporting requirements for Cambodia are very similar to there [because the CSX is 45 percent owned by the Korean Exchange]. So this is why I believe we are in a good position to meet the set regulatory guidelines,” he said.
Cambodia Securities Exchange (CSX) Chief Operations Officer Ha Jong Weon also echoed the bank’s statement saying, under the Korean Exchange rules, all listed companies need to submit financial reports on time, so the CSX wants to meet the same level of requirements.
“I believe that investors and the regulator can be assured that PPCBank will submit their financial reports accurately and on time,” he said.
Ha’s initial speech during the bond launch stated he was also looking forward to the bank listing equities with the exchange soon. However, when replying to this comment Shin said the bank did not have a set timeframe.
“It is within our business plan to list shares on the local equities market and so we can share our success with the public,” he said.
“However, I think it is too early to say when this will, especially with the volatile situation in the market right now. I think we have to wait until the market is more stable before this can occur,” he added.
- Tags: PPCBank