Phnom Penh Special Economic Zone (PPSP) will commence and execute its share buyback plan in the middle of December, if approved by the exchange and its regulator, according to information given to Khmer Times by the company’s management.
PPSP Chief Financial Officer Fong Nee Wai said, regarding the share buyback plan, that PPSP Management received shareholder approval for the plan via a shareholder resolution passed at the Extraordinary General Meeting.
“The management plans to meet with the Cambodia Securities Exchange (CSX) team before starting the share buyback plan, then will keep the SECC informed accordingly as the plan is executed on the CSX,” he said.
“Tentatively management is set to commence and execute the share buyback in the mid of December. Once executed, the share buyback, its related activities and numbers will be reported to the CSX and disclosed [publicly] immediately. The above activities must first obtain regulator and CSX approval before PPSP can proceed further,” he added.
PPSP traded at record low prices last month, closing yesterday at 1,590 riels a share. The company has been battling poor fiscal performance this year, and is also currently in an arbitration procedure in Singapore.