CSX-listed Phnom Penh SEZ Plc (PPSP) will issue 14 million new shares this year after the approval process for the issuance of new shares was announced after the Extraordinary General Meeting last Friday, according to the company’s press release.
During its general meeting on Friday, Phnom Penh SEZ shareholders approved the process of issuing 14 million new shares, which will be sold to JWD Info Logistics Public Company Limited, a Thai-listed company and a leading logistics provider in Asean, and Henry Ng Lian Soon, the founder and Chairman of Bok Seng Group, a leading Singaporean regional provider of Integrated Project & Marine Logistics Management.
According to the company’s press release, the number of new shares were approved by the majority of present shareholders in the meeting.
Ardisak Boeprasert, the investor relations manager and disclosure officer of Phnom Penh SEZ, said the use of the net proceeds of the new share sales would be used primarily for infrastructure development, rental warehouse projects and other business developments which will be beneficial to all shareholders of the company.
“Apart from the additional contributed capital of our new shareholders, their contributions and input on strategic developments will become invaluable assets for Phnom Penh SEZ Plc,” said Mr Ardisak.
Lim Chhiv Ho, the chairman of Phnom Penh SEZ Plc, said the company started the year 2017 with a concrete roadmap to sustain future growth.
“We have employed these strategies as a framework for our business operations, and regular monitoring will ensure that we achieve our short-term and long-term goals,” Mrs Chhiv Ho said.
“We invited our fellow shareholders to this Extraordinary General Meeting to consider a special subject, which will lead our way to become an ‘Integrated SEZ Developer’, and to report on our business activities and the expected year-end performance of 2017,” she said.
Full story in Tuesday’s paper.