The Japan International Cooperation Agency (JICA) has sold all its shares in Sihanoukville Autonomous Port (PAS) to Japanese logistics firm Kamigumi.
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JICA, who acquired PAS shares during the port’s initial public offering (IPO) in 2017, last year sold 2.5 percent of its stake in the Cambodian port to Kobe-Osaka International Port Corporation. This brought its stake in PAS to 11 percent.
In a press release on May 24, JICA said, “The only deep-sea port in Cambodia, Sihanoukville Port is a key logistics hub that supports Cambodian national economy.
“Since 1999, Japan has provided, through ODA loans, grant aid, and technical cooperation, continuous support for improving the infrastructure and enhancing the management capacity of the port.
“JICA, together with Japanese companies which have abundant experience in port management, will continue to provide a variety of cooperation, such as an ODA loan for the Sihanoukville Port New Container Terminal Development Project, for the further development of Sihanoukville Port.”
The number of containers handled at the port reached 540,000 TEUs (twenty-foot equivalent units) in 2018, a significant rise from 2013’s 290,000 TEUs, JICA added.
Lou Kimchhun, PAS director general, told Khmer Times that the JICA made the decision to sell the stake in the company during a board meeting on May 23.
“This is good for us because Kamigumi is a leading company of port logistics in Japan.
“Although JICA had transferred all their holding shares with us, they still provide us technical support to improve the infrastructure and enhance the management capacity of the port,” he added.
Starting with the 1999 Sihanoukville Port Urgent Rehabilitation Project, which was the first official development assistance (ODA) loan to Cambodia following the end of civil strife in the country, JICA has provided continuous support for infrastructure and operations capacity building at the port.