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MoU to attract foreign investors

May Kunmakara / Khmer Times No Comments Share:
The two sides sign the agreement. SECC

The Securities Exchange Commission of Cambodia has signed a Memorandum of Understanding with China’s Zhong Lian Zhong Chou in order to cement joint consultation initiatives on the development of the Kingdom’s capital market.

The MoU was signed on Friday in Phnom Penh and it aims to attract foreign investors.

“The MoU is designed to share knowledge and experience for the development of the securities market in Cambodia, as well as to give advice on regulations related licensing, regulatory frameworks and other technical issues,” the SECC said in a statement. “It is also to raise awareness among the public about the securities market. At the same time, it aims to promote Cambodia’s capital market to Chinese investors, as well as [other investors].”

Kim Sophanita, director of Cambodia Securities Exchange’s market operations department, said any move that will contribute to the development of the capital market in the Kingdom is welcomed.

Ms Sophanita said the SECC is open to more agreements like this.

“This technical assistance is very crucial for developing the market,” Ms Sophanita said. “We want to have more cooperation like this and we highly appreciate SECC’s efforts in bringing many beneficial cooperation locally and internationally for the sake of market development.”

“We hope that every market participant will be able to get benefits under this cooperation,” she added.

Earlier this month, the SECC and the Security Exchange Commission of Thailand agreed to offer cross-border equity sharing and depositary receipt in order to allow issuers from both countries to make an offer or list their equity securities outside of the issuer’s home jurisdiction.

Since CSX began operating seven years ago, the market has five companies listed on the main board, while two financial institutions were already listed on its debt securities market. A commercial bank will soon be listed.

The listed companies have raised more than $120 million at the CSX over the past seven years.

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