CSX-listed Phnom Penh SEZ Plc has announced it will issue 14 million new shares after securing shareholder approval on Friday during a general meeting.
The new shares will be sold to Thai company JWD InfoLogistics and Singaporean logistics management firm Bok Seng Group.
Ardisak Boeprasert, the investor relations manager and disclosure officer at Phnom Penh SEZ, said proceeds from the sale of the new shares will be used primarily for infrastructure development and rental warehouse projects.
Lim Chhiv Ho, the chairwoman of Phnom Penh SEZ, said the decision to issue new shares is part of the company’s plan to increase non-land sales revenue by 50 percent by the year 2020, and falls in line with their commitment to expand the company vertically as well as horizontally.
“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,” Ms Chhiv Ho said.