navigate_nextNewsnavigate_nextLocal and Global Economic Newsnavigate_nextSAP eyes listing on bourse by year's end

SAP eyes listing on bourse by year's end

Thu, 21 May 2015  |  Source: The Phnom Penh Post

Sihanoukville Autonomous Port is making good progress in preparation for its initial public offering, aiming to list on Cambodia's stock exchange before the end of the year, the port's director general said yesterday.

"Our listing project is going very well now. I don't think we have any problems at all because we just had recent talks to our underwriter, Price water house Coopers, and other concerned parties, who said everything is on the right track," Lou Kimchhun, Director General at the Sihanoukville Autonomous Port (SAP) said yesterday.

The SAP is one of three state-owned enterprises that the government had planed to list. Phnom Penh Water Supply Authority was the first company to list on Cambodia's bourse in April 2012, while Telecom Cambodia has failed in its attempts to launch of the bourse due to its poor financial position.

Kimchhun declined to put an exact date on the port's listing, other to say: "We will do our best to make it happen within the year."

Mok Rady, Head of Research and Securities Market Development Division Securities and Exchange Commission of Cambodia confirmed that he has been working closely with SAP and expects them to submit a prospectus soon. "This proves that [SAP] have more possibility to be listed," he said.

SAP had received loan of $77 million in 2004 for two phases of the port's development. In 2009, a further $36 loan was granted for the construction of a special economic zone and an $80 million loan for further terminal expansion. The upgrades to the port are all expected to be finished by 2017.

The latest data from the SAP shows that the number of containers shipped via the port increased slightly in the first quarter of the year to 557,600 containers compared to 513,940 in the same period last year, an increase of 8.5 per cent.

"We noticed that the export of milled rice dramatically increased by 37 per cent via my port – that is a significant increase this year," Kimchhun said.

The Director General said he expects cargo passing though the port to increase by 12 per cent this year. (Phnom Penh Post)