via CAAI News Media
PHNOM PENH, Feb 03, 2010 (Xinhua via COMTEX) -- Cambodia's securities and stock market will be in place by the third quarter or late this year, Ming Bankosal, director general of the Securities and Exchange Commission of Cambodia (SECC) said on Wednesday. "The opening of the stock exchange is not only depends on the SECC side, it also depends on the issuing companies," Ming Bankosal said.
"We expect that by the third quarter of this year or by late this year we will have a stock trading in Cambodia," he said in the interview.
"When we have stock exchange we can share the economic growth to the Cambodian people and the government can collect more taxes as well as to create more jobs," he said.
"And then transparency comes to Cambodia and international investors will see Cambodia changing to international standard."
"Now we are ready and waiting for the companies to prepare themselves with all our regulations."
"So when they are ready with our requirements, they can issue the shares to the public. Then we will have the trading officially, " he said.
"So the game is not only depends on the government side, it also depends on the private sector who wants to list," said Ming Bankosal.
The country's Securities and Exchange Commission of Cambodia ( SECC) has opened Jan. 15, 2010 for companies -- which wanted to operate as dealers, investment advisors, brokers or underwriters -- to submit their applications till March 1, 2010.
Applicants must meet capital requirement along with human resource, he explained. "This is a very technical field... we need experienced people in the field."
Ming Bankosal wishes not to reveal the number of companies which have applied to be listed on the stock market, but said that there are a number of local and joint venture companies with foreign partners also showing their interest.
"Other foreign companies who operating their businesses here have shown their interests to go public," he added.
"We will then review and shortlist them in order to assess the company before we can issue them the licenses to operate,"said Ming Bankosal.
"We do not want to have too many companies to go public, but we want to see the quality's issuers. We need a good profile companies with good profits and they must be very experienced in good business sector along with good management to go public."
"They must be very corporate governance and transparency,"said Ming Bankosal.
"The public confidence is very important, if we allow the poor corporate to go public and if there will be problems... the public confidence will go down and we need a long time to restore the confidence," he said, adding that "So we have to be careful about that."
Cambodian Prime Minister Hun Sen on Wednesday said there will be at least three companies would be listed on the stock namely the Electricite du Cambodge (EDC), Phnom Penh Water Supply Authority, and Sihanoukville Autonomous Port.
Ming Bankosal said the government has already decided to list the three companies and they will be listed on the stock exchange.
The idea of a Cambodia stock market has been floated since the 1990s. Its launch was originally scheduled for September 2009, with the South Korean Exchange providing funds and technical support, but has been delayed due to the worsening global economic slowdown.
South Korea has been helping Cambodia to establish the financial development Center which is located in Camko City, north of Phnom Penh, where the Stock Exchange and Securities and Exchange Commission of Cambodia (SECC) will be located, he said.
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