via CAAI News Media
New draft prakas for stock exchange
Friday, 09 April 2010 15:00 Nguon Sovan
THE Securities and Exchange Commission of Cambodia (SECC) issued a draft prakas Thursday regarding requirements for the special financial agents required to run a securities exchange. Under the regulation, securities registrars, transfer agents and paying agents would be required to have commercial companies registered in Cambodia, and deposit minimum capital in Cambodian banks, including 10 percent in the National Bank. A registrar or transfer agent would deposit 200 million riel (US$47,846),and a paying agent would deposit 500 million riel to operate. A securities registrar provides management of securities registries, including the issuing of certificates. A transfer agent is hired by companies with publicly traded securities to keep track of the owners of its stocks and bonds. A paying agent is responsible for calculating dividends and other payments and providing them to securities holders. Officials hope the stock exchange will be up and running by the end of 2010. nguon sovan
June opening for mekong building
Friday, 09 April 2010 15:00 Soeun Say
Mekong Condominium, a US$15 million residential development in the capital’s Russey Keo District, will be completed in June, a company official said Wednesday. “We have already completed the whole 18 stories and 146 units, but only the interior design [remains],” said Chhim Chanvirak, the condominium’s project manager. Construction began on the Mekong Condo project, located about one kilometre from the Cambodian-Japanese Friendship Bridge, in 2008, and it is set to open in June. Sale price will be around $1,000 per square metre, with units for rent at an undetermined price. Once the company sells out of condos, it will develop another project later this year, Chhim Chanvirak said. Recent figures from the National Valuers Association indicate that Cambodia’s property market is still on a downward slide, but market analysts say it could improve later in 2010.
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