Bourse finds first home

via CAAI

Monday, 15 November 2010 21:41 Soeun Say and May Kunmakara

The first home of Cambodia’s new stock exchange has been confirmed as Phnom Penh’s tallest building, Canadia Tower.

“We have already agreed for the home stock market to be on the tower’s 25th and 26th floor — it will open soon,” Canadia Bank President Pung Khiev Ser told The Post.

As the tower celebrated its first birthday, Pung Khiev Ser said that preparations were underway to host the bourse, with wiring for a computer network set to be installed.

Earlier this year, the business community voiced growing concerns that little progress had been made for the bourse building outlined for Phnom Penh’s US$2 billion Camko City.

Yesterday, Camko City official Kheng Ser, who is assistant team project manager for developer World City Company, confirmed that construction of the stock exchange had yet to start.

“I don’t know exactly when building will start – it depends on both sides [Camko City and the Ministry of Economy and Finance],” he said.

Hong Sok Hour, director general of the Cambodian Securities Exchange, said yesterday official finalisation of deal was expected “soon”, adding the bourse’s Canadia Tower home was “just the temporary office”.

Inpyo Lee, project director of Korean Exchange, which holds 45 percent stake in the CSX, said he would follow the government’s decision regarding its home. “Your government has a deal with Canadia Tower – we just have to follow up,” he said.

The exchange is set to launch next July “at any cost”, according to a government statement.