The Pnomh Penh bourse opened for trading this week, some five years after Cambodian authorities announced their intention to launch an exchange. The market is a joint venture between the government and Korea Exchange (KRX), a similar model to the bourse in neighbouring Laos, which opened last year.
Only one company, the Pnomh Penh Water Supply Authority, listed its shares at the market’s April 18th opening. The stock closed the week with a gain of more than 60%, with 1.7m shares worth around 17trn riel (US$4.1m) changing hands. State-owned telecoms and port operators are next in line for listings, possibly later this year. A KRX official expects “dozens” of IPOs in Cambodia in the coming years. The Busan-based exchange operator is also eyeing Myanmar, where Japanese rivals have signed a preliminary agreement with the government to establish a new stock market by 2015. There is already a securities market in Yangon, but in its current state it won’t offer much competition.
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