The
final technical aspects of the Cambodian Securities Exchange were completed
yesterday, readying the exchange for listing and trading, government officials
said.
A date for the initial public offerings of the
three companies expected to list on the exchange was not disclosed.
“The securities market infrastructure is now
complete,” Economy and Finance Minister
Keat Chhon said during an exchange simulation yesterday, explaining that
securities firms and banks were connected via the CSX IT system.
In a separate training session late yesterday,
officials from the Securities and Exchange Commission of Cambodia (SECC) met
with leaders from the three expected listers –Phnom Penh Water Supply, Telecom
Cambodia and Sihanoukville Autonomous Port – to discuss corporate governance.
Officials have attributed the delays in
listing on the exchange, which officially opened in July, to a lack of
familiarity with standard trading procedures among companies.
Company transparency and accountability to
stakeholders was a main concern at yesterday’s training session.
“Effective corporate governance is essential
to a well-functioning public market,” Ruwan Hulugalle, a market-entry
consultant, said during the session. “It maintains the trust and confidence of
shareholders and investors.”
Lim Channa, acting head of the corporate
governance division of the SECC, said companies were still in the process of
selecting independent and non-executive directors, one of the SECC’s benchmarks
for meeting good governance standards.
Lao Saroeun, director-general of Telecom
Cambodia, said forming the board of directors was a challenge, given that the
process started from scratch.
Diana Montaño and May Kunmakara
The Phnom Penh Post
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