Riel deal for new bourse

A money changer displays 500 riel notes in Phnom Penh on Friday. Reuters http://www.phnompenhpost.com/via CAAIMonday, 14 March 2011 15:01 Soeun Say and Jeremy Mullins CAMBODIA’S stock exchange will require listings in riel but will initially allow dual currency settlements, according to the Securities and Exchange Commission of Cambodia.“The issuing of securities shall be completed in riel and the quotation of securities in the [Cambodia Securities Exchange] shall be conducted in riel,” it said in a statement issued late last week.Settlements between buyers and sellers, however, will be allowed in both dollars and riel during the...

Read More

CSX riel listings make sense in the long term

http://www.phnompenhpost.com/via CAAIMonday, 14 March 2011 15:01 Steve Finch THE decision to use riels on the forthcoming stock exchange may alienate some foreign investors, at least at the start, but in the longer term opting against dollar listings was the right decision.If Cambodia is to dedollarise an economy in which 90 percent of money supply is in foreign currency then running the stock exchange in riels from the outset means avoiding a painful process of converting from the greenback to local currency listings later. In the longer term, the country has to start moving away from the greenback if the National Bank of Cambodia is to seize full monetary control.The creation of a major institution such as the stock exchange operating in the United States currency would...

Read More

Investors eye provincial enterprises

Workers outside the Green Feed plant in Kampong Cham, which was visited by potential investors last week. Photo by: Tom Brennan Stanley Tan (centre), director of LTC Executive Search, speaks with Pol Kiri Sambath (right) at the Green Feed plant in Kampong Cham. Photo by: Tom Brennan http://www.phnompenhpost.com/via CAAIMonday, 14 March 2011 15:01 Tom Brennan Kampong Cham ProvinceJUST off National Road 7, outside Kampong Cham city centre, stands Green Feed’s massive processing plant. Inside, a machine three storeys high mixes raw materials like corn, tapioca and soy bean meal into animal food destined for local poultry and swine...

Read More

Garment training centre planned

http://www.phnompenhpost.com/via CAAIMonday, 14 March 2011 15:01 Soeun Say THE Garment Manufacturers Association in Cambodia (GMAC) said that this year it plans to spend US$5 million to build a training centre in order to boost the skills of garment workers and enable them to take over management functions currently dominated by foreign workers.“We hope to get something started as soon as in June,” said Ken Loo, secretary general of GMAC, after finishing an annual general meeting at the Cambodiana Hotel in Phnom Penh yesterday. “Now, we are looking for a location to set up a building,” he said. The training centre will be built using a loan from the French Development Agency, Ken Loo said. Van Sou Ieng, who was elected president of GMAC yesterday, told The Post that the institute...

Read More

Wai Chun axes plans to buy Kingdom mines

http://www.phnompenhpost.com/via CAAIMonday, 14 March 2011 15:01 Ellie Dyer WAI Chun Mining Industry Group has scrapped the planned purchase of two Cambodian iron mines.According to a filing on Friday with the Hong Kong stock exchange, the company has terminated an agreement over the possible acquisition of the mines together with a 74 percent interest in a South African manganese mine from Guangxi Non-ferrous Metals Group Company Limited and Guangxi Sincerity Investments & Trading Company Limited.The two Cambodian mines were described in a November statement as being in the Kohkeo and Phnom Thmar regions of Cambodia.Wai Chun was to purchase the mines through a combination of cash and a share issue to state-owned Guangxi, which would have seen the firm become “the flagship...

Read More