The Phnom Penh Special Economic Zone (PPSEZ) was given clearance on Wednesday to begin final preparations for listing on the country’s stock exchange, according to a statement released by the Securities and Exchange Commission of Cambodia (SECC).
“After a meeting on both the technical and policy issues, it has been decided to approve in principle the company’s request for an initial public offering,” said the statement released late last week. “PPSEZ would now need to pursue book-building and undertake further legal procedures for an official listing.”
The book-building process will set the final number of shares and initial prices for listing, which would require a final clearance from the SECC.
PPSEZ operates the 357-hectare industrial park just outside the capital and intends to issue 11.6 million shares—20 percent of the company’s value—to support expansion plans and debt repayments, according to a statement published on the firm’s website in December.
The special economic zone would become the fourth stock listed on the country’s nascent securities exchange.