Grand Twins Again Delays Bourse Listing

Grand Twins International (Cambodia) Co. Ltd., a Phnom Penh-based manufacturer of clothes for U.S. athletic brands, has again delayed its listing on the Cambodia Securities Exchange (CSX), officials said Wednesday.

The company was expected to list Thursday, but technical problems prevented it from doing so, according to Kuy Vat, chairman of Phnom Penh Securities (PPS), the underwriter for Grand Twins.

“Based on the information I received, it will be delayed,” he said. “There are some technical problems that is causing the delay.”

Mr. Vat declined to elaborate and said he did not know when the company would list.

“You can ask the CEO because he is the only one who can set the exact date,” Mr. Vat said.

Grand Twins CEO Eddie Liao could not be reached for comment.

Lamun Soleil, CSX’s deputy director of market operations, said that the CSX had no updated information about Grand Twins’ listing.

“May 29, as the press said, was set by the PPS itself. We can’t say anything when the company will register because we haven’t received any document from the company,” Mr. Soleil said.

“The CSX hasn’t yet agreed with the company about listing because how can the company list as [it] doesn’t have enough documents for listing?”

Grand Twins was originally scheduled to list May 8 but in mid-April, PPS issued an announcement that said the date was pushed to Thursday. It offered no explanation.

No announcement had been made on the PPS website Wednesday, but a large banner displayed the results of Grand Twins’ book-building process, which records investor demands to determine the price for an IPO.

It lists Grand Twins’ final price as 9,640 riel, or about $2.41.

When it does list, Grand Twins will be the second company on the bourse and the first private company trading shares.

The first to list was the state-run Phnom Penh Water Supply Authority in April 2012.

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