The operator of Cambodia’s largest industrial park, the Phnom Penh SEZ, plans to list on the Cambodian Securities Exchange (CSX) next year in an attempt to raise $15 million to set up another economic zone in Poipet City, according to the company and media reports.
Japanese-owned Phnom Penh Special Economic Zone Co., Ltd. has yet to submit an application to go public, according to CSX CEO Hong Sok Hour, but a company representative Wednesday confirmed that it planned to list.
“Yes, we have plans to go public next year, but I don’t know the exact time and clear details yet because preparation is still underway,” said Carie Phou, Phnom Penh SEZ’s public relations director.
The company’s website links to a report by the Nikkei Asian Review, a business journal, which says the firm will use the $15 million proceeds from the initial public offering to build a 500,000 square meter industrial zone in Poipet City.
CSX chief operating officer Ihnsoo Lee said Phnom Penh SEZ’s listing would bring some much-needed diversity to the exchange, which has so far struggled to attract significant trading of its two stocks, the Phnom Penh Water Supply Authority and garment manufacturer Grand Twins International.
“The Phnom Penh SEZ is very different from the other listings and we need to diversify,” he said, adding that although he was aware the firm planned to submit an application to list, he had not heard from them since they initially expressed interest about a year ago.
Since launching in 2006, the Phnom Penh SEZ has attracted more than 70 firms, producing a wide range of products including clothing and car parts.