Since its creation in 2012, listed companies have raised more than $120 million at the Cambodia Securities Exchange (CSX), making the local bourse a great source of capital for local firms, according to CSX’s CEO.
Speaking to Khmer Times on the sidelines of ‘Executive Talks 2019’, an event held yesterday under the theme ‘Cambodia’s Startup Dream’, Hong Sok Hour, CSX CEO, said the local stock market is making a huge contribution to national economic development through job creation, tax revenue, and better corporate governance.
CSX has been operating for seven years. So far five companies have joined the main board, while one, Hattha Kaksekar Limited, is on the debt securities market.
Mr Sok Hour said that the listed companies have raised a combined $120.4 million through CSX.
“In addition to receiving funds from the market, we notice that all listed companies earn considerably high interest, trust, and recognition from the public. More importantly, corporate governance among them has significantly improved.”
The value of the firms has dramatically risen since the listing. Phnom Penh Autonomous Port, for instance, went from $26.5 million at the date of its IPO to $48.6 million now.
Phnom Penh Special Economic Zone’s market capitalisation rose from $41.3 million to $52.1 million, while the value of Sihanoukville Autonomous Port grew from $108 million to $265.8 million.
“CSX will continue its mission and welcome new potential companies who wish to list on CSX to raise funds to expand,” he added.
LOLC, a leading microfinance-deposit taking institutions in Cambodia, recently announced plans to issue a corporate bond on CSX.