Cellcard, telecoms service provider newly listed on Cambodia Securities Exchange (CSX) has reported a strong business performance, with a 46% increase in net profit to over $40 million in its financial year 2022.
The financial report was filed to the Cambodia Securities Exchange (CSX) on July 11, following the completion of the initial public offering (IPO) by the newly stock-listed CamGSM Plc on June 27, 2023.
Cellcard (CAMGSM Plc.) successfully listed its Class A common stock on the Cambodia Securities Exchange (CSX) after its initial public offering (IPO) sold 9,271,206 shares at a price of 2,270 riel, netting around 21 billion riel or $5.2 million.
The report also noted that CGSM posted total assets and liabilities of $602.413 million and $415.785 million as of end-2022, up 0.09% and down 8.78% year-on-year respectively, with total equity climbing by 27.78% to $186.628 million at December 31, 2022.
Cellcard is wholly owned by Royal Millicom Co Ltd (RMC), of which 61.5% is owned by Cayman Island-incorporated Three Star Investment Cambodia Ltd and Royal Group Co Ltd, which has a 38.5% equity.
Three Star Investment Cambodia Ltd is a wholly owned subsidiary of Three Star Investment Cayman Limited, which is also incorporated in the Cayman Islands, and is fully owned by tycoon Kith Meng.
Despite the IPO only raising around $5.3 million instead of the targeted $30 million, the stock has gained 60% from its IPO price.
On July 12, 2023, CGSM’s share price closed at 3,270 riel on the CSX, representing a dip of 360 riel or 9.92%. The full market cap was 6.407 trillion riel ($1.553 billion) and the total shares traded were 157,346, worth 514.521 million riel.