Follow-up IPOs still on track

Thursday, 10 May 2012 03:48


Sihanoukville Autonomous Port, one of two state-owned companies slated to list on the Cambodia Securities Exchange this year, yesterday called the price decline in the country's first publicly traded company worrisome.

The eight-day slide in price that neared Phnom Penh Water Supply Authority's (PPWSA) initial public offering value before climbing more than 4 per cent yesterday, however, would not affect the port's plans to list, Director General Lou Kim Chhun said.

He added that the company still planned to float shares worth 15 per cent of total assets sometime in July.

With 879,426 shares traded on its opening day, PPWSA climbed from an IPO price of 6,300 (US$1.57) to $2.53 two days later, before falling for eight days. Analysts yesterday said the price was stablising.

Ming Bankosal, director general of the Securities and Exchange Commission of Cambodia, told the Post yesterday that PPWSA's decline would not affect the listing of the two remaining state-own-companies.

Source : Phnom Penh Post