Trading on Cambodia’s stock exchange has finally started.
The bourse – a joint venture with South Korea’s stock market – was officially launched last July, but necessary changes in investment laws delayed the start of trading.
The state-run water company – Phnom Penh Water Supply Authority – was the first to offer shares.
The firm’s Initial Public Offering last month was 17 times oversubscribed, an indicator of strong investor appetite for the long-awaited exchange, observers said.
Cambodian Finance Minister Keat Chhon, who led the bourse’s opening ceremony, hailed PPWSA’s “historic” listing as “a big leap forward” for the impoverished country’s economy.
“I would like to appeal to national and international investors to participate in securities trading, and provide their support to this young, but full-of potential securities market,” he said.
“I strongly believe that securities trading in Cambodia will be a success.”
While still one of the world’s poorest countries after decades of conflict, Cambodia is a rising economy in the region.