Cambodian exchange to open in ’09: official October 17, 2008Posted by chandrapong007 in Cambodia, Economics.
Tags: Cambodian exchange, Cambodian stock exchange
Written by Hor Hab and George Mcleod/ The Phnom Penh Post
Despite fears of greater collapse in world markets, Cambodian officials say they are on track, with South Korean assistance, to begin trading next year.
CAMBODIA will move forward with plans to establish a stock exchange in 2009 despite concerns over the global market crisis and suggestions that it would be delayed until 2010, Finance Minister Keat Chhon announced at a seminar on the bourse Thursday.
The country is in the process of finalising securities rules and has broken ground on the exchange building, he said. He added that the Council of Ministers has begun drafting subdecrees to implement new laws about an initial public offering.
“Cambodia currently depends on about US$2.5 billion from banks and $600 million in ODA [Official Development Aid], with an additional $1.5 billion from the national budget and $867 million in foreign direct investment,” he said.
For more detail: http://www.phnompenhpost.com/index.php/2008101722186/Business/Cambodian-exchange-to-open-in-09-official.html