Shares in Phnom Penh Autonomous Port (PPAP) debuted on Cambodia’s
sleepy stock exchange yesterday morning, ending the day at 5,140 riel
($1.28), down 1.15 per cent from the 5,200 riel opening price, after a
lukewarm session of sideways trading that dashed some investors’ hopes
for quick returns.
The port operator became the third company to list on the Cambodian
Securities Exchange (CSX) after successfully raising $5.2 million in an initial public offering.
Speaking before the start of yesterday’s trading session, CSX
chairman Hean Sahib said PPAP’s listing would improve the company’s
corporate governance while infusing liquidity into the pint-sized
exchange.
“PPAP will become stronger and more progressive after listing today,
and at the same time this will increase the volume of shares traded on
the CSX,” he said. “This is a step forward for the CSX and we hope there
will be other firms listed in 2016.”
At 9am sharp, Finance Minister Aun Pornmonirith rang the opening bell to signal the start of trading.
However, the initial performance of the new stock was not
particularly encouraging, and it soon dipped below its 5,200-riel
opening price, though managed to end the day 20 riel above the 5,120
riel issue price. Some 13,050 shares worth $17,000 changed hands by the
close of the session at 11:30am, which amounted to a modest day on the
CSX, but relatively low volume for the exchange’s first new listing in
over a year.
By comparison, Phnom Penh Water Supply Authority (PPWSA) saw nearly
500,000 shares traded worth $1.13 million when it debuted on the CSX in
April 2012.
