Building to start on Cambodia exchange
Source: Agencies |
November 1, 2009, Sunday
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Print Edition
Print Edition
Cambodia expects to begin construction in December on its first stock exchange, a government official said, giving momentum to a long-delayed joint venture with South Korean investors.
"We expect to have the ground-breaking ceremony in December," Mey Vann, director of the financial industry department at Cambodia's Ministry of Economy and Finance said yesterday.
The idea of a Cambodian stockmarket has been floated since the 1990s but has struggled for traction in a country known for chronic poverty and a history of upheaval.
Cambodian authorities have partnered with private South Korean developer World City Co Ltd to build a US$6 million, four-story stock exchange on the waterfront of a new financial district, Cambodian and World City officials have said.
The area where the stock exchange will be built is flooded swampland on the edge of Boeung Kak Lake in the heart of the capital Phnom Penh.
The end of the rainy season this month will clear the way for workers to begin building the exchange on the corner of what developers are calling Phnom Penh Boulevard.
"The site is under a flood these days. We are pumping the water from the site," said Vann, adding he expected construction to take between eight months and one year.
The bourse was supposed to open in September but the global financial crisis intervened.
"We are going to launch a public awareness campaign about our stock market next month," said Vann.
The exchange expects to start small with just four or five companies issuing about US$10 million worth of shares each, Intyo Lee, project director for Korea Exchange, said in early October.
"We expect to have the ground-breaking ceremony in December," Mey Vann, director of the financial industry department at Cambodia's Ministry of Economy and Finance said yesterday.
The idea of a Cambodian stockmarket has been floated since the 1990s but has struggled for traction in a country known for chronic poverty and a history of upheaval.
Cambodian authorities have partnered with private South Korean developer World City Co Ltd to build a US$6 million, four-story stock exchange on the waterfront of a new financial district, Cambodian and World City officials have said.
The area where the stock exchange will be built is flooded swampland on the edge of Boeung Kak Lake in the heart of the capital Phnom Penh.
The end of the rainy season this month will clear the way for workers to begin building the exchange on the corner of what developers are calling Phnom Penh Boulevard.
"The site is under a flood these days. We are pumping the water from the site," said Vann, adding he expected construction to take between eight months and one year.
The bourse was supposed to open in September but the global financial crisis intervened.
"We are going to launch a public awareness campaign about our stock market next month," said Vann.
The exchange expects to start small with just four or five companies issuing about US$10 million worth of shares each, Intyo Lee, project director for Korea Exchange, said in early October.
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