Poor finances delay Telecom Cambodia listing

18 Mar 2013

Plans to list Cambodia’s state-owned fixed line incumbent Telecom Cambodia (TC) on the country’s fledgling stock exchange have been postponed indefinitely due to the firm’s poor financial performance, the Phnom Penh Post cites an official at the Ministry of Post and Telecommunications Cambodia (MPTC) as saying. Sarak Khan, secretary of state at the MPTC, said he had been surprised by TC’s financial performance, adding that the company will need to redesign its business plan to improve operations before it can list its shares on the Cambodian Stock Exchange (CSX). TeleGeography’s GlobalComms Database notes that in May 2009 TC and two other state-owned firms – Phnom Penh Water Supply Authority (PPWSA) and Sihanoukville Autonomous Port – were instructed to start preparations for an initial public offering (IPO). The bourse was originally planned to open on 9 September 2009, but a date for a soft launch was pushed back to late 2010, and subsequently extended to July 2011 due to delays in passing necessary legislation. The official launch of the CSX took place on 11 July, and while TC was originally scheduled to float its shares by the end of 2012, the firm was unable to meet listing requirements in time and the date for the IPO was subsequently pushed back to mid-2013.

Cambodia, Telecom Cambodia