PHNOM PENH, June 8 (Xinhua) -- The Sihanoukville Autonomous Port (PAS), Cambodias largest state-run sea port, made its debut on the Cambodia Securities Exchange (CSX) on Thursday after an initial public offering raised 27 million U.S. dollars.
PAS becomes the fifth listed firm and is the third state-owned enterprise that officially listed its securities on the kingdoms nascent bourse.
The countrys only deep-sea port floated a total of 21.44 million shares, or 25 percent of the companys shares, in which a share cost 5,040 riels (1.26 dollars), said PASs chairman Lou Kim Chhun.
Listing the PAS on the CSX is to collect capital to purchase an additional 52 hectares of land for container yard expansion and to buy new heavy machinery, he said during the official listing ceremony in Phnom Penh.
PAS is situated in Preah Sihanouk Province, some 230 km southwest of Phnom Penh.
According to Lou Kim Chhun, the Japan International Cooperation Agency (JICA) purchased 11.57 million shares, or 54 percent, of the offered shares at the cost of 14.75 million dollars.
Cambodian Economy and Finance Minister Aun Pornmoniroth said PAS is the only international port of Cambodia that connects major international maritime trade between Cambodia and countries in the region and in the world.
I believe that PAS is an enterprise that has a robust growth potential and will be even stronger after listing and trading its shares, he said at the ceremony. This is a new product for investors, so I hope that the PASs listing will help further boost securities trading.
According to CSXs chairman Hean Sahib, some 8,457 individuals and companies have opened trading accounts at the CSX by June this year, up from 7,713 in June last year.
Although this figure is still low compared with other stock exchanges in other countries in the region, this figure shows an increase in share trading on the stock exchange, he said.
PAS shares opened at 5,360 riels (1.34 dollars) each on Thursday and then declined to 5,100 riels (1.27 dollars) at the trading closing. PAS shares trading volume was 13,798 shares worth 17,600 dollars.
Launched in 2011, CSX is a joint venture between the Cambodian government holding 55 percent of the stakes and the Korean Exchange owning the remaining 45 percent.
