PPSC sells 14m shares in private placement

24 Oct 2018 2170 | Business & Trade Fairs

Phnom Penh Special Economic Zone (PPSP) recently issued more than 14 million shares, bringing its total number of shares to nearly 71.9 million, according to an announcement made by the company during a press conference Friday.

The new shares were acquired in private placement by two investors – Thailand’s JWD Info Logistic Public Company Limited, who bought just over 7.5 million, and Singapore-based Bok Seng Group, who purchased the rest.

With the issuance, PPSC expands its capital to almost $10 million, with Fong Nee Wai, the company’s chief financial officer, saying the new funds are reserved for projects in the company’s two special economic zones – Phnom Penh Special Economic Zone and Poipet PP Special Economic Zone.

Mr Nee Wai added that the new investors will allow PPSC to expand its operations since both of them are logistics firms.

“The decision to issue new shares reflects positively on the whole market, signaling that investors are confident,” said Sou Socheat, director-general of the Securities and Exchange Commission of Cambodia.

“It shows that companies in the Cambodian stock market can issue shares to the public or in private placements to access more funding,” he added.