Seaport debuts on stock market
SHARES in Sihanoukville Autonomous Port (PAS), the state-owned enterprise that operates Cambodia’s only deep-sea port, debuted on Cambodia’s stock exchange yesterday after an initial public offering that raised $27 million.
The port operator became the fifth listed firm on the Ca mbod i a n S e c u r i t i e s Exchange (CSX), with its stock trading as PAS. In total, it offered investors $21.4 million, or a 25 percent stake in the company, with shares priced at 5,040 riel ($1.26).
Trading opened at 5,360 riel ($1.34) per share, up over 6.3 percent from the stock’s offering price, but by the end of the morning’s session had slipped to 5,100 riel ($1.28). A total of 13,798 shares changed hands, amounting to $18,298.
By comparison, Phnom Penh Autonomous Port (PPAP), which in December 2015 became the third company to list on the exchange, saw a similar level of trading on its opening day, with 13,050 shares traded worth about $17,000.
Lamun Soleil, director of market operations at the CSX, said the opening price of PAS reflected strong underlying demand for the stock.
“The opening price was 5,360 riel, which is a 320 riel increase [on the offering price],” he said. “It is a higher increase compared to the previous listings, with the exception of PWSA, the first listed security on the CSX.”
Seng Chan Thoeun, head of corporate finance at SBI