SECC issues first of new licence to CIC Partners
CAMBODIAN Investors Capital Partners Plc (CIC Partners) on Thursday announced that it obtained a licence from the Securities and Exchange Commission of Cambodia (SECC) as the first “fund management company” in the Kingdom.
The licence allows the company to mobilise capital from individual and institutional investors for investment projects.
CIC Partners is a subsidiary of Cambodian Investors Corporation Plc, a group of about 300 local investors, which was established in early April 2013.
During the acceptance ceremony on Thursday, CIC Partners board director Kuy Vat said the firm would contribute to solving the challenges facing the Kingdom’s small and medium enterprises, particularly receiving finances from institutions.
He added that CIC Partners will create a mechanism with quality, effectiveness and efficiency for investors and he expect many more to join the group.
“Granting the licence will contribute to the development of Cambodia’s securities sector as well as small and medium enterprises,” he said.
He said CIC Partners will ensure operation in compliance with the law, mobilise funds from the public “in large amounts” and use them transparently, effectively and efficiently to “protect investors from other risks”.
SECC director-general Sou Socheat said the issuance of “fund management company” licences shows great progress for the Kingdom’s securities sector.
He said that after CIC Partners obtained the licence from SECC, all of their activities would be conducted under SECC supervision.
“Obtaining a licence from SECC does not mean that the company can start any investment project and collect funds from the public,” Socheat said.
“All fund management company operations must be reported, reviewed and approved by SECC.”
He said that doing so is to protect the interests of investors and guarantee transparency for all parties.
Currently, there are three other companies that are applying for a “fund management company” licence from SECC, of which two are international.
To be eligible for the licence, companies must fulfil several requirements and have at least $1 million in capital, according to Socheat.