Leading telecom operator listed on Cambodian securities exchange

Telecom operator CAMGSM Plc., known to consumers as Cellcard, made its debut on the Cambodia Securities Exchange (CSX) on Tuesday with an initial public offering (IPO) that raised $5.28 million.

Cellcard, one of leading telecoms in Cambodia, became the 10th equity-listed firm that issued an IPO on the Cambodian Securities Exchange.

The company floated 9,271,206 shares. Each share cost 2,270 riels (0.57 dollars), a press statement said. Proceeds from the IPO sales amounted to $5.28 million.

Cellcard’s CEO Simon Perkins said IPO proceeds will be invested in network coverage expansion, service quality enhancements, along with innovations development towards enhancing its customers’ digital lifestyles, and prepare for the next technological advances, like high-speed 5G data.

“The IPO was a historic milestone for the company and for Cambodia’s capital market,” he said. CSX’s CEO Hong Sok Hour said the IPO marked a new day for the CSX, and that Cellcard would become an attractive product for investors on the CSX.

He said the CSX has so far received a total of 19 listed companies, including 10 equity firms and nine corporate bond firms, collecting a total capital of more than 300 million dollars.

Launched in 2012, the CSX is a joint venture between the Cambodian government, which holds 55% of stakes and the Korea Exchange, which owns the remaining 45%.