Cambodia to Open Bourse in 2009; Urges Corporate Transparency

By Netty Ismail and Yoolim Lee July 24 (Bloomberg) -- Cambodia plans to open its first stock exchange and start a corporate bond market in the fourth quarter of 2009 in a bid to attract foreign funds to Southeast Asia's second-poorest nation, a government official said. Six to 10 companies, with a combined market value of $200 million to $400 million, including Sokimex Group, the country's biggest petroleum company, and Acleda Bank Plc, its largest bank, will likely be listed on the exchange within a year of it being set up, Kao Thach, head of the Ministry of Economy and Finance's financial market division, said late yesterday. Cambodia, which abolished money under the Khmer Rouge three decades ago, is seeking to lure foreign funds as economic growth slows after peaking at 13.5 percent in 2005. The government will need to... [read full story]