Sihanoukville readies for listing
Sihanoukville port is to list on the Cambodian stock exchange tomorrow, officials with the IPO’s underwriter told Port Strategy.
Investors purchased all 21.4 million public shares in Sihanoukville Autonomous Port (SAP), insuring the listing of a 25% stake in the company was “fully subscribed", one official said.
Shares were priced at 5,040 riel ($1.26) each, meaning the IPO raised $26.99m, Seng Chan Thoeun, head of corporate finance at SBI Royal Securities, told PS.
“Most of them, or 79%, went to institutional investors,” Mr Seng said. Of these “more than 50% were located overseas,” he added. Most of these are known to be Japanese, with Japan International Cooperation Agency being a large buyer.
Proceeds from the listing will be used to acquire new facilities such as ten container trucks and fund the expansion of the port’s inland container depot by some 52 hectares, Mr Seng added.
Sihanoukville is not the only port listing in the region; Vietnam’s Vinalines is planning an IPO for December this year, official media have reported acting general director Nguyen Canh Tinh as saying. Up to 35% of the company’s stock will be floated.
Vinalines will be allowed to hold 65% of registered capital at key ports such as Haiphong, Saigon and Danang.
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