Securities Market in Cambodia. Mr. Polen SO, Director of Securities Market Supervision Department SEC Cambodia
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1 Securities Market in Cambodia 1 Mr. Polen SO, Director of Securities Market Supervision Department SEC Cambodia
2 Contents 2 1. Regulatory Framework 2. Market Infrastructure Securities and Exchange Commission of Cambodia Primary/ Secondary Market Players Securities Intermediaries IPO process Requirement to trade Trading Mechanism 3. Listed Companies 4. Challenges and Opportunities
3 source: article IV, IMF
4 1. Regulatory Framework Vision and Financial Sector Development Plan for Financial Sector Development Strategy for : updated FSDP (Currently 2013, Financial Sector Blueprint ) January 10: Law on Government Securities October 19: Law on the Issuance and Trading of Non-Government Securities July 23: Sub-decree on the Conduct and Organization of the Securities and Exchange Commission of Cambodia April 08: Sub-decree on Implementation of Law on Issuance and Trading of Non-Government Securities And subsequently, other Prakas as shown at
5 Investors Securities Firm CSO: Clearing & Settlement Operator CSD: Central Securities Depository 2. Market Structure 5 (SECC) Buy or Sell Order Buy or Sell Order Cambodia Securities Exchange (CSX) Trading Result Trading Result Market Operator -Matching Buying/ Selling Order Trading transaction results -Buy/Sell Order Transaction CSAs: Cash Settlement Agents
6 Securities and Exchange Commission of Cambodia (SECC) What s the SECC? 6 SECC is the regulator in the securities industry in Cambodia in the purpose of contribution to socioeconomic development through capital mobilization from public/ securities investors to meet the demand of financing for investors. Established on July 2008 Official Inaugurated on 29 April 2009
7 Securities and Exchange Commission of Cambodia (Cont.) SECC Board member 7 Minister of Economy and Finance: Chairman Ministry of Economy and Finance National Bank of Cambodia Ministry of Commerce Ministry of Justice Member Member Member Member Council of Minister Director General of SECC Member Member 2 Securities Experts Member
8 1. Securities and Exchange Commission of Cambodia (Cont.) SECC Structure 8 SECC Internal Audit Unit Director General Deputy Director General Deputy Director General Deputy Director General Dep. Administration and Finance Dep. Securities Issuance Dep. Intermediary Supervision Dep. Legal Affair Dep. Securities Market Supervision Dep. Research, Training, Securities Market Development and IRs
9 Primary and Secondary Market Players 9 Securities and Exchange Commission of Cambodia (SECC) Key Players Other Players Primary Market Secondary Market Securities Registrar Issuers Securities Market Agent Securities Operator (CSX) Securities Transfer Underwriters Securities Clearing and Agent IPO team Settlement Operator Securities Paying Securities Depository Agent Operator Professional Cash Settlement Agent Accounting firms and Securities External Auditors Dealer/Broker Valuation Companies Law Firms Investors
10 Securities Intermediaries 10 7 Securities Underwriters 1 Securities Dealers 3 Securities Brokers 2 Investment Advisors Tong Yang Securities (Cambodia) Plc. OSK Indochina Securities Limited Cana Securities Ltd. Campu Securities Plc. Cambodia-Vietnam Securities Plc. SBI Royal Securities Plc. Phnom Penh Securities Plc. Golden Fortune (Cambodia) Securities Plc. ACLEDA Securities Plc. Sonatra Securities Plc. CAB Securities Limited. Angkor Capital Advisors Co.,Ltd. F.U.G.I. Gold Co., Ltd
11 IPO Process Preparation 2. Listing Eligibility Review 3. Initial Public Offering 4. Official Listing on CSX 1.1. submit intent letter to SECC 1.2. Appoint an unterwriter 1.3. Create an IPO team 1.4. Due diligence 2.1. Submit listing eligibility review application to CSX 2.2. Approval for listing eligibility review 3.1. Submit application 4.1. Submit application for IPO to SECC form on official 3.2. Pricing via Book listing to CSX Building Process 2.2. Approval for 3.3. Apply for confirofficial listing mation on price from CSX 3.4. Submit application for approval on term of offering 3.5. Subscription 3.6. Report result to SECC
12 Requirement: To start trading Choose a Securities Firm 2. Open a Trading Account 3. Place Orders - Choose a securities firm which is member of the CSX -Open a trading account (a cash account and a securities account) at your preferred securities firm with the attached documents (incl. ID (local), Passport (foreigner), bank account number, Investor ID (Requested from the SECC) Information needed: 1. Issue name; 2. Quantity; 3. Price; 4. Classification for bid or offer Order can be done by: Written document, phone, or
13 Market Mechanism Trading Hours & Trading Days : Trading days: From Monday to Friday, except public holidays Trading hours: From 8:00 am to 11:30 am 13 From 08 February 2013, the Trading Execution is amended to 06 (six) times per day- at 9:00 am, 9:30 am, 10:00 am, 10:30 am, 11:00 am and 11:30 am. Receiving Order Receiving Order Receiving Order Receiving Order Receiving Order Receiving Order 8 : 00 AM (Market Open Hour) 9 : 00 AM (Execution) 9 : 30 AM (Execution) 10 : 00 AM (Execution) 10 : 30 AM (Execution) 11 : 00 AM (Execution) 11 : 30 AM (execution)
14 Market Mechanism Base Price 14 Base Price is the closing price of the previous trading day; except when there re stock dividend, capital increase, stock split and reverse. Daily Price Change Limit : ± 5% of the base price Principle of Auction : executed through single-price auction, based on the priority of price and time of the submitted orders. The lower offers shall have priority over higher offers, and higher bids shall have priority over lower bids. In case of the same price orders, the orders received earlier shall have priority over the orders received later.
15 2 Listed Companies: 1 st since April Company Name: Phnom Penh Water Supply Authority Industry Classification: [006101] Water Utilities Type of Listed Shares: Common Shares No. of Listed Shares: 86,973,162 Code: KH Symbol: PWSA (រទសភ) Listed Date: 18 April 2012 Website:
16 2 Listed Companies: 2 nd on 16 June Company Name: Grand Twins International (Cambodia) Plc Industry Classification: Garment Manufacturing Type of Listed Shares: Common Shares No. of Listed Shares: 40,000,000 Code: KH Symbol: GTI Listed Date: 16 June 2014 Website:
17 Market trading activities of PWSA share 17 20,000 Volume (Right hand scale) Price (Left hand scale) 800,000 15, ,000 10, ,000 5, ,
18 IPO Price 17/06/ /06/ /06/ /06/ /06/2014 2/7/2014 4/7/2014 8/7/ /7/ /07/ /07/ /07/ /07/ /07/ /07/ /07/2014 4/8/2014 6/8/2014 8/8/ /8/ /08/ /08/ /08/ /08/ /08/ /08/2014 1/9/2014 3/9/2014 5/9/2014 9/9/ /9/ /09/ /09/ /09/2014 8/10/ /10/ /10/ /10/ /10/ /10/ /10/ /10/2014 Market trading activities of GTI share 18 Volume (Right hand scale) Price (Left hand scale) 12, ,000 10, ,000 8, ,000 6, ,000 4,000 2,000 50,
19 4. Challenges and Opportunities 19 More supportive regulations Accounting standard and good corporate governance for listed and non-listed company Promote more IPO, SMEs, and mechanisms to promote the market liquidity Investor and other market participant education
20 20 Securities and Exchange Commission of Cambodia: Cambodia Securities Exchange:
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