Kambodscha, Laos oeffnen Stock Exchange - 500 Beiträge pro Seite

[Jgersauce]

Kambodscha :

http://www.secc.gov.kh/english/
http://www.stockexchangecambodia.com/ (funzt nat. nicht wie das meiste in Kambodscha)

http://www.businessweek.com/globalbiz/content/oct2007/gb2007…

Investing October 25, 2007, 3:15PM EST

Coming Soon: A Cambodian Stock Exchange
Despite corruption and poverty, the Southeast Asian nation is teaming with Korea Exchange to launch a bourse in 2009. Believers are lining up

As Asian markets surge ahead, tiny Cambodia—short on credit but big on ambition—is rushing to join the crowd. The country has been moving full speed ahead since Sept. 6, when it announced an agreement with the Korea Exchange to launch a Cambodian stock exchange by 2009—and a handful of the country's biggest corporate players are lining up to get in first.

Even as the stock exchange backers passed their first hurdle—a securities law slid through Parliament days after the kickoff—some people wonder how a stock market would operate in this corner of Southeast Asia where luxury villas and country plantations of corrupt government officials dot impoverished cities and former jungle landscapes.

Even the World Bank lost its temper with Cambodia last year, temporarily suspending several of its projects and demanding repayment of money wasted on bribes. It has since resumed work. Another reminder of the corruption problem arrived in late September, when Transparency International's yearly rankings of the most corrupt countries listed Cambodia No. 162 out of 180 countries. Of course, Laos ranked even lower, and Laos is planning a stock market, too. It also has a deal with the Korea Exchange—announced Sept. 19—to open a bourse in 2010. State-run companies will be listed.
Workshops and Training in Place

The believers are pushing ahead. In-Pyo Lee, the Korea Exchange project director who has been working since June in Cambodia's Economy & Finance Ministry, says that although almost everything relating to a stock exchange is yet to be done, the market will launch on time. Prime Minister Hun Sen is a big supporter, too. In announcing the securities market last month, he called it the "lifeblood of a capitalist economy."

Plans are under way to set up an SEC-like commission to establish disclosure and capitalization guidelines; future staff have gone to Seoul for training; and workshops for private companies that might list are under way. "I am sure they will be ready," Lee says. There are even plans to offer investment seminars to Cambodians.

In the past few years, Cambodia—no longer war-racked, its temples and beaches the sites of mass tourism, and with a potential multibillion-dollar oil project under exploration off its south coast—has been revving up its economy. Standard & Poor's gave Cambodia its first-ever sovereign debt rating in May. And although the nation certainly has many problems—per capita income is no more than $290, 40% of Cambodians live below the poverty line, and the country relies on international donors—economic growth hit 10.75% last year on top of 13.5% the year before, and is expected to be about 9.5% for 2007.
Limited Amounts for Lending

Growth has slowed as a result of heavy competition with Vietnam in the garment industry. And agriculture is still heavily dependent on the rains. But the boom is real enough in tourism, construction, and services, and there has been steady growth since 2000. In Phnom Penh, Cambodians are becoming successful entrepreneurs, and, like businesspeople everywhere, they are hungry for capital that the banks—small themselves—can't or won't provide. With commercial lending rates at 10% to 18% per year, access to capital is often an impossibility. Leading lender Acleda Bank, for example, cannot make a loan over $9.6 million.

"The banks only allow us to borrow a limited amount of money at a high interest rate," says Sok Kong, chairman of the private Sokimex Group, which he started in 1991 as an oil and gas distributor and which now includes the growing luxury Sokha Hotels chain, with four hotels. Sok Kong hopes to list Sokimex on the new stock exchange. What would he do with the capital? Build more rooms for the tourists flocking to the Kingdom's beaches and temples.

Likewise, In Channy, the president and chief executive officer of Acleda Bank—Cambodia's leading microfinance lender, which started as an NGO making micro loans to little entrepreneurs such as fish peddlers—sees the stock market as a chance to raise money to expand his bank's activities to many more villages. "We want to list on the market so we can grow and grow. We need to raise capital. Investors need to be able to invest, and then to exit," he says.

It's not clear, though, that Cambodia is ready for a stock exchange. Even a booster like In Channey is skeptical about how many companies will open their books to investor scrutiny. "Disclosure in Cambodia is hard. How much tax did you pay, did you pay regularly, do you have that tax liability?" Those are questions some companies don't want to answer, he says.
Some Companies Will Wait and See

Sok Kong, at Sokimex, says a five-year audit requirement for listing is a real challenge for many. He is now hiring an international auditor to help Sokimex prepare. But other big-name companies aren't jumping in. "I have to wait and see other companies first," says KT Pacific Group's Kong Triv, adding, "It requires a clear audit." His company has holdings in food, construction, banking, and more. Royal Group Chairman Kith Meng, the chairman of the Cambodia Chamber of Commerce and head of a wealthy conglomerate with holdings including the landmark riverfront Cambodiana Hotel and large stakes in TV, mobiles, banks, and more, also will wait.

It is easy to compare Cambodia's stage of development to Vietnam's a decade ago, when Vietnam launched a stock market. Lee, the project director working in Cambodia for the KRS, pictures 5 to 10 Cambodian companies listing shares initially. That is what happened in Vietnam, where the market did little for several years, then doubled in the past year, adding new listings. The KRX helped Vietnam launch. Now, "it's like a gambling market there," he says.
Some Controversial Requirements

What does the Korea Exchange get out of all this? Besides a stake in the Cambodian and Laos exchanges, the presence in Southeast Asia will help the KRX become a more global operator. So far, the KRX has only one international listing, a Chinese company, although its operating system is being used in Malaysia. In the future, the Koreans hope to add more companies from around the region, says Lee. Getting Southeast Asian countries to privatize and list their profitable utilities is of particular interest.

For Cambodia, "economic transparency is the most important thing," warns Lee. "If they don't want to disclose these things, they will not be listed." The capital requirements also may be controversial. If only big companies can list, the access-to-credit argument will be defeated; if they are set too low, the risk will be greater for investors because marginal companies may get in.

Nevertheless, citing the current flurry of activity in the "Camex," another banker—Union Commercial Bank Chief Executive Yum Sui Sang, who dreams of tapping the market to make his bank more aggressive in the competitive new world of Cambodia banking—insists that all will be fine. "The set date is sooner than I expected, but it shows how keen the government is," he says. He reasons that there is a shortage of cash-rich companies in Cambodia. "That is a driving factor. Those companies that list will have a better name socially. And sooner or later, Cambodia will be free of corruption." It may not be sooner, but if Vietnam is an example, many more people will be watching for it.

Susan Postlewaite is an international business writer based in Phnom Penh.

[Jgersauce]

28-10-2008

http://cambodia.ka-set.info/economics/cambodia-stock-market-exchange-securities-finance081028.html

Cambodian stock exchange 2009 launching: is it really the right time?
By Ros Dina and Laurent Le Gouanvic

28-10-2008

Kampot (Cambodia), 24/10/2008. A Sokimex petrol station. The Cambodian firm might be listed among other companies on the Cambodian stock exchange
© John Vink / Magnum

Tokyo, Hong Kong, Shanghai, Manila, Bombay… The financial crisis, which set off in the United States and is still shaking countries all over the world, did not spare a single Asian stock market. But Cambodia, right in the middle of this financial crisis situation, is about to launch its own stock exchange, and plans it for 2009. According to a few economists, like Kang Chandararoth, this delay is far too short. Kang Chandararoth is mainly worried about the future of the newly-created exchange if it happens to fail winning the trust of the public and the institutions. The authorities and the Securities and Exchange Commission of Cambodia (SECC) both agree that, on the contrary, it is just the right moment to create a new financial market which, so they hope, will play a leading part in the kingdom's economy.



Quick but clean
“We must hurry, but slowly.” The catchphrase, coined by Keat Chhon, the Cambodian minister of Economy and Finance on the occasion of the Conference on Initial Public Offering and Securities Exchange Establishment, which took place on October 16th and 17th in Phnom Penh, sums up the authorities' viewpoint quite well. The government did not intend to drift away from its initial objective, i.e. launching a stock market in Cambodia in 2009, but given the current amplified frailty of the financial environment, it somehow had to acknowledge reality and prove twice as cautious.


“Cambodia's stock market will not be delayed because of the world financial crisis and will be brought forward as planned: little by little, starting with the laying of solid bases”, the minister said when questioned in private after having given his speech. “Cambodia must be very careful in the process of establishing its securities market, and must continue to set up the necessary infrastructures. What we are doing right now is meant to last long”, he insisted, before giving the detail of the progress made since the very beginning of the project of a stock market, in 2005.

A significant progression
First, legally speaking: the Law on Government Securities was promulgated in January 2007, quickly followed by the Law on Issuance and Trading of Non-Government Securities. The rules and regulations for approval and licensing should be complete by the end of the first quarter of 2009.


Then, technically speaking: the architectural design of the building set to host the Cambodia securities market is in progress, and computing as well as general equipment has already been bought.
Finally, on the human resources level: the Securities and Exchange Commission of Cambodia (SECC) is now operational and a contact with the Ministry of Justice has been established. The training of “employees and future collaborators, both coming from the public and private sectors” is being carried out, the minister indicated.

“Brides-to-be”
“What matters most is that the companies who are willing to be listed on the stock market are all set for the process, just like a bride-to-be should appear: all tidy and dolled-up. These companies must show transparency and purity in their financial statements, prove their accountability and the respect to tax obligation toward the state”, Keat Chhon stated. Furthermore, he explained that “If companies need financing from the bank, they have to come with collateral warranty - like title deeds, jewellery or property in general. But before they do so, they have to have good credit. Gaining people's trust takes time and requires experience.”

Putting the cart before the horse?
Gaining the trust of the public is indeed the point at issue, according to economist Kang Chandararoth, head of the Institute for Study and Development of Cambodia. To him, “launching the stock market in 2009 is a little premature, precisely because the public's trust is still a missing element”, he asserted straightforwardly. “Before taking any action, we must gradually inspire confidence among the public. Then, and only then, we will be able to create the stock market. The contrary would be wrong: creating the market and then gaining people's trust...”


The economist deplored the fact that the creation of the stock market had started without a prior study of the public's overall feeling. “Keat Chhon will need that trust if he wants shareholders to show interest in the market. Therefore, the public needs to be efficiently informed. But even so, I am not sure whether such an initiative will be enough to gain people's trust”, he revealed, adding that there was “very little hope for the market to be actually launched in 2009”.


Fighting bribery and settling disputes
Kang Chandararoth did not hesitate to make a list of the loopholes undermining the current system: “We still do not have any anti-bribery law. We still do not have a Court of Commerce. Generally speaking, implementing the law is still difficult, and the legal settlement of disputes has not yet reached a decent level”.


“What matters for a stock market is the trust that people put into it, which is even more important than the flow of money itself. It is also about the trust people will put into the company and into the competences of the state and financial system, as well as in the National Bank and the Ministry of Economy and Finance. We must therefore wonder whether we will be able to stay strong in the event of a crisis. [...] If we fail to gather up all these factors, then the newborn may not live long”, he declared.

A stock market in the vanguard?
“We follow one rule: looking beyond”, Huot Pum retorted. Deputy Director General of the Securities and Exchange Commission of Cambodia (SECC) and in charge of the establishment of the stock market, Huot Pum considered these concerns to be “legitimate” but also reckoned that, on the contrary, the future stock exchange would play a key part in getting rid of the evils of Cambodian economy.

As for the absence of a law against bribery and corruption, Huot Pum reckoned that the establishment of a stock market could well be the first step to an efficient fight against corruption. “In order to be listed, companies will have to meet strict criteria and show transparency. And before being listed on the market, they will have to get rid of corruption and come clean. Thanks to these mechanisms, we will be able to ensure better control of the situation, or at least of these companies. Even if all the issues are not solved, I am convinced that being listed will allow companies to take part more efficiently in campaigning against bribery. Once the law is adopted, the situation can only improve. However, this does not mean that we cannot launch the market without the law.”

But how about the non-existence of a Court of Commerce? “No decision has been settled yet”, he admitted. “But even though it does not exist yet, an authority or a commission could organise and gather the required abilities and thus try and settle the conflicts.”
Last but not least, what is the SECC deputy Director General's opinion on the lack of competences in the current crisis situation? He intimated that Cambodia was no less ready for the crisis than developed countries were: “Developed countries are also faced with problems and their political decision-makers are trying to find solutions to them. In the event of a crisis, measures can always be taken... Saying that we will be spared by all the financial crises would be wrong. Once the stock market will be created, we too, will be faced with such problems. We therefore have to organise things step by step in order to avoid such a situation, and when it does happen, we must be able to lessen its impact and limit the effects on the economy of Cambodia.”

Optimism and realism
“We must be optimistic but also keep in mind the limits in the scope of our actions”, the economist pointed out. Economy in Cambodia has now been enjoying important growth for several years and “people hold liquid assets in banks as well as at home”, the economist stressed, and insisted that the market would be launched for sure one day. The project of a Cambodian stock market emerges as part of a regional trend, since most of the country-members of the ASEAN already have their own. Finally, Cambodia can count on the expert help of its South-Korean partners, namely the Korean government and the organisation Korea Exchange (KRX) whose stock market “holds a place among the 'world top 10'” stock and securities markets. “It is the right moment to launch our own market in Cambodia and the government must show its determination in the process.”


Keat Chhon certainly shares the vision of a stock exchange playing a key part in the economy of Cambodia as well as in the legal structures and, more generally speaking, in the Cambodian society.


Cash under the mats
“The good point is that Cambodia will be able to collect all the money that has been hidden under the mats [mattresses] until now and put it back in the stock market flow for companies to have more money available for their investments”, the minister of Economy and Finance stressed. “For instance, this money can help a company develop a rubber plantation here, or the Phnom Penh Autonomous Water Supply Authority extend its drinking water network there. It can also contribute to improve public services, through private enterprises as well as through the state. This is not just about taking money out of the bank but it is also about getting some, thanks to the trust the public and shareholders will put into us. These new financial resources, will allow us to invest and in the meantime broaden the market's horizons.”
Kang Chandararoth, for his part, also agreed with this: “the creation of a stock exchange is a good thing. It will allow money to circulate within the economic branches, whereas at the moment, the financial system only depends on banks. It can also attract foreign investors who do not necessarily want to invest directly in Cambodia, but are nevertheless ready to invest money in the Cambodian stock market, therefore making the economy of the country benefit from it.” On the same level, Kang Chandararoth felt quite pleased about the idea that the transparency regulations imposed on the listed companies would facilitate state control over big firms.

Convincing companies: no easy task
The minister of Economy insisted that all the questions revolving around the topic had to be answered before the launching of the market, and particularly the question of the actual number of companies who will apply for a listing.


Hang Chuon Naron, secretary general of the Supreme National Economic Council and of the Ministry of Economy and Finance, reckoned: “We do not know yet which companies will be listed on the market. We still have to implement a process of training [among companies] so that big enterprises get a clear idea on how the whole thing will work.”

Huot Pum's point of view was similar: “Many companies would like to take part in this, according to the studies we carried out, but we are not sure yet about the number of companies who will indeed be able to do so. Some contractors claim they would like to be listed on the market but once informed of the strict regulations we will apply, they seem to retract. The SECC's intention is to limit the number of listed companies, to start with. We would like to open the market with about a dozen companies, in order to be sure that we can handle the situation and guarantee the efficiency of the system.”

Will these companies be foreign or Cambodian? “Both!” said Huot Pum. “To start with, the local companies will consist of banks and big groups like Sokimex, for instance. [...] As for abroad, companies from Korea, Thailand and Vietnam have already established a contact with us.”

Sung Hee-Hong, executive director of Korea Exchange (KRX), admitted in a speech given at the Initial Public Offering Conference in Phnom Penh that convincing the companies would be no easy task. “A few companies show hesitation because of the world financial crisis”, and they do not quite trust the activities of stock markets, heavily criticised these days.

The South-Korean director advocated that in order to convince the enterprises, the state should put in place a solid legal framework and bring in technical support, since it is a question of trusting the institutions and the system as a whole. Hence the need to support other financial sectors, as pointed out by Hang Chuon Naron: “Parallel to the development of the stock market, we will need to consolidate other sectors: the sector of banks, insurance companies – which only represents a small share, and the microfinance sector”.

Friday, 04 September 2009 15:01 Soeun Say
http://www.phnompenhpost.com/index.php/2009090428195/Busines…

Ministry still mulling plans for exchange


rchitectural plans for the building to house Cambodia's first stock exchange will be finalised before the end of the month, a Ministry of Economy and Finance official said Thursday.

But Mey Vann, director of the ministry's industrial financial department, said it was unlikely the building would be completed before the stock exchange was launched.

"We will be looking for a temporary place to open the stock exchange, but we don't know yet when it will officially open," he said. "We know it cannot be launched on September 9, but we don't have another date yet."

Initial designs for the building, which will be located in the Phnom Penh satellite development of Camko City, were sent back for modifications in July for not being Khmer enough.

Duk-kon Kim, vice president of World City Co, the South Korean company building Camko City, declined to comment Thursday. He earlier said it would take eight months to complete the US$6 million project and a further three months to test electronic equipment on-site before the building could open.

[Jgersauce]

Die wichtigsten 3 Banken

http://www.acledabank.com.kh/
http://www.anzroyal.com
http://www.canadiabank.com/

[Jgersauce]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[Jgersauce]

...und hier noch 3 Boersenasporanten (ausser den genannten Banken)
http://www.edc.com.kh/about.html Electricité du Cambodge
http://www.pas.gov.kh/ Sihanoukville Autonomous Port
http://www.sokimex.com.kh/future_projects/index.html Sokimex

[MaatMod]

Für eine aktuelle Diskussion enthistorisiert.

MfG MaatMOD

[Jgersauce]

Die ersten Unternehmen an der Cambodia Stock Exchange werden erst in 3 Jahren gelisted :
Sihanoukville Autonomous Port, Phnom Penh Water Supply Authority, Telecom Cambodia

siehe Artikel in der Phnom Penh Post vom 2/10/2010

http://www.phnompenhpost.com/index.php/2010110244424/Busines…

Licences granted for Kingdom’s bourse
Tuesday, 02 November 2010 19:37 Nguon Sovan

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Fifteen companies have been officially granted licences by the Securities and Exchange Commission of Cambodia to act for the Kingdom’s first stock exchange.

Commission chairman and Economy and Finance Minister Keat Chhon said granting the licences was a key step towards the bourse, scheduled to launch in July next year “at any cost”.

The 15 companies were selected from a shortlist of 22 applicants compiled by the SECC in March. The number of permits granted reflects the initial requirements of the Cambodia Stock Exchange, according to Keat Chhon.

Commentators have expressed conflicting views on whether an appropriate number of licences had been granted, while others have voiced concerns over the readiness of the twice-delayed exchange.

Nguon Meng Tech, director general of the Cambodia Chamber of Commerce, said that while the number of licences granted was reasonable, the timeframe for the stock market to launch was too hurried.
“The government could open the stock market if they commit to opening it, but I think there would be no listed firms because of a lack of public confidence and knowledge among local investors” at the launch date, he said.

“It will need at least another three years to launch the stock market in Cambodia.”

Han Kyung-tae, chief representative of Korean-owned Tong Yang Securities Inc-Cambodia, said that the number of licences had been
“expected”.

“But it will be tougher competitions for us as there are up to seven underwriters at the first stage,” he said.

Project Manager Inpyo Lee, a representative of the exchange’s minority owner, Korean Exchange, said: “The number [of licences] is more than my expectation.” He declined to comment on what he felt would be an appropriate number of pemits for the beginning stages of the stock market.

Other players contemplated ways to aid the launch of the exchange.

The concept of a stock exchange was still a new one for Cambodia, said Pung Kheav Se, president of Canadia Bank, which owns approved underwriter CANA Securities
Limited.

He said the licensed firms had a duty to educate people about the market.

“Even our bank, we don’t have any experience with this task, but we have employed an expert from Singapore,” he said. “If we don’t start [the exchange], we won’t know the way to go,” he added.

Three state-owned enterprises have been ordered by the government to prepare themselves for listing on the bourse: Sihanoukville Autonomous Port, Phnom Penh Water Supply Authority and Telecom Cambodia.

“We may try to approach the three firms for IPO preparation,” said Pung Kheav Se.

Keat Chhon said that SECC officials were reviewing and evaluating application documents for market operators, transfer and paying agents, and accountants.




Firms granted licences to act on the Cambodian Stock ExchangeUnderwriters
Underwriters provide advice on the issue
of securities - such as pricing,
public offerings and distribution timelines. Dealers
Dealers trade in securities
for their own accounts and risk.
Brokers
Brokerages buy and sell securities
on behalf of and by orders of clients
for a commission fee. Investment Advisers
Investment advisory firms advise
their public investors on securities
investment.
Tong Yang Securities (Cambodia)
OSK Indochina Securities
CANA Securities
CAMPUBANK Securities
Cambodia-Vietnam Securities
SBI Phnom Penh Securities
Phnom Penh Securities Firm

Sacombank Securities (Cambodia)
Golden Fortune (Cambodia) Securities






ACLEDA Securities
Cambodia Capital Securities
SONATRA Securities
CAB Securities




Angkor VDS Securities PLC
Angkor Capital Advisor

[Jgersauce]

Stock exchange currency ‘soon’ to be decided
Wednesday, 22 December 2010 15:01 May Kunmakara


T
HE government said yesterday it was close to making a decision on which currency will be used for trading on the Cambodia Stock Exchange (CSX), but experts remain divided on which would be the best option.

Ming Bankosal, Director General of Securities and Exchange Commission of Cambodia, said the exchange would make the final decision following some further public consultation next month.

“We are still studying it because we want to understand the impact it will have on the economy if we use just our currency or just the foreign currency [US dollars] or both of them,” he said.

In Channy, president and CEO of Acleda bank which is also a licensed broker for the exchange, said he welcomed whatever decision the government made but preferred using the local currency.

“We are operators; we always comply with the government’s decision. However, for us we prefer using riel over a foreign currency,” he said.

“If we use our currency, we can have our monetary authority act whenever it fluctuates – we have enough power to stabilise it. But, if we use a foreign currency, we don’t have monetary authority. We just rely on [the foreign] monetary policy.”

Lee Hyung Joon, Deputy Manager of the South Korean exchange’s trading board KOSDAQ, told the Post in Seoul last week the exchange’s view was “one stock, one price”.

“It can be possible to use US dollars in the stock market once US dollars are denominated in your economy – I think it does not pose any problem,” he said. “But if you accept two prices [using two currencies], the prices can fluctuate or change more. It is very hard to control.”
Trackback(0)

...zu Erlaueterung . In Kambodscha sind zwei Waehrungen anerkannt USdollar und Kambo.Riel. Die einheimische Waehrung ist nicht frei konvertierbar und in einer Spanne von 10 Prozent an den USdollar gebunden.In der Qualitaet bewegt sich die Kambodschanische waehrung etwas auf dem Niveau von Burma ( Kyat), Vietam (Dong) und Laos (Kip), eine Waehrung in der niemand normales gerne mehr als den Gegenwert von 1000 Dollar ueber Nacht aufbewahrt, das kann also noch sehr interessant werden mit der Boerse in Kambo und sicherlich sehr exotisch

[Jgersauce]

Laos Stock Exchange

Laos’s stock exchange started trading today, with its two listed companies both surging on debut. EDL-Generation Pcl, a unit of state-owned power producer Electricite du Laos rose 9.3 percent, while Banque Pour Le Commerce Exterieur Lao Pcl, a state-controlled lender, surged 45 percent.

By Shiyin Chen and Saeromi Shin - Jan 11, 2011 3:50 PM GMT+0700

http://www.bloomberg.com/news/2011-01-11/euro-gains-as-japan…

[Jgersauce]

Laos Securities Exchange to start trading

By Tim Johnston in Bangkok

Published: January 10 2011 13:43 | Last updated: January 10 2011 13:43

Laos Securities Exchange, the world’s newest bourse, is due to start trading on Tuesday with two listed stocks and bold plans for expansion.

Trading will open with shares in EDL-Generation, which is controlled by the state-owned power company Electricite du Laos, and Banque Pour Le Commerce Exterieur Lao, a state-owned bank.
EDITOR’S CHOICE
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SE Asia rolls out rail renaissance - Oct-22

Hoang Anh Gia Lai builds its brand outside Vietnam - Sep-09

Australia and NZ top charity league - Sep-08

Thai officials condemn planned Chinese dams - Jul-01



The two companies launched their offerings at the end of last year. Although there have been no official figures, investors say they believe the issues were two times oversubscribed. The government floated 25 per cent of EDL-Generation shares and 15 per cent of BCEL’s stock, and hopes that as many as five other companies will list before the end of the year.

Laos, a land-locked country of 6.3m with a per capita gross national income of just $880, is a backwater among south-east Asia’s booming economies, but it is starting to catch up. The economy grew 7.7 per cent last year and is expected to show similar expansion in 2011.

“The growth prospects of the Lao economy are at or above the regional benchmarks,” said Damian Bell, chief executive of ANZ Vientiane Commercial Bank. “There may be bumps on the way, but I think their long-term planning is solid.”

Investors are starting to look for opportunities despite the country’s lack of infrastructure and a degree of political risk in a one-party communist state that has only recently relinquished its belief in a command economy.

In 2009, China’s Minmetals took over the Sepon gold and copper mine, the country’s largest single commercial operation, as part of its $1.3bn acquisition of assets owned by troubled Australian miner Oz Minerals.

“It is a very exciting place to invest. It was completely unaffected by the financial crisis and is benefitting from a lot of spill-over from China. It is at the centre of a very dynamic region and it has a lot to offer the region,” said Douglas Clayton, chief executive of Leopard Capital. Leopard, a Cambodia-based fund manager that specialises in south-east Asia’s frontier markets, has taken a stake in EDL-Generation.

Growth is being fuelled by regional demand for hydroelectricity and metals, principally gold, copper, zinc and lead, and Laos is starting to open up, but its financial infrastructure is comparatively undeveloped. The new bourse has been built with South Korea’s stock exchange, which owns 49 per cent of the Laotian Securities Exchange, and has provided funds and technical expertise.

Mr Clayton thinks it will take at least a decade before the exchange finds its feet, but that the country’s communist government is enthusiastic about the experiment, despite it not commenting officially on the opening and the exchange not having a website.

“Their ambitions will need more capital than the government can provide. The stock exchange becomes a way to mobilise local and foreign capital, so the government will be the beneficiary of a successful stock exchange and they will support it,” he said.

Mr Clayton believes that even if the exchange lacks depth, it will have important secondary effects on the country’s opaque corporate culture.

“The listing process bring a different degree of transparency than what one would have seen historically in Laos and that is one of the great things about having a stock exchange,” he said.

[Jgersauce]

Bei gelistete Werte finde ich relativ interessant : Der eine ist eine tochter der Thailaendischen ELECTRICITY GENERATING PCL ISIN : TH0465010013 - solider Dividendenwert, und der andere ist die einzige und groesste Bank von Laos.

(Ganz anders als der Schrott mit dem Kambodscha an den Start gehen wird)

[Jgersauce]

Ich lese gerade, das es in der Hauptstadt wohl auch noch andere Banken gibt : ANZ Vientiane Commercial Bank

[Jgersauce]

und hier nochmal auf Deutsch :

Börseneröffnung in Laos

EMFIS.COM - Vientiane 10.01.2011 (www.emfis.com) Am Dienstag soll im kommunistischen Laos der erste Handelsplatz für Aktien eröffnet werden. Allerdings wird die damit beauftragte Lao Securities Exchange vorerst nur Aktien der beiden Staatsunternehmen Electricite du Laos Generation Company (EDL) und Banque Pour Le Commerce Exterieur Lao listen. Ausländische Investoren können nur in der Landeswährung Kip handeln. Der einzige Binnenstaat in Südostasien gilt zwar als eines der ärmsten Länder der Erde, doch in der letzten Zeit häufen sich die Anzeichen, dass ein Wirtschaftsboom bevorstehen könnte. Die Eröffnung der Börse soll dazu beitragen, die größten Unternehmen des Landes mit zusätzlichem Kapital zu versorgen. Unterstützung erhält Laos dabei vom südkoreanischen Börsenbetreiber Korea Exchange, der mit 9,8 Millionen US-Dollar etwa 49 Prozent an dem Projekt hält. Die übrigen 51 Prozent werden von der Zentralbank Bank of Laos investiert.

[BKerlchen73]

Antwort auf Beitrag Nr.: 40.837.525 von Jgersauce am 11.01.11 10:20:31

Hi,
bin auch bei der Suche nach langfristig aussichtsreichen Investments in den Zukunftsmärkten und so über die Börseneröffnung in Laos gestolpert. Leider kann ich via Internet nicht herausfinden wie man dort investieren kann , es gibt keinen Handel an deutschen Börsenplätzen und Fonds scheint es auch noch nicht zu geben. Daher meine Frage. Du erwähnst das EDL Laos eine Tochter von ELECTRICITY GENERATING PCL Thailand (TH465010013) ist, weißt Du wie viel Prozent die Mutter hält?
BKerlechen73

[Jgersauce]

Antwort auf Beitrag Nr.: 41.091.306 von BKerlchen73 am 23.02.11 12:57:27

Hallo ! zurueck nach langem Schweigen :

Wie die Eigentumsverhaeltnisse zwischen EDL Laos eine Tochter von ELECTRICITY GENERATING PCL Thailand habe ich noch nicht herrausfinden koennen.

Allerdings habe ich erfreuliches gefunden bzgl. Aktienhandel in Laos, die BCEL-bank bietet sogar Tradingaccounts fuer Auslaender an :

EDL Laos eine Tochter von ELECTRICITY GENERATING PCL Thailan….. und zwar unter dem Menue securities trading

Ausserdem findet man auf der Seite den Indexstand des LSX-Composite akt 903 (ich glaube bei 1000 hat er angefangen).Sogar einen taeglichen Marktbericht !

Vientiane Times hat auch eine Stock Market Column :

http://www.vientianetimes.org.la/sub-new/LaoStockMarket/LSX_…

[Jgersauce]

Antwort auf Beitrag Nr.: 41.091.306 von BKerlchen73 am 23.02.11 12:57:27

Ausserdem steht auf der Seite der BCEL noch, dass das IPO der ETL (Telekom) bevorsteht. Weiterhin hat EDL eine Kapitalerhoehung verschoben (weshlab der Aktienkurs bereits zurueckgegangen ist).Ueber die Eigentumsverhaeltnisse zwischen EDL Laos eine Tochter von ELECTRICITY GENERATING PCL Thailand kannst du vielleicht hier etwas herrausfinden : http://www.edl.com.la/en/index.php

[Jgersauce]

Antwort auf Beitrag Nr.: 41.091.306 von BKerlchen73 am 23.02.11 12:57:27

Kambodscha, hat den Start der Boerse mal wieder verschoben :

CSX trading postponed again until next year

Wednesday, 12 October 2011 12:00
Soeun Say

3
Share82

Trading on the Cambodia Securities Exchange will be delayed once again until the beginning of 2012, Minister of Economy and Finance Keat Chhon said yesterday.

He blamed an incomplete regulatory regime and the public’s lack of confidence in the stock market as reasons for the delay, saying trading would most likely start early next year.

“It’s probably a little bit later than [the original] schedule. It will probably start trading from January,” Keat Chhon said, speaking to reporters after his speech at an International Business Chamber of Cambodia conference in Phnom Penh.

The stock exchange officially launched in July, though no companies were yet ready to list. Keat Chhon said at the time that stocks would begin trading by year’s end, before revising his outlook yesterday.

“We had been working conscientiously and still discussing some more rules and regulations to build a comprehensive rules and regulation for participants in the stock market,” he said.
“It can be in operation only if there is public confidence,” he added.

Keat Chhon also confirmed that three state-owned enterprises – Sihanoukville Autonomous Port, Telecom Cambodia and Phnom Penh Water Supply Authority – had been preparing for initial public offerings on the stock exchange.

Keat Chhon said another state-owned firm, Phnom Penh Autonomous Port, is also preparing a listing, as well as a number of private companies. However, he declined to name those private companies.

http://www.phnompenhpost.com/index.php/2011101252082/Busines…

[Jgersauce]

Antwort auf Beitrag Nr.: 41.091.306 von BKerlchen73 am 23.02.11 12:57:27

Myanmar (Burma), politischer Fruehling, Aufwertung der Kyat gefaehrdet Binnenwirtschaft, offizieller Wechselklurs 1U$ =Kyat, Schwarzmarkt 1U$=800 Kyat, Auf dem Weg zur konvertierbaren Waehrung ?

Aufwertung der Kyat gefaehrdet Binnenwirtschaft:
http://www.irrawaddy.org/article.php?art_id=22203

Auf dem Weg zur konvertierbaren Waehrung ?:
http://www.irrawaddy.org/article.php?art_id=22289

[Jgersauce]

Neuer Termin fuer Oeffnung der CSX Maerz/April 2012 :

http://www.phnompenhpost.com/index.php/2012011353925/Busines…

The final technical aspects of the Cambodian Securities Exchange were completed yesterday, readying the exchange for listing and trading, government officials said.

A date for the initial public offerings of the three companies expected to list on the exchange was not disclosed.

“The securities market infrastructure is now complete,” Economy and Finance Minister Keat Chhon said during an exchange simulation yesterday, explaining that securities firms and banks were connected via the CSX IT system.

In a separate training session late yesterday, officials from the Securities and Exchange Commission of Cambodia (SECC) met with leaders from the three expected listers –Phnom Penh Water Supply, Telecom Cambodia and Sihanoukville Autonomous Port – to discuss corporate governance.

Officials have attributed the delays in listing on the exchange, which officially opened in July, to a lack of familiarity with standard trading procedures among companies.

Company transparency and accountability to stakeholders was a main concern at yesterday’s training session.

“Effective corporate governance is essential to a well-functioning public market,” Ruwan Hulugalle, a market-entry consultant, said during the session. “It maintains the trust and confidence of shareholders and investors.”

Lim Channa, acting head of the corporate governance division of the SECC, said companies were still in the process of selecting independent and non-executive directors, one of the SECC’s benchmarks for meeting good governance standards.

Lao Saroeun, director-general of Telecom Cambodia, said forming the board of directors was a challenge, given that the process started from scratch.

http://www.phnompenhpost.com/index.php/2012011853988/Busines…

The Cambodia Securities Exchange may launch as soon as March or April, according to an official at the Korea Exchange, the Kingdom’s partner in launching its stock market.

CSX
Heng Chivoan/ Phnom Penh Post

A man viewed through the window of the trading room at the Cambodia Securities Exchange earlier this month.
Final preparations for the CSX’s initial public offerings should be complete at that time, Pat Gil-soo, senior vice-president for global business development, said yesterday.

“I hope to visit [Phnom Penh] again in late March or early April for the opening ceremony,” he said.

But Pat Gil-soo said the decision was ultimately up to the Cambodian government, so he could not offer an exact launch date.

Korea Exchange and the Ministry of Economy and Finance formed a joint venture for the establishment of the CSX in 2006, with Cambodia holding 55 per cent and KRX holding 45 per cent.

The exchange was twice delayed prior to its opening last July, and trading has yet to begin.

Economy and Finance Minister Keat Chhon said last week the CSX was technically ready for trading, as all securities firms and cash settlement agents had been connected to the exchange’s computer systems.

Keat Chhon told an investor forum last November he expected trading to begin early this year.

Insiders last month assumed trading was imminent after Phnom Penh Water Supply Authority, one of three state-owned enterprises slated to begin trading on the exchange, was granted permission to list by CSX officials.

Tong Yang Securities managing director Han Kyung-tae, whose firm is an underwriter for Phnom Penh Water Supply, predicted a first-quarter start. “We are close to the end of preparations,” he said yesterday.

CSX chief executive Hong Sok Hour could not be reached for comment yesterday.