Mengly J. Quach Education Plc on April 4 obtained in-principle approval from the Non-Banking Financial Services Authority (NBFSA) Council to offer its shares in an initial public offering (IPO).
The NBFSA meeting was presided over by the body's chairman H.E. Dr. Aun Pornmoniroth – the Minister of Economy and Finance – with Securities and Exchange Regulator of Cambodia (SERC) Director-General H.E. Sou Socheat in attendance.
H.E. Sou Socheat is also a member of the NBFSA Council.
To be officially listed for the IPO, Mengly J. Quach Education had to first receive approval from the Cambodia Securities Exchange (CSX).
Having met all registration requirements related to equity securities, CSX – after thoroughly examining the feasibility of listing and selling its securities – provisionally approved the application on March 7, 2023.
The CSX on March 20, 2023 approved a bid price of 2,080 riel per share for Mengly J. Quach Education.
Mengly J. Quach Education must now receive the green light from the SERC – which is under the NBFSA – and complete a final set of procedures before going public.
The public subscription process is to begin on April 10, 2023, and conclude on June 9, with Mengly J. Quach Education set to officially join the CSX on June 28.
With IPO Proceeds of $10,000,000 and a Guaranteed Dividend of six per cent for two years, 19,606,600 shares – 5.88 per cent of total company shares – are to be issued.
Mengly J. Quach Education was founded in 2005 with the clear goal of becoming a leading private educational institution in Cambodia.
With strong plans and a long-term vision, its founder, chairman and CEO Dr. Mengly J. Quach has significantly expanded the company's scope, with its entry into the Cambodian stock market aimed for as early as 2012.
With the company continuing to make major progress, a plan to request the SERC for the official listing of the company's shares had to be postponed due to the Covid-19 pandemic.
However, with the Covid crisis abating in Cambodia in 2023, Dr. Mengly J. Quach officially applied to the SERC and CSX for listing the company's shares.
Mengly J. Quach Education 's many successes over the years have contributed to its entry into the Cambodian stock market.
Since opening, the company has experienced remarkable growth and continuous progress under the leadership of Dr. Mengly J. Quach, while with carefully planned business strategies and clear goals established, it has played a key role in the expansion and strengthening of the Cambodian education sector.
And Mengly J. Quach Education continues to maintain its strong position in the Kingdom's education sector.
Its Aii Language Center focuses on English, Chinese and Thai language training, while American Intercon School (AIS) has a clear and diverse curriculum from preschool to high school.
AIS was the first Khmer-American style educational institution in Cambodia, according to the Ministry of Education, Youth and Sports.
It also runs the trusted Study Overseas Go Overseas (SOGO) international education agency – which provides study tours and study abroad services – and i-Learn online English learning programs.
Mengly J. Quach Education currently has a total of 15 campuses in the capital and across the provinces, with over 20,000 students, 2,149 employees and more than 50,000 alumni studying and working across the globe.
The company is set to open in more locations in the academic year 2023-2024, with campuses in Phnom Penh's Sen Sok and Chbar Ampov districts, as well as Kampong Cham, Takeo and Battambang provinces.