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NBFSA gives IPO nod to Mengly J Quach Education, Cellcard

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Cellcard plans to raise about $20 million through an initial public offering (IPO) on the local bourse that is expected in May. PHOTO SUPPLIED

NBFSA gives IPO nod to Mengly J Quach Education, Cellcard

The Non-Banking Financial Services Authority (NBFSA) Council on April 4 granted approval in principle for the initial public offerings (IPO) of telecoms operator CAMGSM Plc – a Royal Group of Companies Ltd unit that trades as Cellcard – and education firm Mengly J Quach Education Plc (MJQE) on the Cambodia Securities Exchange’s (CSX) Main Board.

Having both received the in-principle nod from the CSX last month, the two firms must now receive the green light from the Securities and Exchange Regulator of Cambodia (SERC) – which is under the NBFSA – and complete a final set of procedures before going public.

The NBFSA meeting – led by its chairman Aun Pornmoniroth who is also Deputy Prime Minister and Minister of Economy and Finance – affirmed that both firms must continue the formal issuance process, as determined by the SERC.

SERC director-general Sou Socheat confirmed the NBFSA’s decision on the IPOs to The Post on April 5, speaking highly of both companies.

“We strongly support [MJQE in its ambitions] to further expand its educational offerings, in line with government policy.

“[And] Cellcard has a huge customer base – everyone uses its services – so, overall, both companies have great potential for our market,” he said, adding that the firms will only announce timeframes for their respective subscription processes after SERC approval.

MJQE has said that it intends to use the funds raised from the IPO to expand its business and reach its goal of 160 active campuses, from the current 15.

Established in 1996, Cellcard reportedly has 52 retail outlets, 2,900 dealers and some 3,000 cell sites nationwide.

The CSX has revealed a number of targets for this year, such as doubling the number of new securities listings to 14 and the average daily trading value to $1 million, the latter of which would mark a third consecutive year of record highs.

The local bourse also aims to triple the number of new trading accounts this year, the “CSX 2022 Achievements, Outlook, and Plans for 2023” bulletin said, noting that “over 5,000” were registered in 2022.

A total of 18 corporate securities feature on the CSX – nine stocks and nine bonds. Companies have raised a total of $317 million through their offerings on the exchange, according to its CEO Hong Sok Hour.

As of January 19, around 36,000 CSX trading accounts had been opened, he confirmed.

The CSX is co-owned by the Ministry of Economy and Finance and the Korea Exchange (KRX) on a 55:45 basis.


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