Logo of Phnom Penh Post newspaper Phnom Penh Post - Pestech readies for IPO after approval from SECC

Pestech readies for IPO after approval from SECC

Content image - Phnom Penh Post
Motorist ride past the office of Securities and Exchange Commission of Cambodia (SECC). Heng Chivoan

Pestech readies for IPO after approval from SECC

The Securities and Exchange Commission of Cambodia (SECC) approved an application last week to list power infrastructure provider Pestech Cambodia. This will pave the way for the firm to begin its initial public offering (IPO).

Pestech Cambodia, a subsidiary of Malaysia-based Pestech International Bhd, intends to raise more than $20 million through its IPO on the main board of the Cambodia Securities Exchange (CSX).

Last month, the firm obtained approval for its initial eligibility review from the bourse.

Iv Ranarith, the chief executive officer of RHB Indochina Securities Plc, the underwriter for Pestech Cambodia, said on Sunday that approval from the SECC will allow the company to continue the book-building process and register final papers in accordance with applicable laws and regulations.

“The company has passed a very important stage, so the IPO and official listing on the CSX will happen within the year,” he said.

Pestech, he said, will use the IPO’s proceeds to strengthen operations in its existing projects and support the company’s future plans. It also plans to expand operations to Myanmar and Laos under Pestech Cambodia.

Ranarith could not disclose a specific timeline for the book-building or subscription phases, but he said the company would go on a roadshow in the Kingdom and abroad.

“We expect that the newly listed company will boost the trading activity in the market because Pestech is a key player in electric power infrastructure and has a parent company already listed on Malaysia’s exchange,” Ranarith said.

The CSX’s Listing and Disclosure Department director, Lamun Soleil, said it was a good move for the country’s securities market to welcome Pestech. He expected the company to contribute to boosting trading activity.

“After obtaining SECC approval, Pestech and its underwriter can now determine its share price for sale to potential investors,” he said.

Pestech completed its first Cambodian transmission line in June 2013. The company strengthened its presence in the Kingdom with a contract to design, manufacture and install a 198-km line connecting Phnom Penh and Sihanoukville.

Last year, it was awarded a contract to build a $100 million, 230-kilovolt transmission line that connects Koh Kong province’s Stung Tatai hydropower dam to Phnom Penh.

MOST VIEWED

  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one