By Sok Lak
ACLEDA Bank, a leading commercial bank for all sectors, and its subsidiary, ACLEDA Securities, the first securities company, received its license from the SECC to carry out a brokerage business, and Tong Yang Securities (TYS) Securities Company in Cambodia, on October 26, singed a Memorandum of Understanding (MOU) on Cooperation between three companies in a move to strengthen partnership for the upcoming stock exchange in the country.
“By signing this MOU, the three companies can provide access to a complete range of financial services and expertise for clients and investors throughout Cambodia in which clearly identified synergy effects afforded by the strengths and expertise of all three parties.” The joint statement from companies said.
“By gathering together all the complementary offerings, the resulting entity will benefit clients with accessibility, efficiency and consistency of a consolidated infrastructure. In particular, TYS and ACLEDA will provide a convenient and streamlined process for security transactions for the first IPOs on the Cambodia Securities Exchange,” it noted.
“This MOU will combine the 49 year-experience of TYS as one of the leading securities firms with a long history in the securities market in South Korea with ACLEDA bank to apply experience and expertise in the provision of financial and advisory services and the arrangement of financing for public offering and stock exchange listings,” said Mr. In Channy, President and CEO of ACLEDA Bank.
Mr. Chhay Soeun, Chairman of BOD of ACLEDA Securities said that it is a new opportunity for more investors, especially retail investors, to invest in the Cambodia Securities Exchange from the IPO stage through ACLEDA Securities. “Investor and public are being able to access broader research report and financial information.”
The partnership between the three parties will create the real synergy for each party’s growth by putting each other’s expertise and strength together, said Mr. You Joon Royeol, President and CEO of TYS. “With ACLEDA’s prominent name as a leading local financial institution in Cambodia, it will make us easy to reach mass investors, both local and foreign for every IPO deal we undertake and it will surely enable ACLEDA to have a greater access to a wider range of investing community and corporate clients which enhance bank’s current and future businesses,” he stressed.
He added that TYS is pleased to help ACLEDA bank in its preparation of the plan of execution of the bank’s IPO in the future. “To put everything in a nutshell, this will please both IPO client and investors in this financial frontier, resulting a clear competitive advantage for the alliance.”
Han Kyang Tae, Chairman of TYS said that this cooperation involved three strong companies in the business area. By putting the expertise of each company together, it can combine services to clients and investors.
“We expected that the first IPO will occur later this year and the beginning of next year as we talk to government.”
Currently, IYS is working on two IPO from government (Water Supply and Telecom Company) and another two private companies.
Source: The Southeast Asia Weekly, October 30-November 5, 2011, Vol. 5, Issue 44, Page 3
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