China-invested securities firm opens doors in Cambodia
The GFS is one of the two securities dealers obtained license from the Securities and Exchange Commission of Cambodia (SECC), according to the firm's Chairman Zhang Yun Feng.
"We see the potential in the upcoming Cambodian Securities Exchange (CSX) and we are committed to participating in the development of Cambodia securities market from the beginning," he said at the launch, adding that the firm has put the initial investment of 10 million U.S. dollars.
Zhang said the firm has more than 10 years of skilled and experienced managements from overseas in particular skilled staff who has experience in developing securities market in China.
"Our decision to invest here follows the observation that the country is full of political stability and the financial industry has lots of room to grow," he said.
Securities dealers played an important role in trading of securities in secondary market through CSX's trading system to provide not only brokerage service to public investors, but also in trading their own account assuming all the risks themselves, Cambodia' s Deputy Prime Minister Keat Chhon, Minister of Economy and Finance, said at the GFS's inauguration.
He said the firm was another evidence of the readiness of securities firm in fulfilling its important roles as intermediary in market operation and mobilizing fund from investors through securities market mechanism.
"The GFS will contribute to the development of the CSX and Cambodia's economy," he said. "I strongly believe that the firm will build confidence for investors, which is the key to success of business and securities market as a whole."
The CSX was officially inaugurated in July this year, but securities trading will be expected early next year due to there is no listing company.
To make the securities trading possible, the government of Cambodia ordered three state-owned enterprises, Sihanoukville Autonomous Port, Phnom Penh Water Supply Authority, and Telecom Cambodia, to prepare Initial Public Offerings (IPO).
"The upcoming securities trading in the CSX will be operating with transparency, accountability, efficiency, fairness and protecting public investors because we have already constructed sound rules and regulations," said Keat Chhon.
The plan to open the CSX was initiated by Korean Exchange in 2007. The CSX is a joint venture between the Korean Exchange holding a 45 percent stake and the government of Cambodia owning the remaining 55 percent.
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