S.Korea, Cambodia to open Joint Stock Exchange in 2009

SEOUL: South Korea's stock exchange operator said on Tuesday it had agreed with the Cambodian government to set up and run a joint stock exchange in the Southeast Asian country in 2009. The Korea Exchange (KRX), Asia's fourth-largest bourse operator, has in recent years supported stock market development in Southeast Asia as part of efforts to raise its profile and draw foreign firms to Seoul for listings. KRX said in a statement the exchange and the Cambodian Finance Ministry were working on a detailed investment plan to set up the Cambodia Stock Exchange and a support system next year. The Cambodian government will own a minimum 51 per cent in the new bourse while KRX will hold as much as 49 per cent. KRX will also help the country set up a regulatory body to oversee stock trading, it said. South Korea said last year it would spend $1.8 million in training and help set up the modern stock market in Cambodia, which is recovering from a 30-year civil war ended in 1998.