AFP
A stock index at the Korea Exchange (KRX) in Seoul. KRX says it will sign an agreement next week to establish an exchange in Cambodia.Written by Nathan Green
Friday, 13 February 2009
THE Korea Exchange (KRX) and the Cambodian government will sign an official joint venture agreement on Cambodia's proposed stock exchange next week, KRX officials said Thursday, adding that three state-owned enterprises were likely to be the first companies to list on the bourse after its expected launch in December.
The agreement, to be signed Thursday, will replace an existing memorandum of understanding between the KRX and the Ministry of Finance, KRX project manager Inpyo Lee told the Post.
Formalising the arrangement would make it legally binding on both parties and move the exchange a step closer to reality, Lee said.
"It's [currently] just a gentlemen's agreement," he added.
Lee said the capital contribution of each side was confidential at this stage, but he said the Cambodian side would own 55 percent of the exchange and the KRX would control the remaining 45 percent.
He said the exchange was on track for a December launch, provided the companies slated to be listed complete preparations on time.
"It's critical [they are ready]," he said, adding that listing rules would be issued in March.
Friday, 13 February 2009
THE Korea Exchange (KRX) and the Cambodian government will sign an official joint venture agreement on Cambodia's proposed stock exchange next week, KRX officials said Thursday, adding that three state-owned enterprises were likely to be the first companies to list on the bourse after its expected launch in December.
The agreement, to be signed Thursday, will replace an existing memorandum of understanding between the KRX and the Ministry of Finance, KRX project manager Inpyo Lee told the Post.
Formalising the arrangement would make it legally binding on both parties and move the exchange a step closer to reality, Lee said.
"It's [currently] just a gentlemen's agreement," he added.
Lee said the capital contribution of each side was confidential at this stage, but he said the Cambodian side would own 55 percent of the exchange and the KRX would control the remaining 45 percent.
He said the exchange was on track for a December launch, provided the companies slated to be listed complete preparations on time.
"It's critical [they are ready]," he said, adding that listing rules would be issued in March.
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