Cambodian incumbent fixed line operator Telecom Cambodia (TC) has been asked by the Ministry of Finance to prepare to list on the Cambodian Stock Exchange, reports local daily the Phnom Penh Post. According to the report, TC and two other state-owned firms received letters in May instructing them to prepare an initial public offering (IPO), but have since said they would only do so reluctantly. Director general of TC, Lao Sareoun, said he was worried the listing would interfere with the state-owned telco’s business operations, as it lacked the human resources needed to prepare an IPO. He added that the company met listing requirements in terms of financial performance and governance transparency, but warned that it may not be ready to list until the end of next year. Originally planned to launch on 9 September 2009, Ministry of Finance officials hope to open the exchange by the end of the year, but have acknowledged that the launch would depend on the readiness of the three state-owned enterprises earmarked to be the first to join.
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