Cambodia’s second-largest port, Phnom Penh Autonomous Port (PPAP), is on course to be listed on the Cambodia Securities Exchange by November.
Managing director of Tongyang Securities (Cambodia) Han Kyung-tae told IHS Maritime that the company has been helping the port with its listing plan, and that they are “quite positive” about meeting the target date.
“Since we are still working on financial due diligence and valuation of the port, the offering details, including estimated market value and offering size, will be available in the near future,” Han added.
The plan is for the port to be listed by November, which would help it raise funds to build a new terminal, The Phnom Penh Post reported.
“With the money we get from the listing, we are planning to expand the second phase of development at a new terminal in Kandal – and the project is expected to be worth around USD10 million,” PPAP director general Hei Bavy was quoted as saying by the daily.
Han stressed to IHS Maritime that the listing fits into an established pattern of expansion.
He said, “As the main gateway to the centre of country’s economic development , the port has shown a durable economic growth over the past decade, and the port’s real potential is going to be realised through its expansion plan.
“As the director general mentioned, when the Phase Two of the new terminal is completed, the capacity will increase substantially compared with the capacity of the ‘old’ container terminal.”
He added that the Phase One of the project, in which the capacity has doubled compared with the old terminal, has been completed and is fully operational.
This post was sourced from IHS Maritime 360: View the original article here.