Cambodia closer to exchange launch

PHNOM PENH - CAMBODIA moved a step closer to setting up a national stock exchange on Tuesday after 15 securities firms were granted licences to operate on the twice-delayed bourse, officials said.

'This clearly reflects the strong willingness of the government in putting the securities market into operation,' Finance Minister Keat Chhon said at a ceremony in Phnom Penh.

The licences were awarded to seven underwriters, four brokers, two investment advisers and two dealers.

Officials were working hard to ensure the stock exchange would open by July 2011, said Keat Chhon, who is also the chairman of Cambodia's securities and exchange commission.

Cambodia signed an agreement in 2008 with representatives from South Korea's stock exchange, the Korea Exchange, Asia's fourth-largest bourse operator, to establish a stock market in 2009.

But the southeast Asian nation delayed the launch when the global financial crisis struck. The government said at the time it would aim for a 2010 start, but recently pushed that back to next year. -- AFP