Cambodia Securities Exchange (CSX) has formally announced an in-principal approval for the condominium developer JS Land Plc on the exchange’s Growth Board. The approval is the second for the board launched in 2015, designed to assist SMEs raise capital.
According to the Ministry of Commerce, JS Land PLC was previously JS Land Limited and incorporated in 2014 and lists Koy Le San, executive director of the company. The company is currently building the Garden Residency located at Sen Sok.
Cambodia Investment Review has been informed that the Malaysian firm RHB will be the underwriter. Under CSX Growth Board regulation the company will require 100 shareholders or more holding a minimum 10% of the total voting shares.
The CSX added, “In order to be officially listed and have its securities traded on the CSX, JS Land Plc shall get an approval for the public offering from the Securities and Exchange Regulator of Cambodia (SERC) and meet further listing requirements of the CSX.”
The major requirements for listing on the Growth Board are that shareholders’ equity should be more than 2 billion riels ($500,000) in comparison to the Main Board’s 30 billion riels ($7.5 million) minimum.
Potential listings also require either a positive net income for the latest year or positive operating cash flow or gross profit margin of 10 percent and/or more.