Cambodia Investment Review

Cellcard to List First $20M Sustainability Bond on CSX

Cellcard to List First $20M Sustainability Bond on CSX

Cambodia Investment Review

In a market first, CAMGSM (Cellcard). has obtained an approval in principle for its sustainability bond listing from the Cambodia Securities Exchange (CSX). This marks the first instance of a sustainability bond to be issued in the country, underscoring CAMGSM PLC.’s pioneering role in the Cambodian financial landscape.

The approval, which was granted by CSX on September 28, 2023, comes after CAMGSM PLC. had received authorization from the Securities and Exchange Regulator of Cambodia (SERC). The company aims to issue a sustainability bond of up to USD 20 million with a 10-year maturity period. Set to be effective from the end of October 2023, the specific interest rate and creditors are still under negotiation and will be publicly disclosed in due time.

Funds raised from this sustainability bond will be allocated towards the growth of CAMGSM PLC.’s telecommunication network and for servicing existing debts. To commence trading the bond on the market, the company must meet all CSX listing prerequisites.

Positive Development for Cambodia Securities Sector

Royal Group Securities, CAMGSM PLC.’s exclusive underwriter and financial advisor, expressed optimism over the positive repercussions this development could bring to the Kingdom’s capital market, particularly in the area of environmental, social, and corporate governance (ESG).

“The listing showcases CAMGSM PLC.’s commitment to sustainable and responsible business practices, advancing Cambodia’s ESG standards,” a representative from Royal Group Securities remarked.

Cellcard’s CEO, Simon Perkins.

The milestone comes on the heels of the company’s Q2 Report for the Financial Year 2023, which showcased significant profit growth compared to the same quarter last year. The upward trajectory comes despite some revenue challenges precipitated by the discontinuation of certain products, such as balance advance. The profitable quarter followed the successful initial public offering (IPO) and listing of its Class A Voting stock on the CSX on June 27, 2023.

Read more: Cellcard Reports $11M in Net Profit for Q2’23 Highlighting Robust Performance & Financial Position

In July of this year, the Board of Directors of CAMGSM PLC. had authorized the issuance of debt securities up to $70 million, a strategic move designed to attract capital for business expansion in the telecommunication sector.

Cellcard has been a cornerstone in Cambodia’s development

Cellcard CEO Simon Perkins elaborated on the company’s ongoing mission, saying, “Cellcard has been a cornerstone in Cambodia’s development, offering reliable and affordable communication services to millions. This year marks our 26th year of service. We remain focused on delivering long-term value to our customers through quality, innovation, and service excellence. We are excited to contribute to Cambodia’s future growth and support the Royal Government’s vision for a Digital Economy.”

Founded in 1997, Cellcard is the longest-serving and only 100% Cambodian-owned telecom operator in the country. Servicing over four million customers with a comprehensive distribution network, Cellcard has received more than forty global and regional awards. The company is especially noted for its contributions to the esports and gaming community and its commitment to offering digital entertainment and business solutions.

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