Yuanta Securities to Solely Underwrite Cambodia Acleda Bank IPO
Cambodia's Largest Commercial Bank... Expected to Complete Listing in Early April
[Asia Economy Reporter Minwoo Lee] Yuanta Securities will be the sole underwriter for the initial public offering (IPO) of Acleda Bank, Cambodia's largest commercial bank.
Yuanta Securities announced on the 21st that Yuanta Securities Cambodia Corporation received approval for Acleda Bank's IPO from the Cambodia Securities Exchange (CSX) at the end of last month and has begun full-scale work as the sole underwriter.
The Acleda Bank IPO will be finalized in early April after going through procedures such as demand forecasting and public subscription following the final approval from the Securities and Exchange Commission of Cambodia (SECC) scheduled for early next month.
As of the end of 2018, Acleda Bank had the largest number of branches in the industry with 262 locations and 12,177 employees. It is Cambodia's largest commercial bank, ranking first in loan assets, interest income, and non-interest income. In November 2018, it received a credit rating of 'B+' from Standard & Poor's (S&P). Major shareholders include Acleda Financial Trust (AFT, 26% stake), Acleda Staff Association (ASA Plc, 25%), and Sumitomo Mitsui Banking Corporation (SMBC, 18.25%).
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Yuanta Securities expects that through this IPO, the Cambodian stock market will emerge as a major Southeast Asian investment destination following Vietnam. Han Kyung-tae, head of Yuanta Securities Cambodia Corporation, said, "The Cambodian stock market is in its early stages, with a small scale and low liquidity, but it is dominated by state-owned enterprises with exclusive positions in Cambodia, which is growing at an average annual rate of 7%, providing stability and profitability. Once Acleda Bank is listed, the total market capitalization of the Cambodian stock market will increase from 1 trillion KRW to 3 trillion KRW. With the full-scale activation of overseas investment in the future, it will rise as a growth engine in Southeast Asia following Vietnam."
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