NagaCorp looking to shore up extra $120M

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VietStock FI English 3 month(s) ago

Casino operator NagaCorp Ltd aims to raise at least $120 million in net proceeds through a placing and subscription agreement that will see 190,000,000 shares sold to no less than six parties in a bid to increase capital for its Naga 2 development in Phnom Penh, the company announced in a filing to the Hong Kong Stock Exchange yesterday.

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Canadian bank soars after ABA investment

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VietStock FI English 3 month(s) ago

National Bank of Canada attributed its 5.5 per cent jump in fiscal third-quarter profit to its acquisition of Cambodia’s Advanced Bank of Asia Ltd. (ABA Bank) earlier this year.

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Minister discusses regional EU trade deal

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VietStock FI English 3 month(s) ago

Minister of Commerce Pan Sorasak held a meeting with representatives of the European Union this week to discuss the formulation of a new trade program to be supported by the EU, the Ministry of Commerce announced yesterday.

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Rice paddy bank short of funds

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VietStock FI English 3 month(s) ago

Rice paddy bank short of funds

Two years since the opening of Cambodia’s first large-scale rice paddy bank, the private sector company behind the project is seeking additional capital to carry it through the next five years.

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India earmarks $75M for Mekong ventures

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VietStock FI English 3 month(s) ago

India has bolstered efforts to gain an economic foothold in Cambodia and its neighbouring countries with the creation of a fund to facilitate the business integration of Indian firms in the region.

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Flag of convenience scheme retired

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VietStock FI English 3 month(s) ago

Flag of convenience scheme retired

The days of cocaine smuggling, illegal fishing and human trafficking using ships bearing the Cambodian flag appear to have come to an end as government officials claim that, as of today, all foreign-owned ships operating through Cambodia’s “flag of convenience” scheme must be stripped of their designation, and the world’s ports should no longer grant them access.

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Government taking inventory of fuel stocks

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VietStock FI English 3 month(s) ago

The Ministry of Commerce is visiting the Kingdom’s petroleum importers to check their inventories following the release of new regulations this week that require the companies to maintain and report their stock levels, a ministry official said yesterday.

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FDI inflow seen as driving economic development

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VietStock FI English 3 month(s) ago

A modest increase in the inflow of foreign direct investment is a sign that Cambodia remains an attractive destination to investors, and will go a long way toward the country’s development, analysts said yesterday.

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India’s Mesco one step short of gold licence

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VietStock FI English 3 month(s) ago

Indian miner Mesco has received approval from the Council for Development of Cambodia (CDC) for a certificate of registration on its Phum Syarung mine in Ratanakkiri province, the penultimate step in licensing the underground mine for gold extraction, its Canadian partner Angkor Gold said yesterday.

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Deeper economy drives growth

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VietStock FI English 3 month(s) ago

Deeper economy drives growth

The Ministry of Economy and Finance projects that Cambodia’s economy will remain robust for the rest of this year with a growth rate of 7 per cent despite global economic uncertainty, driven largely by the growth of the garment and service sectors.

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GTI pins fall in Q2 profits on rising costs

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VietStock FI English 3 month(s) ago

GTI pins fall in Q2 profits on rising costs

Taiwanese-owned garment manufacturer Grand Twins International (GTI) blamed its second-quarter decline in profits, which fell by 45 per cent compared to the same financial period last year, on the rising cost of labour and raw material imports.

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Oxley remains upbeat on real estate projects

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VietStock FI English 3 month(s) ago

Oxley remains upbeat on real estate projects

Just days since a Singaporean developer announced it had shelved The Bay, its $500 million mixed-use development, citing marketing conditions and an oversupply of condominium units, another Singaporean developer stood behind its large-scale property developments in Phnom Penh, claiming it was satisfied with sales and would proceed with plans to expand its portfolio.

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Prakas on registration of certification marks

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VietStock FI English 3 month(s) ago

The Ministry of Commerce yesterday released a prakas on the procedure to register certification marks, which help consumers to verify the quality and standard of goods and services.

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Garment factory data revised

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VietStock FI English 3 month(s) ago

Garment factory data revised

The Ministry of Commerce reclassified over 120 inactive garment and footwear factory entries as closed or suspended during the first quarter of 2016, the International Labour Organization (ILO) said yesterday, adding a new twist to the ongoing debate on whether there are signs that garment manufacturers are pulling out of Cambodia due to rising wages and a relatively unproductive, restive workforce.

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Phnom Penh's NagaWorld casino targeted in audit

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VietStock FI English 3 month(s) ago

Phnom Penh's NagaWorld casino targeted in audit

The government is conducting an audit of NagaWorld in Phnom Penh to assess its tax liabilities on non-gaming operations after finding “discrepancies” last year that prompted the first-ever government probe of the landmark casino and entertainment complex’s finances.

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