Phnom Penh SEZ (CSX:PPSP) ‘90% of buyback application complete’
|Date | 01-02-2021 - 11:01 AM||Article Type | Stock Markets||Region | World|
Industrial park operator Phnom Penh Special Economic Zone (CSX:PPSP) has stated its share buyback plan, approved by shareholders in October last year, is now 90% complete.
Adding, the application is now awaiting final signatures from the board before being submitted to the regulator for approval this week.
It should be noted that over the past two months the Company has repeatedly stated that its share buyback applications will be submitted ‘next week’.
However, the Company has stated this is a very tedious and detailed process they are undertaking with SECC involvement and there Corporate Disclosure team is still following up closely.
Speaking to Cambodia Investment Review on Friday PPSP Chief Financial Officer Fong Nee Wai said: “Basically from our side, we have completed all requirements for submitting to SECC by mid next week. Once we have obtained all the signatures from our Board of Directors, we should be able to obtain official permission from SECC, subject to final approval of SECC Director General next week.”
“You may see the listing almost 90% completed as per SECC requirements, disclosure and compliance. So it takes longer time than expected after we have our Shareholders Resolution passed in EGM late last year. When we have the above officially granted by the Regulator, we will keep you posted,” he added.
Cambodia Investment Review confirmed this process with the Director-General of the SECC H.E. Sou Socheat who wanted to clarify that it was the SECC board decisions to approve and not solely him.
PPSP was trading up at 1,510 riels at 10:15AM Indochina time.