Phnom Penh SEZ PLC. holds Extraordinary General Meeting ("EGM")

Phnom Penh, 7th September 2016 – On Tuesday 6th, Phnom Penh SEZ Plc. board of directors presented the 2015 audited results, the 2016 2nd Quarter Report and briefed on the status of ongoing development plans.

“Last year saw a global economic climate change. China’s growth has gradually slowed down due to structural reform towards domestic based consumption and the effect of this decline has been visible in various regions of the world, especially in South East Asia and also in Cambodia. Some industrial estates across the region have been affected by this slowdown but our company is solid and has shown a strong capacity to deal with such issues,” said Lok Chumteav Okhna Lim Chhiv Ho, Chairwomen of Phnom Penh SEZ Plc. in her introduction speech.

Despite a sluggish global economic climate at the close of last year, the industrial estate is in a strong financial situation. “Our net profit for 2015 is about US$ 4.1 million, which is a good result after tax contributions. We think that our investors can be satisfied,” says Mr. Fong Nee Wai, Chief Financial Officer of Phnom Penh SEZ Plc. “We are still young as a publicly listed company but our 10-year-old foundations are strong.”

During the EGM, Phnom Penh SEZ shareholders have adopted the 2015 financial statements (ending 31st December 2015), together with the directors’ and auditors’ report. In the meantime, Mr. Tanate Piriyothinkul has been appointed as Non-Executive Director. Both resolutions were embraced by a large majority (95.28% for – 0.33% against)

The EGM was also a great occasion for Phnom Penh SEZ board of directors to present the company’s future development plans to the shareholders: “We have spent a lot of time and energy to achieve a positive IPO campaign in order to be listed on the Cambodian Stock Exchange. During that time came the economic slowdown, and only five foreign companies purchased land in the special economic zone to build factories last year.” says Mr. Hiroshi Uematsu, CEO of Phnom Penh SEZ Plc. ”We are intensifying our efforts to target quality investors from countries within Asia, Europe and the US. We want to diversify our offer by providing direct construction work services, by increasing our offer of rental factories and by expanding our offer of other utility services for our investors. By 2020, we target to increase non-land sales (recurring income) up to 50%”

For the coming years the company has a focus on its latest SEZ project in Poipet: Poipet PP Special Economic Zone. “Poipet is located a mere two and a half hours from Bangkok and has seen a flurry of business activity in the past years. Its strategic location combined with widely available and cost effective labor, modest energy costs and reliable infrastructure, are making the area a hotspot in inter-Asean business flows and Poipet a strategic location for industrial developments,” says Hiroshi Uematsu.

Located in close proximity to the Thai border with direct access to the future Asian highway No.1, Poipet PP SEZ meets the demands of higher technology manufacturers currently operating in Thailand as well as those who in the near future want to benefit from a highly strategic location in the midst of the Asean Economic Community (AEC).

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