The Kingdom’s leading economic zone, listed last year as the first private Cambodian company on the Cambodian Stock Exchange, received strong approval for its strategy from shareholders
Phnom Penh, 22nd December 2017 – On Friday 22nd, Phnom Penh SEZ Plc. (listed on the Cambodian Stock Exchange under PPSP) board of directors sought approval from the eligible shareholders for a new share issuance and recapped on key activities in the fiscal year 2017.
During the EGM, Phnom Penh SEZ shareholders have approved to process the issuance of 14 million new shares, which will be sold to 1) JWD InfoLogistics Public Company Limited, a Thai-listed company who is a leading logistics provider in ASEAN and 2) Mr. Henry Ng Lian Soon, the Founder and Chairman of Bok Seng Group, a leading Singaporean regional provider of Integrated Project & Marine Logistics Management. The approval was overwhelmingly embraced by a large majority. The number of share was embraced by the present shareholders in the meeting was 55,276,101 shares of the total shares (57,875,000 shares), which is equivalent to 95.55%. The voting result on the above mentioned resolution was 93.04% of the total shares.
“We started the year 2017 with the concrete roadmap to sustainably fuel our future growth. We set ambitious directions and strategies by emphasizing on our competitive advantages. We have employed these strategies as a framework for our business operations, and regular monitoring will ensure that we achieve our short-term and long-term goals. In particular, the company is set to increase non-land sales revenue portion to 50% by the year 2020. Supported by a strong financing strategy, we aim to expand our businesses vertically and horizontally.” said Lok Chumteav Okhna Lim Chhiv Ho, Chairman of Phnom Penh SEZ Plc. in her introduction speech. “We invited our fellow shareholders to this Extraordinary General Meeting to consider a special subject, which will lead our way to become an “Integrated SEZ Developer”, and to report on our business activities and the expected year-end performance of 2017.”
“Apart from the additional contributed capital, of our new shareholders, their contributions and input on strategic developments will become invaluable assets for Phnom Penh SEZ Plc.” says Dr. Ardisak Boeprasert, Investor Relations Manager/Disclosure Officer of Phnom Penh SEZ Plc. In addition, he highlighted that the use of net proceeds of the new share sales would be used primarily for infrastructure development, rental-warehouse projects, and other business developments which will be beneficial to all shareholders of the company.