CEO seeks to convert Naga capital to stock

27 June 2017

CEO of NagaCorp Ltd announced that he would seek to transfer his personal investment of $369 million used for the development of Naga 2 and NagaCity Walk in a concurrent conversion of bonds. This updated conversion, if accepted by shareholders and market regulators under a whitewash waiver, would see his stake in the Hong Kong-listed company jump from nearly 40% to 70%.

 

Source:

http://www.phnompenhpost.com/business/ceo-seeks-convert-naga-capital-stock

 

Maize has local farmers’ ears

22 June 2017

Growing demand for animal feed is driving up both the demand and price of corn, with smallholder farmers claiming the field crop offers a more stable market than cassava. Corn is grown on more than 140,000 hectares in Cambodia and can be harvested twice a year. Each hectare yields about 4.5 tonnes, putting Cambodia’s total production at around 640,000 tonnes last year.

Source:

http://www.phnompenhpost.com/business/maize-has-local-farmers-ears

Malaysia’s RHB Bank, AmBank in merger talks

7 June 2017

Malaysian financial firms RHB Bank and AmBank Group have entered negotiations for a potential merger. Its value at nearly $9 billion, which would make it the largest in the country’s history. Its Cambodian operations had an outstanding loan portfolio of $358 million as end of 2016, with deposits totalling $298 million.

Source:

http://www.phnompenhpost.com/business/malaysias-rhb-bank-ambank-merger-talks

Bank services VAT seen as ‘inefficient’

7 June 2017

Banking sector leaders have expressed concern over a new government decree that places additional fees on financial services, warning that the costs of what some have described as an “impractical and inefficient” tax would likely be passed along to consumers.

Source:

http://www.phnompenhpost.com/business/bank-services-vat-seen-inefficient

Emerald’s gold prospects improve

2 May 2017

The Australian-listed mining firm behind Cambodia’s Okvau gold project in Mondulkiri province released its definitive feasibility study (DFS) yesterday, confirming its predictions of 1.14 million ounces in gold reserves while reducing its projected investment costs for extraction.

Source:

http://www.phnompenhpost.com/business/emeralds-gold-prospects-improve

Rubber prices soar by 132%

27 April 2017

Cambodian rubber exports increased 32% during the first three months of 2017 compared with 2016, while prices grew 132% during the first quarter. The Kingdom exported 32,000 tons of rubber in the first quarter of 2017 with average prices reaching $2,032 per ton. Cambodia exported rubber to Vietnam, China, Malaysia and Singapore.

Source:

http://www.phnompenhpost.com/business/rubber-prices-soar-132pct

Air cargo service takes flight

17 March 2017

The new service, called Angkor Express Go, will transport goods along two main flight paths, with shipments travelling between Phnom Penh and Siem Reap, and between Siem Reap and Sihanoukville.

Source:

http://www.phnompenhpost.com/business/air-cargo-service-takes-flight

Thais eye appliances market

16 March 2017

Thailand expects exports of electrical and electronic components and devices to Cambodia to grow to about $50 million this year due to high demand. Trade between Cambodia and Thailand was worth $5.6 billion last year, up from $5.5 billion over the previous year.

Source:

http://www.khmertimeskh.com/news/36510/thais-eye-appliances-market/

US$60 Million Invested to Increase Domestic Pig and Feed Supply

16 March 2017

Chip Mong Group is investing about US$60 million in a plant to produce pig feed and with facilities to raise and supply pigs for the Cambodian market in order to reduce import of the product.

Source:

http://www.akp.gov.kh/?p=98442

First submarine cable launched

16 March 2017

Cambodia’s first submarine telecoms cable, costing $100 million, will strengthen existing internet capacity and greatly increase connectivity speed at lower cost.

Source:

http://www.khmertimeskh.com/news/36511/first-submarine-cable-launched/

Microfinance to dry up? Experts say a new interest rate cap could cause dozens of MFIs to fold

15 March 2017

The central bank’s unprecedented decision to slash microfinance's interest rates at 18 percent a year with effect on April 1. Cambodia had 54 licensed MFIs and seven microfinance deposit-taking institutions (MDIs) as of end-2016, with a total 1.9 million clients and a combined loan portfolio of $3 billion.

Source:

http://www.phnompenhpost.com/business/microfinance-dry-experts-say-new-interest-rate-cap-could-cause-dozens-mfis-fold

Casino tax revenue rises

14 March 2017

The government collected $48 million from the casino industry last year, a rise of about 40 per cent compared with 2015. At the end of last year, 77 casino licenses were held in Cambodia, 65 of which were in operation.

Source:

http://www.khmertimeskh.com/news/36411/casino-tax-revenue-rises/

Central bank sets interest rate cap

14 March 2017

The National Bank of Cambodia yesterday set an interest rate cap of 18 percent per annum for microfinance institutions. The interest rate cap will come into force by April 1.

Source:

http://www.khmertimeskh.com/news/36430/central-bank-sets-interest-rate-cap/

KDIC digs in to recover local Korean assets

10 March 2017

The Korean Deposit Insurance Corporation (KDIC) has identified 10 local projects with a total value of $420 million – an amount that represents nearly 78.5 percent of all overseas assets managed by the institution. KDIC has recovered a little over $15 million from the Cambodian assets of defunct Korean institutions.

Source:

http://www.phnompenhpost.com/business/kdic-digs-recover-local-korean-assets

Direct flights to Shanghai

10 March 2017

Spring Airlines, China’s first and largest budget carrier, will begin operating direct flights between Phnom Penh and Shanghai as well as Shenzhen this month.  Phnom Penh International Airport maintained its double-digit growth at 10 percent, receiving some 3.39 million passengers last year.

Source:

http://www.khmertimeskh.com/news/36310/direct-flights-to-shanghai/

Mango exporter targets Hungary and Russia

10 March 2017

Mong Reththy Group, an agro-industrial conglomerate that invested heavily in the mango sector, is expanding markets for exports to Russia and Hungary. The country grew about 2.6 million metric tons of mangos in 2015.

Source:

http://www.khmertimeskh.com/news/36314/mango-exporter-targets-hungary-and-russia/

BigPhone dials into local market

10 March 2017

Mobile World Investment Corp (MWG) – one of the largest mobile phone and electronic products distribution chains in Vietnam – will open its first store by this quarter in Cambodia, operating under the name BigPhone.com.  

Source:

http://www.phnompenhpost.com/business/bigphone-dials-local-market

Angkor Air’s Macau route

9 March 2017

Tourists wanting to visit Asia’s answer to Las Vegas will be able to fly from Preah Sihanouk province to Macau after Cambodia Angkor Air unveiled the new route yesterday. This project hopes to attract 2 million Chinese tourists to Cambodia by 2020.

Source:

http://www.khmertimeskh.com/news/36262/angkor-air---s-macau-route/

License for Cambodia Investment Tax Service

9 March 2017

Cambodia Investment Tax Service has become the 44th tax agent to get a license from the General Department of Taxation (GDT) since the government made an effort to modernize and make more efficient tax collection by using private companies. Tax revenue in 2016 was about $1.49 billion, an increase of 14.94 percent over 2015.

Source:

http://www.khmertimeskh.com/news/36265/license-for-cambodia-investment-tax-service/

HomePro mulls investment in Cambodia

9 March 2017

HomePro, a leading home improvement retailer in Thailand, is mulling expansion to neighboring countries – including Cambodia next year – with an investment budget of between $170 million and nearly $200 million.

Source:

http://www.khmertimeskh.com/news/36267/homepro-mulls-investment-in-cambodia/

Heineken cracks open a new local beer production facility

9 March 2017

Cambodia Brewery Ltd (CBL), a wholly owned subsidiary of Heineken Asia-Pacific, inaugurated its second brewery plant on the eastern outskirts of the capital yesterday. CBL invested $100 million into the new facility, which will allow it to expand production of its existing beer brands including Tiger, ABC, Anchor and Crown and add Heineken.

Source:

http://www.phnompenhpost.com/business/heineken-cracks-open-new-local-beer-production-facility

Local airlines to face headwinds

9 March 2017

All four of Cambodia’s local airlines – Cambodia Angkor Air, Sky Angkor Airlines, Cambodia Bayon Airlines and Bassaka Air – have made China a focus of their international expansion. There were around 400,000 annual domestic passengers and 7 million international passengers last year

Source:

http://www.phnompenhpost.com/business/local-airlines-face-headwinds

Traffic at Cambodia Airports Grow Double Digits in January

3 March 2017

Phnom Penh International Airport welcomed almost 350,000 passengers in January 2017, an increase of 19.1 percent while Siem Reap International Airport handled almost 460,000 passengers, growing 15.2 percent year-on-year and Sihanouk International Airport handled more than 400 flights movements, up 167.9 percent year-on-year

Source:

http://www.akp.gov.kh/?p=97599

BRED Bank opens in Cambodia

3 March 2017

France’s BRED Bank, one of the largest lenders in Europe, officially opened its first branch in Cambodia yesterday with $30 million in investment capital, aiming to assist small and medium-sized enterprises (SMEs) and boost imports and exports.

Source:

http://www.khmertimeskh.com/news/36060/bred-bank-opens-in-cambodia/

Love affair with Thai products

3 March 2017

Products from neighboring Thailand are still considered the best for many Cambodian consumers, and this is an incentive for Thai companies to set up branches in the country. The bilateral trade between Thailand and Cambodia could be reached target of $15 billion by 2020.

Source:

http://www.khmertimeskh.com/news/36064/love-affair-with-thai-products/

KDIC moves closer to assets

1 March 2017

Investigators from South Korea’s state-run deposit insurer have announced that will open insurance branch in Phnom Penh next month to advance efforts to recover Cambodian property assets linked to bankrupt Korean savings banks.

Source:

http://www.phnompenhpost.com/business/kdic-moves-closer-assets

Exports driving shift in Thai trade

1 March 2017

The value of Cambodian exports to Thailand reached $936 million by the end of December, from $639 million a year earlier. However, imports fell 6 percent to $4.6 billion during the same period. Total bilateral trade declined slightly year-on-year, now at about $5.6 billion.

Source:

http://www.phnompenhpost.com/business/exports-driving-shift-thai-trade

100 Benzes to hit streets

1 March 2017

Star Auto (Cambodia) Co. Ltd, the authorized general distributor for Mercedes-Benz in Cambodia, is aiming big. The company wants to sell around 100 luxury Mercedes-Benz cars this year, which represents a fivefold increase compared with their sales last year. Star Auto will now be able to import more Mercedes-Benz cars, which on average cost about $300,000.

Source:

http://www.khmertimeskh.com/news/35959/100-benzes-to-hit-streets/

Thai king’s death bad luck for border casino

27 February 2017

Casino operator Donaco International Ltd reported that its revenue fell by 14.3 percent to $45 million during the six-month period after the death of the Thai monarch. The Cambodian casino saw revenue fall by 16 percent to $34.3 million as daily foot traffic slowed by 15 percent compared to the same time the previous year.

Source:

http://www.phnompenhpost.com/business/thai-kings-death-bad-luck-border-casino

Electricity $4.4B closer to sufficiency

27 February 2017

Over $3.2 billion was invested last year into increasing domestic electricity production, with an additional $1.2 billion sunk into infrastructure.

Source:

http://www.phnompenhpost.com/business/electricity-44b-closer-sufficiency