SEXY Launch

On April 29, 2009 we attended the official inauguration of the Securities and Exchange Commission of Cambodia, which the Cambodians call SEC-C, or "SEXY" for short.) Deputy Prime Minister and Minister of Economy and Finance H.E. Keat Chhon (see photo below) announced the Cambodia Stock Exchange is still on track for opening by the end of the 2009, although the exact date has not yet been fixed. We received a stack of booklets containing recently passed legislation to help regulate the issuance and trading of securities. However it appears that additional work remains to clarify, among other things, accounting, auditing, and corporate governance rules and regulations, and to establish tax benefits for listed companies. People have asked if it makes sense to try to open a new stock exchange at a time when global markets are in disarray. Our view is that since it will probably take a few years for the new exchange to get traction anyway, the earlier they start that process the better. Bring it on, SEXY.

Source: Leopard Cambodia Ltd. www.leopardasia.com

Deputy Prime Minister and Minister of Economics & Finance H.E. Keat Chhon inaugurates the Securities and Exchange Commission of Cambodia.