Phnom Penh Autonomous Port seeks US$6.4m from IPO
Time：2015-10-30
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PPAP has already launched a roadshow to attract investors for the stock market listing planned for December 11.
About 4.1 million shares are being offered to investors, 40 per cent of which are expected to be taken up by institutions, reported IHS Maritime 360.
"So far 80 per cent of the offering has been booked," managing director Han Kyung Tae of Yuanta Securities, the sole underwriter, book runner and lead manager for the IPO, was quoted as saying.
"We secured about 70 per cent of the offering from our clients, and another 10 per cent was allocated for PPAP`s employee stock ownership plan. We expect much more investment and are very confident the IPO will be successful."
PPAP is offering private investors a guaranteed five per cent dividend yield on the initial share price for the next five years.
PPAP owns and operates four main terminals in Cambodia: the New Container Terminal on the Lower Mekong River in Kandal Province; Tonle Bet Port along the Upper Mekong River in Thbong Khmom province; and multipurpose cargo and passenger terminals along the Tonle Sap River in Phnom Penh.
The company recorded net profits of $2.15 million in 2014 on revenues of $13.29 million. Total assets are valued at $152 million.
The port operator is planning phases two and three of its container terminal that will take throughput capacity to 500,000 TEU.