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Leading telecom operator listed on Cambodian bourse

PHNOM PENH, June 27 (Xinhua) -- Telecom operator CAMGSM Plc., known as Cellcard, made its debut on the Cambodia Securities Exchange (CSX) on Tuesday with an initial public offering (IPO) raising 5.28 million U.S. dollars.

Cellcard, one of leading telecommunication operators in the Southeast Asian nation, became the 10th equity-listed firm that issued its IPO on the kingdom's bourse.

The company floated 9,271,206 shares, in which a share cost 2,270 riels (0.57 dollars), a press statement said. The proceeds from the IPO amount to 5.28 million dollars.

Cellcard's CEO Simon Perkins said IPO proceeds will be invested in network coverage expansion, service quality enhancements, innovations development toward enhancing its customers' digital lifestyles, and to prepare for the next technological wave such as 5G.

"The IPO was a historic milestone for the company and for Cambodia's capital market," he said.

CSX's CEO Hong Sok Hour said it was a new history for the CSX, and that Cellcard would become a new product for investors on the CSX.

He said the CSX has so far received a total of 19 listed companies, including 10 equity firms and nine corporate bond firms, collecting a total capital of more than 300 million dollars.

Launched in 2012, the CSX is a joint venture between the Cambodian government holding 55 percent of stakes and the Korea Exchange owning the remaining 45 percent.