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Cambodia: PPSEZ still awaiting official approval for share buyback plan
Deputy Chief Financial Officer of the Phnom Penh Special Economic Zone (PPSEZ) Wong Pang Nam said the company is still waiting for the Securities and Exchange Regulator of Cambodia (SERC) to approve its share buyback plan.
He added that the company has submitted all required documents to the securities and exchange regulator, saying: “Once we hear from them, we shall keep you informed.”
During PPSEZ’s extraordinary general shareholder meeting last October, the company’s shareholders confirmed there would be no dividend distribution in 2020 and also approved a share buyback. The share buyback was set for mid-December 2020, but remains delayed pending approval. PPSEZ trades on the Cambodian Securities Exchange (CSX) under the ticker name PPSP.
SERC’s Director-General Sou Socheat could not be reached for comment on the status of the share buyback approval at the time of going to press.
PPSEZ has previously said that SERC requested the company to send all relevant documents, such as the letter requesting permission for the share buyback, to Socheat, as well as the report of the feasibility study for maintaining quantitative requirements as stated in the listing rules for securities.
The company has submitted its report on the adequacy of repayments within three months of the commencement date of the share buyback, along with detailed plans for the share buyback as approved by PPSEZ’s board of directors. That report specifies the purpose of the buyback, the type of shares to be bought back, the number of shares proposed in the buyback and the conditions for determining the proposed share buyback price.
Additionally, PPSEZ has reported the maximum amount of cash that will need to be used in the buyback.
It also revealed the method it proposes to use to execute the share buyback during the relevant period, including its impact and the bought-back shares’ disposal.
Furthermore, it has delivered the resolution by the board for the share buyback complete with bank statements, company statutes, shareholder listing and audited financial statements.
At close of trading yesterday PPSEZ, under its CSX ticker PPSP, closed at 1,590 riels per share, a fall of 10 riels. acording to the CSX website.
Source: https://www.khmertimeskh.com/50823926/ppsez-still-awaiting-official-approval-for-share-buyback-plan/