CamGSM, which operates as Cellcard, has had its application to list on the Cambodian stock exchange approved in principle by the Cambodia Securities Exchange (CSX).
Before the public offering can go ahead, CamGSM must meet additional conditions of the CSX and receive approval from the Securities and Exchange Regulator of Cambodia (SERC). Speaking to The Phnom Penh Post, CSX CEO Hong Sok said that if these final approvals are obtained, CamGSM’s initial public offering (IPO) is likely to go ahead next month.
CamGSM was founded in April 1996, with TeleGeography noting that the unit was initially a joint venture between Millicom International Cellular (MIC) and the Royal Group of Cambodia. Millicom agreed to a buyout in August 2009, selling its 58.4% holding to its partner for US$346 million, and leaving the Royal Group with complete control over the unit. It is currently the third largest player in Cambodia based on subscribers, with a market share of almost 18% at the end of 2022.