Cambodian operator CamGSM has confirmed that it will proceed with listing on the Cambodia Securities Exchange (CSX) after receiving approval in principle in April.
The operator, which provides services as Cellcard, plans to issue over 52.87 million shares, each priced at KHR2,270 (US$0.57) with a minimum subscription of KHR400,000. Local outlet The Phnom Penh Post reported that interested parties would be able to subscribe to the initial public offering between 2nd and 31st May.
Active Cellcard subscribers who purchase enough shares to become Class A shareholders will be guaranteed a dividend of 7% per annum for the first five years. CamGSM’s estimated market capitalisation is US$1.14 billion.
CamGSM was founded in April 1996, and was initially a joint venture between Millicom International Cellular (MIC) and the Royal Group of Cambodia. In August 2009, the latter firm bought out its partner for US$346 million, acquiring MIC’s 58.4% stake in the unit to take its shareholding to 100%. CamGSM had a 17.9% market share at the end of 2022, putting it in third place.