Zone listed on bourse
A Cambodian special economic zone debuted on the domestic stock market yesterday after an initial public offering raised around $8.2 million, becoming only the fourth company to list on the country's stock exchange.
The Phnom Penh Special Economic Zone (PPSEZ), operator of a 357-hectare park on the outskirts of the Cambodian capital Phnom Penh, had offered 11.5 million new shares priced at 2,860 riels ($0.71) each.
“Our decision to go public is rooted in our desire to keep growing,” said Cambodian tycoon Lim Chhiv Ho, chairwoman of PPSEZ.
PPSEZ’s shares opened at 2,840 riels each and then hit a high of 2,980 riels before retreating to 2,900 riels.
Chhiv Ho said that the funds from the IPO will be used to expand the PPSEZ and a new 53-hectare zone near the Thai-Cambodia border that aims to attract foreign investors. – Reuters
Wanda opens theme park
China’s largest private property developer, the Wanda Group, opened an entertainment complex on Saturday that it's positioning as a distinctly homegrown rival to Disney and its US$5.5 billion Shanghai theme park opening next month, according to Associated Press.
Wanda executives unveiled their $3 billion “Wanda City” in the southeastern provincial capital of Nanchang to thundering music reminiscent of the “Pirates of the Caribbean” theme and hailed the centre as a representative of Chinese entertainment culture in the face of encroaching foreign influences.
Wanda’s massive site includes an $800 million China-themed park filled with twirling “porcelain teacup” rides and bamboo forests, an indoor shopping mall with cinemas, restaurants, hotels and the world’s largest ocean park. Disney is set to open its own resort in Shanghai – the largest Disneyland in the world – in June. – China Daily.
