Cambodian miner Khmer Resources plans to tap Hong Kong capital market
State-backed Khmer Resources aims to listand spur interest in nation's natural assets
Khmer Resources Investment, which is backed by the Cambodian government, aims to list in Hong Kong within two years, chairman Cao Yunde said.
"We intend to leverage the capital market of Hong Kong to finance our growth through a public listing so as to maximise the benefits for Cambodia and its people," said Cao at the opening of Khmer Resources' Hong Kong office yesterday.
"The mission of Khmer Resources and Khmer Hong Kong is to boost the social and economic development of Cambodia, transform Cambodia's comparative advantage in natural resources into economic benefits, and adopt the capital market approach to the mining industries."
Although Khmer Resources was not a state-owned firm, it was supported by the Cambodian government, he said.
Chea Sim, the head of the ruling Cambodian People's Party, also supported the company as part of efforts to attract foreign investors to the Southeast Asian country, said Lim Hour, an aide to Chea Sim.
Although a mainland Chinese, Cao is an adviser to Chea Sim and holds the rank of minister in the Cambodian government.