After getting approval in principle in April, Cambodian operator CamGSM has affirmed that it will move forward on the Cambodia Securities Exchange (CSX).
With a minimum subscription of KHR400,000, the operator, which conducts business as Cellcard, intends to issue more than 52.87 million shares at a price of KHR2,270 (US$0.57) each. According to the local publication, the Phnom Penh Post, interested parties can subscribe to the initial public offering between May 2 and May 31.
A 7% annual dividend will be guaranteed for the first five years to active Cellcard subscribers who buy enough shares to become Class A shareholders. The estimated market value of CamGSM is US$1.14 billion.
Millicom International Cellular (MIC) and the Royal Group of Cambodia established CamGSM in April 1996 as a joint venture. The latter company acquired its joint venture partner, MIC, for US$346 million in August 2009, increasing its ownership in the unit to 100%. At the end of 2022, CamGSM was in third place with a 17.9% market share.