MALAYSIAN-listed bank Hwang-DBS Commercial Bank Plc has rejected a licence to become an investment advisory firm on the Cambodian stock exchange due to the “limited activities” such a role would permit.
The Securities and Exchange Commission of Cambodia granted in-principle approval for the bank’s subsidiary Hwang-DBS Securities (Cambodia) Plc to act as an investment advisory firm.
However, the bank rejected the offer this week, according to a statement released to the Malaysian stock exchange, as the role was more limited than the underwriting role it applied for.
“The application submitted by Hwang-DBS Securities (Cambodia) Plc to SECC was for a securities firm licence to undertake stock-broking, corporate finance, underwriting and investment advisory activities,” the company said.
“The Board … has decided not to accept the approval-in-principle licence due to the limited activities permitted,” it stated.
[Click on link below to read full article]
« Belgian loans: Two MFIs get m in funding | Business | The Phnom Penh Post – Cambodia’s Newspaper of Record
Hwang-DBS rejects licence for stock exchange as ‘limited’ | Business | The Phnom Penh Post – Cambodia’s Newspaper of Record
August 6, 2010 by khmerba