Cambodian operator CamGSM, known as Cellcard, recently listed its Class A common stock on the Cambodia Securities Exchange (CSX). This marks the successful completion of the operator's initial public offering (IPO), with investors purchasing over 9.271 million shares, resulting in a total of more than US$5.28 million.
The funds raised will be utilized to expand CamGSM's network coverage, enhance service quality and prepare for the upcoming launch of 5G technology.
CEO Simon Perkins expressed his warm welcome to all the new shareholders of Cellcard and conveyed his appreciation for their trust and confidence in the company's vision and strategy.
He emphasized that this marks a fresh start for Cellcard as they set out on a path of innovation and expansion. Perkins assured that they have a well-defined plan in place to accomplish their objectives and provide value to their customers, partners, and stakeholders.
Last month, it was announced that CamGSM would release over 52.87 million shares. These shares are priced at KHR2,270 (US$0.57) each and require a minimum subscription of KHR400,000.
Cellcard subscribers who choose to become Class A shareholders will receive a guaranteed dividend of 7% per year for the first five years.
