Inter Logistics, owned by Neak Oknha Kit Meng, announced that it has taken over the listed company Phnom Penh Special Economic Zone (PPSEZ). According to a statement submitted by Inter Logistics to the Cambodia Stock Exchange (CSX) on January 4, Neak Oknha Kit Meng and the former Phnom Penh SEZ founder and largest shareholder, Lord Lim Chiu Ho, signed the sale and purchase agreement on October 12, 2021.
The former acquired a total of 32.41 million shares in the Phnom Penh Special Economic Zone held by the latter, equivalent to 45.09% of the total number of shares.
The transaction price was 2,110 Riels per share, with a total value of 68,385.1 million Riels, or US$16,765,163.03.
The transaction was completed through the Negotiated Trading Method and was approved by the Cambodia Stock Exchange on December 30, 2021.
The statement said that according to the listing regulations of the Cambodian stock exchange, stock transactions conducted through “negotiated transactions” will not be cleared through the Cambodian stock exchange.
“The parties are buying and selling voluntarily based on their own decisions.” It added that the above-mentioned equity transaction was also recognized and approved by the Phnom Penh SEZ Board of Directors.
Phnom Penh Special Economic Zone to hold special shareholders’ meeting. On the other hand, the Phnom Penh Special Economic Zone (PPSEZ) announced that it will hold an Extraordinary General Meeting (EGM) on January 26 to seek the transfer of shares to Inter Logistics, which is owned by Neak Oknha Kit Meng, through Lord Lim Chiu Ho.
According to the circular issued by the Phnom Penh Special Economic Zone on January 4, in order to implement the new crown pneumonia prevention and control measures, the extraordinary general meeting will be held by video conference.
It said that in addition to seeking to transfer shares to Neak Oknha Kit Meng through Lord Lim Chiu Ho, the extra large will also seek to pass a 2020 dividend.
The Phnom Penh Special Economic Zone announced that it will distribute 2020 dividends totaling US$400,000, or Kh22.67 (US$0.0056) per share. The total amount of dividends distributed accounted for 37.5% of the distributable profit in 2020. The dividend ex-rights date is January 5.
Lord Lim Chiu Ho is the most famous Chinese businesswoman in Cambodia. Since 2006, she has developed the Phnom Penh Special Economic Zone from a wilderness to one of the most successful special economic zones in Cambodia, attracting a total of 700 million US dollars of investment. More than 100 multinational companies have settled in.
During his tenure as the chairman of the board, Lord Lim Chiu Ho led the Phnom Penh Special Economic Zone to be successfully listed on the Cambodia Stock Exchange in 2016, becoming the first listed company with a female entrepreneur as the founder and chairman of the board.
Lord Lim Chiu Ho retired in 2019, and his eldest son, Eric Tan, is still chairman of the Phnom Penh SEZ board.
The Inter Logistics company held by Neak Oknha Kit Meng is involved in diversified businesses, including Wing Commercial Bank.
After the official completion of the transaction, it also means that Neak Oknha Kit Meng has become the largest shareholder of the Phnom Penh Special Economic Zone and has control over the Phnom Penh Special Economic Zone.
It is worth mentioning that the transaction price of the equity transaction reached by Lord Lim Chiu Ho and Neak Oknha Kit Meng was only 2% higher than the closing price of the Phnom Penh Special Economic Zone on the day when the sale and purchase agreement was signed (2,070 Cambodian dollars per share), but it was lower than the net asset valuation. 42.47%.
