Pestech listing application under review by CSX

Malaysia-owned power infrastructure provider Pestech Cambodia has submitted its listing application to the CSX for its initial public offering (IPO), according an exchange’s official. Lamun Soleil, director general of market operations at the CSX, said the company’s application is now being reviewed, and its listing was expected in the third quarter of 2018. According to a filing on the Malaysian stock exchange, Pestech hopes to raise as much as $20.3mn through its IPO with an indicative price of $0.70 for 29 million shares, representing up to 29% of the company’s value. Eight million of those shares are to be made available to the public, with the rest earmarked for select investors as well as directors, employees, and business associates. Pestech says in its filing that it is currently operating with a negative working capital, and intends to use the IPO to finance its extensive projects in the Kingdom. (Source: Phnom Penh Post)