Joining the Cambodia Securities Exchange (CSX) marks a significant milestone for companies, opening doors to new capital and investor interest – and this opportunity comes with responsibility. 

Listed entities must prioritise transparency, accountability and investor protection by adhering to a well-defined set of obligations. 

Delving into these requirements is crucial not only for companies navigating the post-listing landscape, but also for investors looking to make informed decisions. 

Here we explore the key obligations of listed entities on the CSX, providing understanding on how companies contribute to a healthy and trustworthy capital market in Cambodia.

After successfully listing on the CSX, listed entities have a number of key disclosure obligations to fulfil to ensure market transparency, maintain accountability and efficiency, as well as protect investors by enabling them to make informed and confident investment decisions.

Corporate disclosure refers to the public revealing of events affecting a listed entity at any time to ensure accuracy, completeness, clarity and timeliness, and includes timely disclosures, periodic reports, special disclosures and requested disclosures. 

Timely disclosures 

Timely disclosure refers to the immediate release of any information that could significantly impact a listed entity’s stock price or trading volume. When such information is available, the listed entity must disclose it immediately.

With this immediate disclosure of market-sensitive information crucial for investors to make informed decisions on buying or selling shares, listed entities must promptly publish all such information on the CSX website without delay.

Periodic reports 

Periodic reports, prepared at specific intervals (quarterly and annually), serve as a vital source of information for investors to track the performance and financial health of a listed entity. 

These reports typically cover the company’s operations, income, profit/loss, and key financial metrics. Comparing these details to previous periods allows investors to evaluate the company’s progress, identify trends and make informed investment decisions.

Special disclosures

A special disclosure involves any information with a significant impact on a listed entity, be it specific or company-wide. 

This includes, but is not limited to, events such as share buybacks, mergers and acquisitions, takeovers and tender offers.

Requested disclosures

Requested disclosures involve information sought by the Securities and Exchange Regulator of Cambodia (SERC) or the CSX should certain events occur. 

Such situations could include potentially market-sensitive rumours, news or information affecting the listed entity or its securities, significant changes in the price or trading volume of the securities, or events that could impact the interests of investors.

By promptly providing this information, listed entities maintain market transparency and ensure investors have the information needed to make informed decisions.

Voluntary disclosures

Beyond mandated disclosures, listed entities can choose to share additional information relevant to their operations or reputation. 

This “voluntary disclosure” might include details about significant business operations – such as new partnerships, investments 

or product launches – or positive developments that enhance the company’s image, like receiving awards or achieving key sustainability goals.

It may also include transparency measures such as disclosing tax compliance or governance initiatives.

However, it is important to note that the CSX reserves the right to reject any voluntary disclosure it deems unnecessary or irrelevant to investors’ decision-making.

Making a public disclosure 

Listed entities should provide the CSX with timely disclosures, requested disclosures and voluntary disclosures via the “E-disclosure” system, with a copy sent to the SERC at the same time. 

Periodic reports, special disclosures and requested disclosures should be emailed to the SERC at [email protected], with an official letter sent to the SERC to request prior approval.

After following the appropriate submission process, all approved disclosures should be published on the websites of both the CSX and the listed entity.

Reference: Prakas No. 008/18 dated October 30, 2018, on Corporate Disclosure.

Prepared by: Securities and Exchange Regulator of Cambodia, Securities Issuance Department.
Email: [email protected].
Phone: 093 837 345.