In a major boost to the ongoing construction of the Techo International Airport located in Kandal province, the Cambodia Post Bank Plc (CP Bank) has pumped in $10 million in a guaranteed bond of Cambodia Airport Investment Co., Ltd.
The signing ceremony was held on Tuesday between the Cambodia Airport Investment Co., Ltd. (CAIC) represented by its Director Charles Vann and CEO of Cambodia Post Bank Plc Toch Chaochek, and presided over by Pung Kheav Se, Chairman of Overseas Cambodian Investment Corporation Ltd. (OCIC).
“The funds raised from Techo International Airport Guaranteed Bond will be used for the construction and development of Techo International Airport in Kandal province,” CAIC said during the signing ceremony.
Over 28 percent of Techo International Airport project work has been completed with a total amount of $375 million (excluding airport land) already invested by CAIC.
The coupon rate of CAIC bond is 5.5 percent per annum with three years tenor and guaranteed by OCIC.
The investment on guaranteed bond of the Cambodia Airport Investment Co., Ltd has gained interest from investors, particularly from the banking sector.
Prince Bank is the first investor that bought CAIC’s $15 million guaranteed bond, followed by the FTB bank and ABA Bank.
In December, Prime Minister Hun Sen called for the purchase of the CAIC’s remaining portion of $300 million in bonds for the development of a new international airport.
OCIC is the largest investment group and local conglomerate in Cambodia.
The company’s core expertise is in infrastructure development, real estate, construction, property management, education, medical, shopping mall, hotel, rice mill, manufacturing etc with notable projects such as Techo International Airport, Diamond Island City, Norea Island, Chroy Changvar Satellite City and Olympia City Complex.
CAIC is a joint venture between the Royal Government of Cambodia (RGC) represented by the State Secretariat of Civil Aviation and OCIC.
The RGC has granted CAIC the rights to own, design, construct, finance, operate, maintain and manage Techo International Airport Project.
CP Bank is one of the leading commercial banks in Cambodia which was founded in September 2013 and is a strategic partnership among Canadia Investment Holding Plc., Cambodia Post of Ministry of Post and Telecommunications, and Fullerton Financial Holdings Pte.
CP Bank has developed and grown steadily over the last eight years with the vision to be the best mass-market bank that enriches lives and fulfills the growing aspirations of the people of Cambodia and creates sustainable value for shareholders, employees and society.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
