Only 7 out of the 13 equity and bond listed companies on the Cambodia Securities Exchange (CSX) had their 2020 third-quarter financial reports released by the close of business yesterday.
According to the Prakas of Corporate Disclosure, all listed companies shall submit a quarterly report to the SECC (for review) within 45 days after the end of a quarter before being released publicly on the CSX.
“Since the 45-day deadline [Sunday] fell on the weekend, the deadline will be extended to Monday, November 16 [yesterday]. We shall wait until the evening of today whether they will submit the quarterly report on time or not,” Chief Operations Officer at CSX Ha Jong Weon said yesterday.
However, at 5pm yesterday there were still several companies whose reports had yet to be released, including the equity-listed companies Autonomous Port (PPAP) and Grand Twin International Cambodia (GTI).
As well as the bond-listed companies ABA Bank (ABC), PRASAC Microfinance (PRASAC), RMA Cambodia (RMA) and Phnom Penh Commercial Bank (PPCBank) reports had also failed to be released to the public.
Khmer Times contacted some of the companies who had failed to have their financial reports released and was told that they had either just been submitted to the regulator or did not receive an immediate response.
During the half-yearly reporting, this year both PRASAC and GTI applied for an extension after significantly missing the regulator’s deadline, while there were also revisions of the financial results submitted after publishing.
The most common reason given for the delays was a lack of resources and time for the audits.
“If any companies miss the deadline without proper and clear explanations or requests, by existing regulations, they will face transitional penalties (fine in cash) and/or administration penalties,” Deputy Director-General of SECC Sok Dara said.
No company has yet to receive any penalties for a missed or delayed financial report.
There was also some confusion caused yesterday when the exchange released without explanation PESTEC (Cambodia) Plc’s interim financial report titled “First Quarter of the Financial Year Ending 30 June 2021”.
Speaking to Khmer Times about why the company was running to a different financial year than Cambodia’s January to December, the SECC said it is because its parent company is listed on the Malaysian stock market.
“PESTEC (Cambodia) Plc is following its parent company PESTEC which adheres to Malaysia’s June to July financial year its subsidiary needs to provide a consolidated report,” Director General of SECC Sou Socheat said.
“The SECC does not have specific regulation required for companies to follow Cambodia’s financial year. However they do require approval. The company has got approval from the National Accounting Council to do this,” he added.
It is hoped the remaining reports will be released to the market in the coming days.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
