The export of goods from factories in the Phnom Penh Special Economic Zone reached $673 million in 2021. The sixth annual general shareholders’ meeting of Phnom Penh SEZ approved the company’s change of name from Phnom Penh SEZ to Royal Group Phnom Penh SEZ Plc.
At a virtual meeting, Kith Meng, Non-Executive Chairman of Royal Group Phnom Penh SEZ, said, “This year, the company is holding its annual general meeting of shareholders after a two-year disruption by the Covid 19 pandemic.”
He said that despite the pandemic, the company reported “remarkable results” during those years, with earnings after tax of $1.91 million at the end of 2021.
The Royal Group is now the managing shareholder of the Phnom Penh Special Economic Zone.
The General Meeting of shareholders approved six resolutions.
Besides approving the annual financial statements completed on December 31, 2021, it approved the election and appointment of the board for the new mandate. The shareholders also approved the right to repurchase shares.
On December 17, 2021, Inter Logistics (Cambodia) Co., Ltd, a subsidiary of Royal Group of Companies, acquired a 45.09 percent stake in Phnom Penh SEZ and became the company’s largest shareholder.
The Phnom Penh Special Economic Zone covers an area of approximately 357 hectares, with more than 95 manufacturers and services from 12 countries, as well as more than 80 international companies from 15 different countries investing in the area.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.