On 10 December 2025, the Cambodia Securities Exchange (CSX) welcomed its first new listing of the year as Picasso City Garden Development Plc. (PCG) was officially listed and began trading (Symbol: PCG). This makes PCG the 12th company listed on Cambodia’s capital market and the first to be listed on CSX in 2025.
The official listing ceremony, which began at 8:00 AM, attended by distinguished guests including H.E. Dr. Hean Sahib, Secretary of State of the Ministry of Economy and Finance and Chairman of CSX, H.E. Hong Sok Hour, Chief Executive Officer of CSX and H.E. Sou Socheat, Director General of the Securities and Exchange Regulator of Cambodia (SERC), H.E. Dr. Heng Vuthy, President of Chinese Investor in Cambodia Association, H.E. Heng Oudom, Director of Cambodia Securities Plc., and Mr. Teng Cheng Yueh, Chairman of Picasso City Garden Development Plc. Their presence marked an important milestone for the development of Cambodia’s financial market.
First IPO of 2025 Draws Strong Market Interest
As the first company to list on the stock market in 2025, it has drawn strong attention, and many sectors are expressing their hopes for the future growth of Cambodia’s capital market. In his welcoming remarks, Mr. Teng Cheng Yueh, Chairman of PCG, expressed sincere gratitude to the guests and reflected on the company’s journey toward becoming publicly listed. He shared that as Cambodia’s first IPO of 2025, PCG had experienced years of disciplined management and careful preparation before entering the capital market.
He also appreciated investors for their trust, which is especially meaningful in the current global economic environment. “We will maintain stronger governance and operate with greater stability to honour this trust,” said Mr. Teng. “Our goal is to become the benchmark real estate company in Cambodia’s capital market.”
Distinguished Guests Deliver Remarks
H.E. Hong Sok Hour, CEO of CSX, congratulated PCG for becoming the first listed company of 2025, noting that its listing brings new energy to the Cambodian capital market. He recognised the company’s efforts in meeting CSX requirements and welcomed PCG as the 12th company to join the exchange. His Excellency also shared that Cambodia’s capital market has been growing steadily in recent years, with a strong rise in investor participation. As of November 2025, more than 70,000 securities investment accounts have been opened nationwide. He encouraged entrepreneurs to take this opportunity to list their companies and contribute to the country’s economic development.
H.E. Sou Socheat, Director General of SERC, said that PCG’s listing fully met regulatory standards, reflecting progress in Cambodia’s capital market framework. “As the first company in 2025 to pass a rigorous regulatory review, PCG sets a strong example for future listing candidates.”
He encouraged all listed companies to maintain high standards of compliance, transparency, and investor protection.
Secretary of State Highlights the Significance of the Listing
During his opening remarks, H.E. Dr. Hean Sahib highlighted the symbolic importance of PCG becoming the first IPO of 2025. “This shows that confidence in Cambodia’s capital market is recovering and growing.” His Excellency emphasized that although challenges remain, the government continues to push forward reforms to strengthen national competitiveness, increase economic resilience, improve the business environment, promote diversification, and boost domestic production capacity. These efforts aim to better connect Cambodia to global supply chains and expand the pool of highly skilled workers. He highlighted the Royal Government’s Pentagon Strategy, led effectively by Prime Minister Hun Manet, noting that its first phase focuses on modernizing the financial system to support businesses and investment activities. The goal is to build a more prosperous Cambodia and achieve the national vision of becoming a middle- to high-income country by 2030, and a high-income country by 2050.
Bell-Opening Marks a Milestone and Commitment to Stable Returns
At 9:00 AM, the official CSX market opening time, H.E. Dr. Hean Sahib and Mr. Teng Cheng Yueh rang the opening bell together, marking the start of PCG’s stock trading. This moment represents a new chapter of growth for the company and a significant milestone for Cambodia’s capital market in 2025.
After the bell-opening, the event continued with the presentation of the official listing certificate and appreciation awards to recognise the professional support of all partners involved in the IPO process.
A major feature of PCG’s IPO is its investor-friendly return policy. The offering price was set at KHR 4,800 per share (approximately USD 1.20). To build investor confidence, PCG has committed to a 7% guaranteed annual dividend for the first five years after listing, an approach designed to offer stable and predictable returns in a changing market environment. This shows PCG’s commitment to sharing its growth with shareholders.
A Major Step Forward for Cambodia’s Capital Market
Market analysts note that PCG’s listing arrives at an important time for the continued development of Cambodia’s capital market. Although challenges such as limited liquidity and a small number of listed companies remain, every new listing strengthens the market and supports investor education. PCG’s listing provides investors, especially those interested in Cambodia’s urbanisation and real estate growth, with a direct investment opportunity. It also reflects international investors’ confidence in Cambodia’s medium- and long-term economic outlook.
The ceremony ended on a positive and celebratory note. With the ringing of the opening bell, PCG officially became part of Cambodia’s capital market.
