Saturday, June 30, 2012

International Business Chamber moves to Phnom Penh Tower


120629_09
Members of the International Business Chamber of Cambodia pose for a group photograph at the company’s office in Phnom Penh yesterday. Photograph: Pha Lina/Phnom Penh Post
The International Business Chamber of Cambodia opened a new office yesterday on the 12th floor of the Phnom Penh Tower.

IBC Chairman Brett Sciaroni said the move demonstrated a trend of business associations giving more visibility and presence for companies that operate in Cambodia. 

“This is one more indication of the professionalisation of business associations in Cambodia,” he said.

“As the IBC has increased its range of activities and its commitment to the public-private dialogue process in Cambodia, we needed more staff and facilities. Phnom Penh Tower is a leading address in Phnom Penh. We chose this location to show the significance of the IBC as a leading business association and we’re not the only business association that’s located here,” he said.

IBC executive committee member John Brinsden said the location reflected what the members deserved.

“This is a dream come true and the reason is the IBC over many years has had loyal members and we on the executive committee felt very concerned that we weren’t really giving our members the prestigious location and facilities they deserved.”

The IBC has more than 80 members, organised by company, and the people who attend are representative of those member companies, including many global brand names.

“This is something we’ve been thinking about for a long time: a prestigious office to serve our members. We provide our members and potential investors in Cambodia with a chance to meet in one place. 

We’re here with an address; we’re in the yellow pages. Visiting foreign investors, people having a look around Cambodia can come and talk to our staff and get some basic information and contacts they can use,” Brinsden said. 

IBC Vice Chairman In Channy, CEO of ACLEDA Bank, said the new location was a place where members could meet and get information. The IBC’s new executive director, Audrey Tugendhat, who runs the office on a day-to-day basis, said members of the public could visit and receive updates on the IBC social events calendar.

“For instance at the next regular general meeting which will take place at lunchtime on July 4 atRaffles Hotel, our members can bring potential candidates for membership.”

Phnom Penh Water Supply Authority shuffle no surprise

Officials and securities firms yesterday showed little distress at the imminent retirement of Ek Sonn Chan, the man credited with straightening out and preparing the capital’s public water utility for its initial public offering in April.

A letter from the Ministry of Industry, Mines and Energy (MIME) obtained yesterday by the Post said the Phnom Penh Water Supply Authority general director will leave his position on July 1 after a nearly 20-year tenure. 

Sim Sitha, the director of Sihanouk Water Supply, will replace him.

One insider compared the changing of the guard at PPWSA to the death of Apple’s Steve Jobs.

“All changes here will slightly impact the price of the company. You know that when Steve Jobs passed away, it had some impact on the price of Apple. So I think it’s the same here. I would say the fundamentals of PPWSA are very good so the price will be going up and the investors will understand,” said Min Kyoung-hoon, deputy director general of the Cambodia Securities Exchange.

“It might have an impact [on PPWSA’s share price] or it might not.”

The MIME letter, signed by minister Suy Sem, painted the general director-designate as a highly trained, multilingual professional. It also said the move was necessary to ensure the success of the company.

Svay Hay, director of Acleda Brokerage Firms, said Ek Sonn Chan’s replacement was a matter of age, and would enhance PPWSA’s productivity.

“The change will not cause any crisis or problem. It’s regarding the old age of the general director. This does not only happen in government institutions, but also in private companies. They still set the age for retirement,” he said.

Ek Sonn Chan is in his early 60s. He will become an under secretary of state at the ministry, according to the letter.

The shuffle, which insiders said would be officially announced today, did not represent internal conflict within the company and the ministry, Tan Sokchea, an official at the ministry’s clean water department, said yesterday.

“It’s not relevant to any kind of corruption. Normally, when we come to the age of retirement, we should follow because now the government is really strict about that,” he said.

Tan Sokchea also recognised Ek Sonn Chan’s contribution to the company. “Frankly speaking, he possessed excellent leadership.” 
(source from Phnom Penh Post, 

Friday, 29 June 2012
May Kunmakara)

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