Introduction To IPO
Disclosure Document for Initial Public Offering of Equity Securities
Phnom Penh Autonomous Port (PPAP):
PPAP is an international container port operator in Cambodia. PPAP is both the largest river port operator and port authority within the Phnom Penh Port Commercial Zone as stipulated in Anukret No. 01 ANK.BK dated on 5th January, 2009. The Phnom Penh Port Commercial Zone is 160 km long, stretching from Thbong Khmom Province to the border of Cambodia ï¿½ Vietnam at Kaom Samnor. PPAP has the exclusive right as the port operator within the Phnom Penh Port Commercial Zone in accordance with the Notification Letter No.600 from Office of Council of Ministers dated 23rd April, 2015. Currently, PPAP operates 4 main terminals within the Phnom Penh Port Commercial Zone: 1-Container Terminal (LM17), 2-Multi-purpose Terminal (TS3), 3-Passenger Terminal (TS1), 4-Tonle Bet Terminal (UM2). PPAP also operates Inland Container Depot (ICD) to facilitate the storing of containers. PPAPï¿½s main businesses are handling of containers and general cargoes, storage service, stuffing/un-stuffing. The number of container throughputs doubled at a CAGR of 21.05% from 62,256 TEUs in 2010 to 133,666 TEUs in 2014.
As of 31st December, 2014, PPAP has the total asset of USD 151.81 million, total equity of USD 119.47 million, total revenue of USD 13.29 million, total cost of service of USD 5.31 million, total general administration and selling expense of USD 4.19 million and net profit of USD 2.15 million. Total revenue of PPAP doubled over the last four years at a CAGR of 21.21% from USD 6.16 million in 2010 to USD 13.29 million in 2014.
Summary of offered shares:
In accordance with the Articles of Incorporation, PPAP has the initial capital of USD 110,316,612 which consists of 16,547,492 Class B Voting shares and 93,769,120 of Class C Non-voting shares. Each class of share has the par value of KHR 4,000 per share. The total value of Class B Voting shares is USD 16,547,492 and the total value of Class C Non-voting shares is USD 93,769,120.
PPAP will issue Class A Voting shares of 4,136,873 which has price range between KHR 4,405 (USD 1.08) to KHR 6,320 (USD 1.55).