The telecoms industry came under scrutiny last month when leading Internet service providers (ISPs) wrote to Prime Minister Hun Sen to raise concerns about the ministry’s reissuance of nine existing licences to a company called Digital Star TV.

A permit gives businesses permission to use the radio spectrum to provide technology, such as mobile-phone services or wireless Internet, to customers.

Experts have said that multiple companies using the same frequency bandwidth make technology, like WiMax wireless Internet, impossible to use.

In an interview with the Post Thursday, ministry Director General Mao Chakrya spoke in detail about the row for the first time.

When asked why Star Digital TV was granted a licence already given to nine ISPs he said: “Any other country could have the same problem. This is because the MPTC issues licences, but it is not the only ministry involved.”

The Ministry of Information was at the centre of another licensing debate last year when it awarded Phom Penh Cable Television a monopoly to provide Internet protocol television to the Kingdom. This came despite the MPTC’s already having given a licence to offer the same services to Kazakh firm Digi.

“It involved some other [ministries],” Mao Chakrya said Thursday in reference to the latest incident.

He declined to comment further, pointing instead to a new ruling on licensing detailed in a letter signed by the Council of Ministers on February 2 and handed to mobile-phone providers Monday.

“Right now, the prime minister has instructed that the MPTC, and only the MPTC, should now issue licences,” he said.

The letter states that: “To ensure unity in giving permission to investment projects, there must be approval from the government in response to requests made by the Ministry of Posts and Telecommunications. Then the ministry can issue licences to the company.”

Mao Chakrya added that he believes the ISPs who wrote to Hun Sen should have discussed the issues with the MPTC first. The companies named in that letter are Angkor Data Communication Group, Cambodia Data Communication Co Ltd, Chuan Wei, Wicam, Wireless IP, AZ Communication Group and EZECOM.

MPTC cancels licences
MPTC informed two of these firms in a letter at the end of last month that their licences had been revoked, a decision the document said had been made in September, according to an unnamed industry executive. It remains unclear which two companies were involved.

“I think it would have been appropriate for all those companies to have worked with the ministry on behalf of the government, as we are responsible for the sector. They should have discussed [the issue] and written a letter to the ministry and so on,” Mao Chakrya said Thursday.

He added that he was happy to meet with all the ISPs involved but said some companies were not joining MPTC meetings.

He said another meeting, held once every two months, would solve this problem. The next session is due to take place in March, but the date has not yet been fixed, he added.

When the Post approached a spokesman for the group that wrote the letter to the prime minister Thursday, he referred back to the document sent to Hun Sen – which stated that the companies “wished to lodge concerns about the manner in which the MPTC is attributing new operators radio-frequency spectrum that is already under licence”.

Source: The Phnom Penh Post

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Chhay Rattanak, chairman of the General Insurance Association of Cambodia (GIAC), said that total premium revenues for 2009 fell to US$20.07 million.

“The global financial crisis is impacting on all sectors, including the insurance industry,” he said.

Nevertheless, the drop is a marked improvement on figures for the first 10 months of last year, which saw an 11.5 percent fall on premiums – to $14.16 million from $16 million compared with the same period in 2008.

“The results from December last year are better because of a new player [Cambodia-Vietnam Insurance Co], which brought premiums from risk regarding aviation and others into the market.”

He forecast that the industry is expected to expand by at least 10 percent in 2010.

“The increase is expected to follow an expected economic recovery in Cambodia,” he said, adding that new companies are likely to boost the sector.

Cambodia has six insurance companies: Forte Insurance, CAMINCO, Asia Insurance, Campubank Lonpac, Infinity Insurance, and new arrival Cambodia-Vietnam Insurance. There is also one domestic reinsurance company.

Cao Minh Son, chief executive officer of Cambodia Vietnam Insurance Co Plc (CVI), wrote in an e-mail Thursday that from mid-November until the end of the year, CVI earned around $160,000 in premiums for aviation, property, third-party liability, personal accident and motor insurance.

“This year, we are planning for a minimum target of $1 million,” he said.

Infinity Insurance Chief Executive Officer David Carter said that, despite the drop in the industry as a whole, his company saw growth of about 20 percent to slightly over $4 million last year from $3.277 million in 2008, crediting new business growth and the retention of existing customers.

Government statistics on the insurance industry will be completed in March. But Mey Vann, director of the Finance Ministry’s financial industry department, said last week that GIAC’s figures were accurate.

GIAC statistics for the amount of claims made in 2009 are not yet available. But Chhany Rattanak said that in the first 10 months of 2009, $11 million was paid out – almost 400 percent higher than the $3 million paid out in 2008. Of that, $9 million was paid in one claim by Forte Insurance to Suntex Pte Ltd for a fire that destroyed its garment factory in Phnom Penh’s Dangkor district in April last year.

Domestic insurance firms – not including Asia Insurance, which declined to comment, and Cambodia-Vietnam Insurance Co, which had only just started operations – said in October that they had received six claims for damage caused by Typhoon Ketsana, which struck mostly in the northeast of the Kingdom at the end of September.

Source: The Phnom Penh Post

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Despite there was the global financial crisis, Cambodia’s premium insurance revenues increased 18 percent in 2008 – from US$17.5 million in 2007 up to US$20.5 million in 2008. In addition, Cambodian people have started understanding the advantage of buying personal insurance and car insurance, according to In Meatra, Head of the Financial Industry Department’s Insurance Division at the Ministry of Finance.

At the present, there are five insurance companies in Cambodia – Forte Insurance, Caminco, Asia Insurance, Campubank Lonpac and Infinity Insurance. In addition, two new companies are expected to enter the market this year – one local firm and another from Malaysia.

Although, Cambodia’s insurance market is very small in comparison with other countries because Cambodians have a little knowledge about this sector and cannot afford it as well. It is estimated that there is one and two percent amongst Cambodia’s 14 million have possibility to buy insurance.

“We know that our customers are looking to save on their expenses,” said David Carter, CEO of Infinity Insurance. “In some cases, they are cutting back the level of insurance they buy,” reported VOA Khmer.

“What can happen in a financially difficult time such as this is customers may not be careful in management of their business,” Carter said,

While the number of insurance customers is increasing- premium payments increased from $8 million in 2003 to $20 million in 2008 – only about one percent of Cambodians have it.

David W Carter, chief executive officer of Infinity Insurance was quoted by the Post as saying that he expects the insurance sector to grow this year, despite the crisis.

“We anticipate the insurance market to outpace Cambodia’s GDP growth over the next year. So, if GDP grows by five percent, we expect the insurance market premiums will increase by 10 percent minimum,” said Carter.

“Generally, in less developed countries the proportion of people buying insurance is very low compared to the developed world,” Youk Chamroeunrith, director of Forte Insurance, Cambodia’s largest insurer, quoted by the Post as saying. He added that “Cambodians are not interested in buying insurance, and they have less knowledge about the importance of buying insurance.”

In Cambodia, life insurance is not offered by insurance companies but other service offers are insurance on automobile, property, marine cargo, personal accident and healthcares, engineering and construction and other eventualities.

The fact that people who live on less than one dollar per day cannot afford insurance.

The VOA Khmer quoted Mey Vann, Director of Financial Industry at the Ministry of Economics, as saying that his ministry is working to educate people and reform some of the insurance law, including all vehicles have insurance.

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So far, there are 9 mobile service providers operating in the Kingdom of Cambodia with some newer entrants to Cambodia’s telecoms market. The increasingly competitive phone market remain tight-tipped about the pricing rules which was set a minimum traffic charge for calls within network and calls across networks.

Leading phone service operator MobiTel and Russian Phone Company, Beeline accused each other of selling below cost price and blocking interconnectivity in September.

Minister of Posts and Telecommunications, So Khun, said that the government will suspend the license of any phone operators that violate the minimum tariff set by the edit, adding that “we offered free-market principles, but operators kept having feuds with one another, so the government needs to intervene it.”

Without the directive “violators will exploit the other companies with their prices,” said So Khun.

Simon Perkins, chief executive officer of Hello, one of the top four operators by users and an early entrant to the sector, has long been a supporter of minimum pricing and said that stability in the sector will enable operators to return to investing in network expansion and quality improvements, The Phnom Penh Post quoted as saying.

Sources within Mobitel, Hello and Metfone say new competitors have been unfairly benefiting from the infrastructure investments made by older operators, and have been able to offer cheaper services due to lower maintenance fees and equipment costs, reported the Post.

The Cambodia Daily quoted said Simon Perkins as saying that this is a measure that MPTC has had to do because there are no competition laws.” Hello, unlike several other competitors, doesn’t offer free call promotions. He said that Hello could benefit from the directive as some companies raise their prices but that this will depend on the enforcement of the law.

Following the pricing war between phone operators, the government analyzed the cost and profit information submitted by nine mobile phone firms.

Metfone Managing Director Nguyen Duy Tho was quoted by the Post as saying that the Vietnam-backed service provider, which is competing with market leader Mobitel for top spot among the Kingdom’s operators, was unfazed by the new rules.

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The agreements were signed by Cambodian Minister of Commerce Cham Prasidh and Vietnamese Minister of Planning and Investment Vo Hong Phuc.

“We have the ambition and commitment to keep developing the investment atmosphere in Cambodia in order to promote it as the best in the region,” The Cambodia Daily quoted Hun Sen as saying.

The premier added that the passing of the investment law and the recent Council of Ministers approval of the anticorruption law, as well as Cambodia’s natural resources, showed that the country was ready for more investment.”

Sok Chenda, secretary general of the Council for the Development of Cambodia (CDC), the government’s key investment body, was quoted by the Post as saying that a memorandum of understanding promoting investment and cooperation between the two nations was inked at a conference held in Ho Chi Minh City on Saturday to guide proposed investments from Cambodia’s eastern neighbor.

Vietnam is the Cambodia’s largest foreign investor in 2009.

The agreements between the two countries totaled $6 billion and will focus on power, food processing, fertilizer production, rubber plantation and health care sectors, according to State-run media Voice of Vietnam (VOV) on Saturday.

Hun Sen told the conference that the energy ministry issued the firm an exploratory licence for the project on December 23, adding: “Cambodia is receptive to local and foreign investment in all sectors, including banking, insurance and telecommunications – where many countries around the world do not allow 100 percent investments without entering into a national joint-venture agreement,” reported the Post.

Metofone, which is owned by Vietel, a subsidiary of the Vietnamese military, also expended a $40 million credit line to its mobile phone operator.

In addition, Prime Minister Hun Sen also welcomed the creation of the Vietnamese Investment Association in Cambodia.

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Chea Chanto, NBC’s governor, also has warned tourists and the public to be careful of being defrauded by unlicensed money changers along Cambodia’s borders.

Money exchange shop

According to the announcement of NBC, “in order to guarantee personal interests and prevent accidental losses, the public should be careful, and in case of requiring the exchange of money, please, the public must change in shops that show their license, which is issued by the National Bank of Cambodia.”

The Phnom Penh Post quoted Chea Chanto as saying that “to avoid eventually losing out, customers should have their money exchanged at booths displaying operating licenses from the central bank.”

According to the notice, a few money changing shops, particularly along the border with Thailand have cheated visitors and have even passed counterfeit Cambodian riel to customers.

NBC inspection of money-changing racket on the Kingdom’s borders found many offered exchange rates far below the market rate, some as low as 2,500 riels for US$1. A dollar was worth 4,167 riels Monday, the Post reported.

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An influx of companies into the country’s nascent phone market produced deep reductions in per-minute charges in recent years, with some rates offered as zero within networks.

The new policy now will not allow competitors to charge below $0.045 per minute within a network, nor $0.0595 for cross-network calls.

A government official said the price floor was the only way to stop an escalating problem, one that had already led to a dispute between the market leader, Mobitel, and a new competitor, the Russian operation Beeline. The price floor came after a series of directives failed to stop the competitive pricing.

Economic analysts said the new order will discourage investment and take away price benefits for consumers.

“To set a price is contrary to the free market, and makes consumers who used a lower price to lose benefit,” said Chan Sophal, president of the Economists Association of Cambodia.

Cambodia’s 1993 constitution says it will abide by a free market system, where buyers and sellers set prices.

The government should only intervene in pricing where people’s livings are concerned, Chan Sophal said.

The price measure could also contradict Cambodia’s investment law, which states that the government will not set prices on products or services for licensed companies, analysts said.

“Price intervention by the state is clearly contrary to the investment law,” said Ly Tay Seng, CEO of the HBS law firm and consultancy. “It will not only impact current investors, but also discourage investors who want to invest in the country.”

Telecommunications Minister So Khun rejected the criticisms, saying the state had a right to “stand as an arbitrator.”

“It is not about intervention, but to be as an arbitrator, to not let companies compete by killing each other,” he said. “They can compete on quality and coverage area.”

The new policy could not be frozen, he said, but the price might be adjusted following requests by operators. The ministry will meet with operators individually in coming months to find a better solution, he said.

Lim Sovanara, an economist for UNDP, said the time was not yet right for set prices. A price floor will benefit larger, established companies, keeping smaller one less competitive.

“If you want to mitigate the adverse impact on a certain segment of society, it is usually not the best to act on the price like this,” said Eric Sidgwick, a senior economist for the ADB. “Maybe you leave the price to go where it needs to go in the market, and you find an alternative mechanism to compensate those who are affected.”

Cambodia has more the 4 million phone users, amid a population of 14 million, a potentially lucrative tax base for the government, with much potential for expansion.

Senior officials at various smaller phone companies declined to comment, but staff members say they are preparing to set a new price in January.

Source: VOA news

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Dilyara Borovik, a counselor at the Russian Embassy, gave a speech at the an event to mark the 30^th anniversary of the Russian Cultural Center in Phnom Penh that the trade between the two countries for the first nine months of this year totaled US$32.3 million, a 28.7 percent increase over the same period last year, quoted by the Cambodia Daily as saying.

Ms. Borovik added that Cambodian exports to Russia make up 60 percent of trade between the two countries, with garments, agricultural products and seafood being the largest exported products.

In 2008, investment totaled US$600 million with businesses such as the Beeline mobile phone, said she.

“With the economic crisis this year, people are afraid to invest abroad especially if we don’t know the situation in our own country,” Ms. Borovik said.

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Although neither Jardines nor FMO, the Dutch development bank that sold its stake in ACLEDA, has announced the price of the sale due to a clause in the sale agreement, In Channy said Sunday that it would be considerably more than the $12.51 million book value of the stake.

“The sale price would be much higher than this amount because our bank has gained profits consistently,” he told the Post, adding that a confidentiality agreement signed between the three parties involved meant ACLEDA could not disclose the sum paid by Jardines. “However, it’s the market price.”

Shareholders’ equity in ACLEDA Bank at the time the agreement was signed was $102.69 million, according to In Channy. FMO held 8.34 million shares out of a total 68.15 million, he added, meaning their stake was worth $12.51 million.

FMO originally invested $490,000 in Cambodia’s second-largest lender in 2000 when it was a simple microfinance organisation, and had remained an investor – regularly injecting capital into the firm through a series of rights issues – as it developed into a hybrid bank that also receives deposits.

Alain Cany, group country chairman of Jardine Matheson Vietnam and a future director of ACLEDA once the deal is complete, was unavailable for comment Sunday.

ACLEDA Vice President John Brinsden said that opportunities to buy stakes in proven lenders in emerging markets, such as ACLEDA, were rare, as shown by the high level of interest.

“Almost every week we get investors with a good background asking,” he said, although he declined to say whether the bank or its current stakeholders were in further talks to sell a stake in the bank.

Investment fund Leopard Capital announced in July last year that it was competing to acquire a stake in ACLEDA. At the time, Jardines was already in talks with FMO and the bank about a purchase.

Thomas Hugger, executive director at Leopard Capital, said then that the fund was limited to a maximum $15 million investment in any one venture in the Kingdom. However, this was when Leopard was still targeting $100 million in total capital – thus far it has raised about one-third of this original target.

Leopard Capital Chief Investment Officer Scott Lewis said Sunday that Jardines would have looked very carefully at the profitability of other leading banks in emerging markets in the region, and especially those in Vietnam, to price the asset.

“Based on the profitability of banks of similar profile, I would expect it to be priced at a very significant premium to book value,” he said.

ACLEDA Bank recorded net profits of $2.32 million in the third quarter, according to company financial statements, a 72 percent leap on the previous quarter. Total profits for the first nine months reached $6.578 million mean the bank is unlikely to match the $19.4 million in profits before tax recorded in 2008, a record year.

The International Monetary Fund warned this month that Cambodia’s banks are likely to suffer dropping profitability this year as they continue to struggle to lend.

Moody’s considered revising ACLEDA’s rating in May based on the turbulent conditions within the Kingdom’s banking sector and prospects for systemic support; however, in June it decided to keep the bank’s local currency deposit and issuer rating at “Ba1 with a stable outlook” citing the long-term focus of ACLEDA’s shareholders.

Completion may be delayed
Meanwhile, Prom Visoth, ACLEDA’s senior vice president and head of Legal and Corporate Affairs Division, said Sunday that the transfer of FMO’s shares to Jardines might not be complete until the end of January. The three parties involved were in the process of completing the necessary paperwork, he added.

An ACLEDA statement released Thursday said the deal will be completed by the end of the year.

Source: the phnom penh post

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Khieu Kanharith, Information Minister and government spokesman, told reporters during a press conference that Cambodia accepts $1.2 billion pledged in 14 different agreements during a ceremony hosted at the Council of Ministers by Prime Minister Hun Sen and Vice President Xi Jinping.

Photo credit: the Phnom Penh Post

China has donated more than $2 billion in various loans and aid to Cambodia from 1992 until recent agreements. But before a signing ceremony, Beijing had offered $930 million in low-interest loans and financial aid to Cambodia since 1992.

Totaling 14 different agreements of loans will be given for economic development and soft loans for the construction of roads, transport infrastructure, communication equipment and irrigation projects.

Other agreements include a soft loan for an electricity transmission loop line around the capital to be built by China National Heavy Machinery Co, and economic and technical cooperation with an interest-free loan of 50 million yuan ($7.3 million), along with another grant of the same value – also for technical assistance – although their exact use was not specified, according to the Phnom Penh Post.

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