(Posted by CAAI News Media)
Monday, 16 November 2009 15:00 Steve Finch
VIMPELCOM, the parent of Cambodian mobile operator Beeline, continued its strong run on the New York Stock Exchange last week as it reached another year high Friday.
The stock climbed 1.66 percent to close at US$20.87 in Friday trade, a 6.92 percent jump over a week earlier, after Vimplecom’s General Director Alexander Torbakhov said Thursday that a recent purchase of Golden Telecom, which operates Kyivstar, had boosted business. The Moscow-based operator announced an interim dividend the previous week.
Vimplecom, which last month entered the Laos mobile sector, remains locked in a legal dispute with Cambodia’s leading mobile operator Mobitel over accusations of price dumping and Beeline’s alleged illegal use of the latter’s prefixes as special investigators continue to look into the case.
China Asean Resources Ltd climbed 1.45 percent Friday to HK$0.14 (US$0.019) in Hong Kong to end unchanged for the week despite posting dismal results Tuesday on its Cambodia and China investments.
In the first ninth months, the company reported losses of $2.858 million, following a $3.645 million profit for the same period last year, after its 10,000-hectare concession in Kratie province lay idle. The company blamed the Cambodian government’s overzealous enforcement of illegal logging regulations for the shutdown.
Southern Gold shares surge
Australian miner Southern Gold, which holds mineral concessions in Kratie, Mondulkiri and Ratanakkiri provinces, saw its stock climb 23.71 percent last week on the Australia Stock Exchange to A$0.12 (US$0.112) after an announcement Wednesday of a significant gold find in Blair North, Western Australia.
The stock made significant gains over the past five days trading despite closing down 4 percent on Friday.
OZ Minerals, which said last month it was moving towards a gold resource in Cambodia, climbed 5.96 percent last week to A$1.25 (US$1.16) after falling 1.58 percent in Friday trading.
Over-the-counter stock Elray Resources, which operates mineral concessions in the north of the Kingdom, was down 5.26 percent for the week to $0.18, and Chevron, which continues to discuss a production contract with the government for offshore Block A, climbed 0.67 percent Friday to close up 0.53 percent at $77.94 over the past five days trading in New York.
JSM Indochina Ltd, which will hold a meeting on November 26 in a bid to solve an internal dispute related to its Cambodia and Vietnam investments, fell 2.26 percent in London Friday to £0.65 ($1.08) to end down 5.8 percent for the week.
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