Alpha Commercial Bank Plc. has bought US$10 million Cambodia Airport Investment Co., Ltd. (CAIC) bond to support the development of the Techo International Airport in Kandal province.
The signing ceremony was held on Friday between Mr. Charles Vann, Director of the CAIC and Oknha Ly Kunthai, Chairman of Alpha Commercial Bank Plc. in the presence of Neak Oknha Dr. Pung Kheav Se, Chairman of Overseas Cambodian Investment Corporation Ltd. (OCIC).
The coupon rate of CAIC bond is 5.5 percent per annum with three-year tenor and guaranteed by OCIC.
The funds raised from Techo International Airport Guaranteed Bond will be used for the construction and development of Techo International Airport in Kandal province, the CAIC said.
Techo International Airport project is currently 30 percent completed costing an investment amount of US$390 million, excluding the cost of airport land already invested by CAIC.
Alpha Commercial Bank is the sixth local bank investing on CAIC guaranteed bond for the new international airport, after Prince Bank, FTB, ABA, CP Bank, and Acleda Bank.
CAIC is a joint venture between the Royal Government of Cambodia represented by the State Secretariat of Civil Aviation and OCIC. The RGC has granted CAIC the rights to own, design, construct, finance, operate, maintain and manage Techo International Airport Project.
Source: Agency Kampuchea Press