The Korea Exchange (KRX) and the Cambodian government will sign an official agreement next week to help launch the kingdom's proposed stock exchange market in December, national media said on Friday.
Three state-owned enterprises were likely to be the first to list on the bourse after its expected inauguration, English- language daily newspaper the Phnom Penh Post quoted KRX manager Inpyo Lee as saying.
Formalizing the arrangement would make legally binding on both parties and move the exchange a step closer to reality, said Lee.
"It is just a gentlemen's agreement," he added.
The capital contribution of each side was confidential at this stage, but the Cambodian side would own 55 percent of the exchange and KRX of South Korea would control the remaining 45 percent, he said.
The exchange was on track for a December launch, provided the companies slated to be listed could complete preparation on time, he said.
"It is critical (that they are ready)," he said, adding that listing rules would be issued in March.
Due to the current global financial crisis, the Cambodian government once admitted postponement of inaugurating the market, but later denied it and insisted that the plan would go on as expected, Xinhua reported.