The publicly listed state-owned Sihanoukville Autonomous Port (PAS) is in the process of transfer of ownership title deeds to a buyer after they signed a sale and purchase agreement to sell the 130-hectare land located in the Bet Trang commune of Preah Sihanouk province, according to the latest report released yesterday on Cambodia’s stock exchange.
The Third Quarterly Report 2022 of PAS released on the Cambodia Securities Exchange (CSX) shows that the listed port firm received $2 million as a deposit on the date of signing the agreement from the buyer who promised to pay the remaining amount upon the completion of ownership title deed (LMAP) after both parties agreed at $20 per square metre.The report also states that the total contract value is $26 million and the process of ownership title deeds transfer has not been completed yet thus far as it was expected to by June 2022, which does not allow the PAS to recognise the amount as its
gain for the nine-month period ended September 30, 2022.The risk and rewards have not been completely transferred to the buyer.
This size of the land might be reduced as public road construction is taking place on it. The management is in the process of transferring the hard title deeds,” the report pointed out, adding that the actual size of the land will be known once the Ministry of Land Management, Urban Planning and Construction (MLMUPC) issues the hard title deeds.The report also indicated that the buyer will settle based on the confirmed size at $20 per square metre. PAS signed the sale and purchase agreement with the buyer to sell the parcel of vacant land on November 10, 2021, which was acquired for capital appreciation. Since then, it has been classified and presented as an investment property
