Listing of PICASSO CITY GARDEN DEVELOPMENT PLC
Profile
PICASSO CITY GARDEN DEVELOPMENT PLC was listed on the Cambodia Securities Exchange on 10 December 2025.
Picasso City Garden Development PLC is a leading luxury real estate developer in Cambodia, distinguished by its art-inspired design philosophy and premium project standards. The Company’s “APPEAL” strategy—focusing on Art, Project Quality, Prime Location, Elite Standards, and Luxury—positions it as a preferred brand among high-net-worth individuals, foreign executives, and elite local buyers.
For more information, please visit www.pcgdevelopmentplc.com.kh.
Company
Board of Directors
| Board of Directors (As of 08 December 2025) | Title |
|---|---|
| 1. Mr. Teng Cheng Yueh | Executive Chairman |
| 2. Mr. Yeh, Wei-Kuo | Non-executive Director |
| 3. Mr. Wea, Huei-Fu | Non-executive Director |
| 4. Ms. Teoh Seok Ai | Executive Director |
| 5. Ms. Yang Fan | Independent Director |
Substantial Shareholders
| Shareholder | Nationality | Number of Shares | % of Shares |
|---|---|---|---|
| Titan Stone Capital (Asia) Limited. | Taiwanese | 7,500,000 | 13.66% |
| Mr. Teng Cheng Yueh | Cambodian | 7,250,000 | 13.20% |
| Mrs. Yuan, Shu-Chen | Taiwanese | 7,250,000 | 13.20% |
| Mrs. Wea Chen, Chuen-Mei | Taiwanese | 7,250,000 | 13.20% |
| Mr. Yeh, Wei-Kuo | Taiwanese | 5,750,000 | 10.47% |
| Mr. Wea, Huei-Fu | Taiwanese | 5,250,000 | 9.56% |
| Mr. Lin, Ting-Chun | Taiwanese | 5,000,000 | 9.11% |
| Mr. Hsu, Chia-Chieh | Taiwanese | 2,750,000 | 5.01% |
| Total | - | 48,000,000 | 87.41% |
Dividend Policy
The Company adopts a dividend policy that balances shareholder returns with long-term financial stability. When the Company reports profits, the Board of Directors will propose dividend allocations for approval at the General Meeting of Shareholders, while ensuring sufficient reserves for future growth. Dividend recommendations will consider factors such as:
- Cash position and retained earnings
- Financial performance, history, and projections
- Capital expenditure and investment plans
- Working capital requirements
- Contractual or contingent liabilities
Following the IPO, the Company commits to declaring and distributing an annual cash dividend equal to 7% of the IPO price for five (5) years, paid on a quarterly basis. Cash dividends will be paid to eligible shareholders based on the dividend record date each quarter.
If the Company is unable to distribute dividends during the guaranteed period, the unpaid amount will be carried forward.
Controlling shareholders individually agree to waive their rights to the guaranteed dividends and will only receive dividends approved by the Board of Directors and shareholders.
Listing Information
| Company Name | PICASSO CITY GARDEN DEVELOPMENT PLC |
|---|---|
| Symbol | PCG |
| ISIN Code | KH1000250006 |
| Industry | Real Estate |
| Type of Listed Share | Voting Shares |
| Listed Shares | 54,907,018 |
| Listing Date | 10 December 2025 |
| Inception Year | 2016 |
| Number of Staff | 45 |
| Underwriter | Cambodia Securities Plc. |
| First Trading Date | Dec 10, 2025 |
| IPO Price | 4,800 |
| Par Value | 200 |
| Newly Issued Shares | 4,907,018 |
| First Closing Price | 5,140 |
Trading Data Summary
| Year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Market Capitalization | 264,652 | - | - | - |
| Last Price | 4,820 | - | - | - |
| Average Price | 4,840.00 | - | - | - |
| High | 5,360 | - | - | - |
| Low | 4,700 | - | - | - |
| Trading Value per Day | 464.71 | - | - | - |
| Turnover Ratio | 34.01% | - | - | - |
| P/BV | 7.18 | - | - | - |
| ROE | (18.44%) | (45.70%) | (25.65%) | 191.68 % |
| ROA | (4.89%) | (9.25%) | (7.52%) | 63.14 % |
| Debt Ratio | 73.51 % | 79.77 % | 70.69 % | 67.06 % |
| Current Ratio | 113.20 % | 66.16 % | 138.92 % | 167.62 % |
Financial Summary
| Year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Total Assets | 139,141.00 | 106,258.00 | 106,902.00 | 113,616.00 |
| Property, Plant & Equipment | 15,042.00 | 14,192.00 | 1,474.00 | 1,620.00 |
| Current Assets | 82,244.00 | 36,928.00 | 68,472.00 | 78,754.00 |
| Inventory | 6,298.00 | 3,812.00 | 10,945.00 | 24,905.00 |
| Accounts Receivable | 11,135.00 | 4,972.00 | 6,124.00 | 5,566.00 |
| Cash | 18,719.00 | 1,156.00 | 283.00 | 761.00 |
| Total Equity | 36,859.00 | 21,501.00 | 31,328.00 | 37,428.00 |
| Share Capital | 10,981.00 | 9,402.00 | 9,402.00 | 9,402.00 |
| Retained Earnings | 7,060.00 | 12,787.00 | 22,207.00 | 28,016.00 |
| Total Liabilities | 102,282.00 | 84,757.00 | 75,575.00 | 76,189.00 |
| Current Liabilities | 102,282.00 | 55,815.00 | 49,289.00 | 46,984.00 |
| Accounts Payable | 19,541.00 | 6,198.00 | 5,031.00 | 17,300.00 |
| Revenue | 16,479.00 | 14,769.00 | 33,180.00 | 195,053.00 |
| Gross Profit | 9,061.00 | 5,493.00 | 15,981.00 | 102,819.00 |
| EBIT | (5,777.00) | (5,744.00) | 2,301.00 | 95,574.00 |
| Net Income | (6,797.00) | (9,827.00) | (8,035.00) | 71,742.00 |
| EPS | (28.25) | (196.53) | (160.69) | 1,434.84 |
| Operating Cash Flow | (14,806) | 33,654 | 15,265 | 29,762 |
| Investing Cash Flow | 3,156 | (35,438) | (11,424) | (28,228) |
| Financing Cash Flow | 29,143 | 2,670 | (4,316) | (2,554) |
| Net Cash Flow | 17,493 | 887 | (475) | (1,019) |
| Auditing Firm | REACHS & PARTNERS CO., LTD. | Reachs & Partners Co., Ltd | Reachs & Partners Co., Ltd | Reachs & Partners Co., Ltd |
* Data as of the end of 2024 unless otherwise stated.
Disclosures
- 15 September 2026[Disclosure] Disaffiliation of Subsidiary/Associate from Holding Company (Unofficial Translation)
- 21 August 2026[Disclosure] Decision on Increase in Long-term Borrowings (Unofficial Translation)
- 20 August 2026[Disclosure] Second Quarterly Report of Picasso City Garden Development Plc. in 2026 (Unofficial Translation)
- 19 August 2026[Disclosure] Occurrence of Deficit/ Loss Exceeding 10% of Company’s Asset (Unofficial Translation)
- 19 August 2026[Disclosure] Decrease in Revenue (Unofficial Translation)
- 28 July 2026[Disclosure] Decision on Increase in Short-term Borrowings (Unofficial Translation)
- 28 July 2026[Disclosure] Change of Article of Incorporation (Unofficial Translation)
- 24 July 2026[Disclosure] Press Release on Amendment to the Operating Cash Flow Adjustment in the Report of Independent Auditors on Review of the Condensed Consolidated Interim Financial Statements for the Twelve-Month Period Ended 31 December 2025 of of PCG (Unofficial Translation)
- 29 May 2026[Disclosure] Occurrence of Deficit/ Loss Exceeding 10% of Company’s Asset (Unofficial Translation)
- 29 May 2026[Disclosure] Decrease in Revenue (Unofficial Translation)
Source: Cambodia Securities Exchange (CSX) — csx.com.kh