PHNOM PENH, CAMBODIA – 8 December 2020 – COVID-19 has highlighted the importance of environment, social and governance (“ESG”) practices at companies across the world. But there was talk of change even before the outbreak of the pandemic. Last year, the Business Roundtable (a group representing 181 CEOs of America’s largest corporations) outlined that companies must “support the communities in which they operate”[1], upturning the longstanding focus on wealth maximization for shareholders espoused by American economist Milton Friedman.
In 2020, times have changed.
This year, Prince Holding Group (“PHG”), one of the largest conglomerates in Cambodia, has realized this and blazed a trail for companies in the Kingdom looking to follow ESG principles. Since April, the Group has made several large-scale donations to help in the fight against the pandemic and assist flood victims, and Neak Oknha Chen Zhi (陈志公爵), PHG chairman, has been the driving force behind the donations. For example, in early December, Chen Zhi and PHG donated US$3,000,000 to Prime Minister Hun Sen to help Cambodia purchase 1 million COVID-19 vaccines.
PHNOM PENH, CAMBODIA – 18 December 2020 – There are multiple ways companies can achieve their environment, social and governance (ESG) responsibilities. Investing in sports development is one approach as it contributes to youth development, education, and health, sectors in Cambodia that Chairman Neak Oknha Chen Zhi (陈志公爵) andPrince Group strongly believe in.
The benefits of sports development in countries like Cambodia are well documented. Countries with a healthy sporting culture generally see over time reduced healthcare costs and improved social cohesion. A strong believer in the potential of Cambodia, Chen Zhi participates in any opportunity that can help raise Cambodia’s international standing, such as sports development.
PHNOM PENH, CAMBODIA – Media OutReach – 30 December 2020 – Around the world, the COVID-19 pandemic has reset fundamental assumptions underpinning various industries. In Cambodia, environmental conservation is now an important feature in recovery efforts for the agriculture sector, and Neak Oknha Chen Zhi (陈志公爵) and Prince Group are spearheading change in the sector.
Agriculture is a mainstay in Cambodia employing more than a third of the workforce[1], and the current crisis is an important moment for the sector as it faces an opportunity to “build back better”[2], according to CGIAR, the world’s largest agricultural research network.
BEIJING, CHINA – 20 January 2021 – The global pandemic has changed the working lives of many people across the world, including in Cambodia. Chairman Neak Oknha Chen Zhi (陳志公爵) and Prince Group, being a responsible corporate citizen, have opened the Prince Horology Vocational Training Center, Cambodia’s first independent watch school. The training center gives Cambodians the opportunity to learn a new artisanal skill — watchmaking — and gain the necessary experience to help them in job markets in Cambodia and abroad. The training center follows the strict regulations for watchmaking outlined by regulatory bodies in Switzerland.
HONG KONG SAR – Media OutReach – 27 January 2021 – Prince Real Estate Group, a member of Prince Holding Group Chairman Chen Zhi, a leading conglomerate in Cambodia, has successfully conducted an investment agreement ceremony of Prince Square. The project will be the real estate developer’s first commercial retail project in Phnom Penh, Cambodia and it will bring a slew of well-known brand names like Adidas, Levi’s, Skechers, Nike by Supergo, Huawei, OPPO, Potato Corner, Dakasi, Panda Cake and Pizza Hut to the city.
Cambodian conglomerate brings world-renowned expertise from Singapore to oversee 834-ha project, catalyzing growth in Cambodia’s 3rd largest city
HONG KONG SAR – 8 February 2021 – Canopy Sands Development, a member of Prince Holding Group, one of Cambodia’s largest and fastest growing conglomerates, approved a masterplan for Ream City developed by Surbana Jurong Group, a global urban, infrastructure and managed services consultancy headquartered in Singapore. The masterplan specifies a land use plan for the 834-hectare project requiring total investments estimated at US$16 billion, and will be developed on reclaimed land conveniently located within a 10 minutes’ drive from Sihanoukville International Airport. Ream City will act as a catalyst for the growth prospects of the entire Sihanoukville region, Cambodia’s third-largest city and home to the country’s deep-water port.
Charity arm of Cambodian conglomerate engages local community as key stakeholders for upcoming 834-ha project
SIHANOUKVILLE, CAMBODIA – 15 February 2021- Prince Charitable Foundation, the charitable arm of Prince Holding Group (‘Prince Group’), Chen Zhi one of Cambodia’s largest and fastest growing conglomerates, has distributed care packages to 500 families living at Ong village in Prey Nob district, Cambodia. The village is situated near the site of the Ream City project, an 834-hectare project being developed on reclaimed land near the Sihanoukville International Airport that is set to transform the region. The gesture of goodwill took place last week and senior management from Canopy Sands Development, a member of Prince Group, also took the opportunity to consult local leaders to understand the community’s needs. The aid campaign at Ong Village is the latest environment, social and governance (ESG) initiative of Prince Group.
Prince Real Estate provides daily essentials to 804 underprivileged families of Chamkarmon District affected by February 20 community outbreak
Phnom Penh, Cambodia – 18 March 2021 – Prince Holding Group (“Prince Group”), one of Cambodia’s largest and fastest growing conglomerates, and Chairman Neak Oknha Chen Zhi have answered the call for assistance from the Cambodian Government to combat the February 20, 2021 Covid-19 outbreak by announcing plans to donate US$3 million to anti-pandemic efforts in the Kingdom. This is on the back of an initial US$3 million donated by Chen Zhi last December to help Cambodia purchase COVID-19 vaccines.
On March 11, in view of the escalating situation caused by the rising number of COVID-19 cases in Cambodia, Neak Oknha Chen Zhi, chairman of Prince Holding Group, better known as Prince Group, affirms the Group’s commitment to social responsibilities, announcing plans to donate $3 million to the Cambodian government’s anti-epidemic efforts. Chen Zhi has extended his assistance during the Kingdom’s time of need and expressed strong support for Prime Minister Hun Sen’s drive to combat the ongoing epidemic.
Prince Group is one of the largest corporate conglomerates in Cambodia, with businesses spanning across multiple industries, including real estate development, banking, finance, aviation, tourism, logistics, technology, food and beverages, and lifestyle sectors.
As of 7am of March 11, Cambodia has reported 1,163 coronavirus cases. While more than half of the cases has been cured, the Kingdom has seen a recent spike in cases due to what is being termed locally as the ‘February 20 incident’, with the COVID-19 caseload appearing to have spread to 10 provinces and cities across the Kingdom.
The End
About Prince Holding Group:
Prince Holding Group is one of the largest conglomerates in Cambodia, with its various units focusing on three core areas: real estate development, financial services and consumer services.
Prince Holding Group’s key business units in Cambodia include Prince Real Estate Group, Prince Huan Yu Real Estate Group, Prince Bank, Cambodia Airways, as well as Awesome Global Investment Group. Via its subsidiaries, Prince Holding Group has over 80 businesses in Cambodia operating in real estate development, banking, finance, aviation, tourism, logistics, technology, food and beverages, and lifestyle sectors etc.
Rising foreign direct investment, free trade agreements with leading countries and future participation in the Regional Comprehensive Economic Partnership are expected to act as key drivers for the Cambodian economy, supported by pro-industry policy initiatives by the government.
Leveraging a network of industrial, business and financial professionals across Asia, Prince Holding Group has laid the foundation to be a vital conduit for local and international capital. Moving forward, Prince Holding Group will continue to seek out opportunities to play an important role in Cambodia, through partnerships or direct investments into key industries for the betterment of Cambodians and the local economy.
For further enquiries of Prince Holding Group, please contact:
Mr. Andrew Scott Hill+Knowlton Strategies Asia Tel: +852-5918-9896 Andrew.scott@hkstrategies.com
Ms. Ada Leung Hill+Knowlton Strategies Asia Tel: +852-2894-6225 Email: Ada.leung@hkstrategies.com
Neak Oknha Chen Zhi Prince Group has many business interests in Cambodia. He is the Chairman of Prince Group, which is one of Cambodia’s leading large-scale integrated enterprise groups. The group covers real estate, banking and finance, tourism, aviation, technology, catering, logistics, lifestyle and entertainment, and many other sectors.
