Myanmar stock exchange readies for first trade
Myanmar’s new stock exchange in Yangon will commence trading on March 25, more than three months after it launched, according to the country’s deputy finance minister Maung Maung Thein.
First Myanmar Investment Co. Ltd. will begin selling its shares on the Yangon Stock Exchange (YSE) by that day, followed by Myanmar Thilawa SEZ Holdings and Myanmar Citizens Bank. Other companies, among them First Private Bank Limited, Great Hor Kham Public and Myanmar Agribusiness Public Corporation, will join at a later date.
Five additional companies have applied to list at the exchange and another ten are in discussions with securities companies. In total, at least ten companies could list during this year.
According to the country’s Securities and Exchange Commission, shares of First Myanmar Investment, a diversified conglomerate and one of Myanmar’s largest companies, will be priced at 20,000 kyat ($16.54) each. The company does not plan to issue any new shares but will move the existing securities of its 6,800 shareholders to electronic accounts linked to the new exchange.
YSE is operated by Japan’s Daiwa Securities and the Japan Exchange Group, which operates the Tokyo Stock Exchange. Both former companies own 49 per cent of the exchange, while the rest is held by Myanma Economic Bank, one of several Myanmar lenders which is still on the US sanctions list due to its close ties to the former junta.
The exchange has a working capital of $31 million. The Securities and Exchange Commission selected Kanbawza Bank to be the settlement bank for the exchange. Kanbawza Bank is owned by Aung Ko Win, a Myanmar business tycoon with close ties to top army generals who made his fortune in jade mining.
Myanmar's new stock exchange in Yangon will commence trading on March 25, more than three months after it launched, according to the country's deputy finance minister Maung Maung Thein. First Myanmar Investment Co. Ltd. will begin selling its shares on the Yangon Stock Exchange (YSE) by that day, followed by Myanmar Thilawa SEZ Holdings and Myanmar Citizens Bank. Other companies, among them First Private Bank Limited, Great Hor Kham Public and Myanmar Agribusiness Public Corporation, will join at a later date. Five additional companies have applied to list at the exchange and another ten are in discussions with securities companies. In total,...
Myanmar’s new stock exchange in Yangon will commence trading on March 25, more than three months after it launched, according to the country’s deputy finance minister Maung Maung Thein.
First Myanmar Investment Co. Ltd. will begin selling its shares on the Yangon Stock Exchange (YSE) by that day, followed by Myanmar Thilawa SEZ Holdings and Myanmar Citizens Bank. Other companies, among them First Private Bank Limited, Great Hor Kham Public and Myanmar Agribusiness Public Corporation, will join at a later date.
Five additional companies have applied to list at the exchange and another ten are in discussions with securities companies. In total, at least ten companies could list during this year.
According to the country’s Securities and Exchange Commission, shares of First Myanmar Investment, a diversified conglomerate and one of Myanmar’s largest companies, will be priced at 20,000 kyat ($16.54) each. The company does not plan to issue any new shares but will move the existing securities of its 6,800 shareholders to electronic accounts linked to the new exchange.
YSE is operated by Japan’s Daiwa Securities and the Japan Exchange Group, which operates the Tokyo Stock Exchange. Both former companies own 49 per cent of the exchange, while the rest is held by Myanma Economic Bank, one of several Myanmar lenders which is still on the US sanctions list due to its close ties to the former junta.
The exchange has a working capital of $31 million. The Securities and Exchange Commission selected Kanbawza Bank to be the settlement bank for the exchange. Kanbawza Bank is owned by Aung Ko Win, a Myanmar business tycoon with close ties to top army generals who made his fortune in jade mining.
