Thilawa economic zone’s share offering oversubscribed in Myanmar
The placement of 2.1 million shares of Myanmar’s fast-growing Thilawa Special Economic Zone – which were offered through banks in absence of a stock exchange – was more than double oversubscribed, a spokesperson said on April 25 at a press conference in Yangon. The company recently arranged the initial public offering to raise $ 21 million to fund the first phase of the zone, a sprawling industrial complex located about 20 kilometers south of Myanmar’s economic hub.
More than 17,000 intended subscribers offered to buy a total of more than 4 million shares, at the cost of 10,000 kyats (around $10) per share. Since only 2.145 million shares were available, the 1.8 million over-subscription subscribers would be refunded, said the company official.
The shares were available at Kanbawza Bank, Ayeyawady Bank, Myanmar Apex Bank, Cooperative Bank and Yoma Bank. Sales started in early March. All Myanmar citizens and Myanmar-owned companies were entitled to buy shares. Without a stock exchange, share trading has to be done between two parties directly.
Thilawa SEZ project is a Myanmar-Japan joint venture with a 51/49 per cent ownership ratio. It is expected to be operational by 2015. The project includes a large industrial zone, a deep sea port, factories and housing projects.
The placement of 2.1 million shares of Myanmar's fast-growing Thilawa Special Economic Zone - which were offered through banks in absence of a stock exchange - was more than double oversubscribed, a spokesperson said on April 25 at a press conference in Yangon. The company recently arranged the initial public offering to raise $ 21 million to fund the first phase of the zone, a sprawling industrial complex located about 20 kilometers south of Myanmar's economic hub. More than 17,000 intended subscribers offered to buy a total of more than 4 million shares, at the cost of 10,000 kyats (around...
The placement of 2.1 million shares of Myanmar’s fast-growing Thilawa Special Economic Zone – which were offered through banks in absence of a stock exchange – was more than double oversubscribed, a spokesperson said on April 25 at a press conference in Yangon. The company recently arranged the initial public offering to raise $ 21 million to fund the first phase of the zone, a sprawling industrial complex located about 20 kilometers south of Myanmar’s economic hub.
More than 17,000 intended subscribers offered to buy a total of more than 4 million shares, at the cost of 10,000 kyats (around $10) per share. Since only 2.145 million shares were available, the 1.8 million over-subscription subscribers would be refunded, said the company official.
The shares were available at Kanbawza Bank, Ayeyawady Bank, Myanmar Apex Bank, Cooperative Bank and Yoma Bank. Sales started in early March. All Myanmar citizens and Myanmar-owned companies were entitled to buy shares. Without a stock exchange, share trading has to be done between two parties directly.
Thilawa SEZ project is a Myanmar-Japan joint venture with a 51/49 per cent ownership ratio. It is expected to be operational by 2015. The project includes a large industrial zone, a deep sea port, factories and housing projects.
