July 04, 2017

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FIRST 6 COMPANIES HIT YSX — Myanmar launches first stock market

Myanmar’s first-ever stock exchange market is launched yesterday at the Yangon Stock Exchange building in downtown Yangon. Photo: Ye Myint
Myanmar’s first-ever stock exchange market is launched yesterday at the Yangon Stock Exchange building in downtown Yangon. Photo: Ye Myint

MYANMAR’S first-ever stock exchange market was opened yesterday with the announcement of six listed public companies at the Japanese-backed Yangon Stock Exchange.
The listed companies revealed at the grand opening ceremony of the YSX include First Myanmar Investment, First Private Bank, Great Horkham, Myanmar Agribusiness Public Corporation, Myanmar Citizens Bank, and Myanmar Thilawa SEZ Holdings.
Despite becoming operational today, the start-up of selling shares by the six listed companies is slated for late February or early March next year.
“We don’t want to see the listed companies rushed into stock trading on the new stock market,” said Dr Maung Maung Thein, Deputy Minister for Finance who is also the chair of Myanmar Securities and Exchange Commission.
“The Yangon Stock Exchange requires and deserves a smooth start. Nothing is going to happen for a few more months until we are confident and ready. Myanmar is (regionally speaking) late to enter the market.”
According to the deputy minister, Kanbawza Bank Ltd, which is among 10 securities companies selected to act as players in the capital market, has been licensed to provide services, and the remaining underwriters will be given licenses later.
“We will support the Yangon Stock Exchange until it can stand on its own feet,” said Koichiro Miyahara, President and CEO of the Tokyo Stock Exchange which is a share holder of the YSX.
“Myanmar is forecast to become a large capital market in the ASEAN region”.
The Yangon Stock Exchange, which has been capitalised at 32 billion kyats (over US$ 32 million), is a joint venture between the state-owned Myanmar Economic Bank, which holds a controlling share of 51 percent, the Daiwa Institute of Research, which holds 30.25 percent and the Japan Exchange Group which holds 18.75 percent.

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