June 29, 2017

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Myanmar’s first stock exchange to stay open no matter who is in office

Deputy Finance Minister Dr Maung Maung Thein is pictured at a talk titled Yangon Stock Exchange and Economic Development Potentials in Yangon on Saturday. Everything is ready to open the Yangon Stock Exchange next month, he said.
Deputy Finance Minister Dr Maung Maung Thein is pictured at a talk titled Yangon Stock Exchange and Economic Development Potentials in Yangon on Saturday. Everything is ready to open the Yangon Stock Exchange next month, he said.

The process of opening Myanmar’s first stock exchange will continue no matter who is in office as such an institution is needed to sustain democracy, Deputy Minister for Finance Dr Maung Maung Thein said yesterday.
The deputy minister, who is also chairman of the Securities and Exchange Commission of Myanmar, made the remark at a business talk program titled Yangon Stock Exchange and Economic Development Potentials in Yangon.
He stressed the need of continuing to work towards the goal as it is in the interests of the country’s next generation, adding that every democracy needs to have a stock exchange.
During the talk, he recounted what he told those who raised questions on what will happen to the ongoing YSX process before the national general election.
“Whoever wins, the country’s march towards democracy will not be derailed, its burgeoning market economy will not be abolished and democratic institutions in which a stock exchange is included will not be demolished,” he recounted.
“It is sure to say the YSX will be launched during the present government’s term as it is ready to start and is tentatively scheduled to open on 9 December.”
The YSX was originally expected to open last month but it was postponed until the completion of the electoral process after the general election held on 8 November.
According to the deputy minister, the country’s only stock exchange is expected to begin trading securities with five or more listed companies. Among securities companies, one underwriter recently met all requirements needed to start providing services.
“All the steps needed to be taken for the establishment of YSX are nearing almost 100 percent completion.”
A final list of the players for the stock market will be announced at the opening ceremony, as well as the dates for companies to sell their shares.
“Listed companies are limited to their shares to sell one time for one company only.”
The Yangon Stock Exchange, which is capitalized at 32 billion kyats (over US$ 32 million), is a joint venture between the state-owned Myanmar Economic Bank holding a controlling share of 51 percent and the Daiwa Institute of Research with a share of 30.25 percent and the Japan Exchange Group with 18.75 percent.

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