Yangon – Major local companies owned by tycoons such as Max Myanmar, Shwe Taung, Kanbawza, and City Mart Holding Co., Ltd are planning to get listed on the Stock Exchange expected to break ground in October 2015, according to U Tin Myint, Executive Director at Myanmar Securities Exchange Centre Co., Ltd.
“Kanbawza is already planning to become a public company. We just don’t know which sector will become so,” said U Tin Myint.
Kanbawza Group is operating in various sectors such as banking, construction, agriculture, and hotel. Just as Kanbawza, other companies will need to choose the sectors that they want to turn public. To be listed on soon-to-be-implemented Myanmar Stock Exchange, companies have to go public. In order to make Stock Exchange happen by October 2015, Myanmar Government plans to endorse a fund of 32 billion Kyats and will corporate with two Japanese financial organizations: Daiwa and Tokyo Stock Exchange.
At a press conference, Deputy Minister for Finance and Internal Revenue U Maung Maung Thein stated that Myanmar Stock Exchange will begin with four to five companies.
The purpose of the Stock Exchange is to stabilize the country’s economy by reducing price-fixing and market volatility caused by too much investment in real estate, car, and gold, according to U Maung Maung Thein.
Currently, Yangon Stock Exchange has selected only Myanmar Agribusiness Public Corporation (MAPCO) and Asia Green Development (AGD) Bank.
According to U Chit Khine, president of MAPCO, the future of the company, people’s trust towards it, and transparency within the company are important for companies that want to get listed on the stock exchange.