Myanmar Citizens Bank gets approval to trade on Yangon bourse from Aug 26

Myanmar Citizens Bank (MCB) had become the third company to receive approval to commence trading on the Yangon Stock Exchange from August 26 this year, according to an announcement by YSX.

YSX, which has First Myanmar Investment Co Ltd and Myanmar Thilawa SEZ listed on the exchange since March 2016, will now see MCB trade without selling any new shares.

First Private Bank, Myanmar Agricultural Business Public Corporation and Great Hor Kham are expected to follow suit on YSX. Expectations are high that Great Hor Kham will be making an initial public offering on the YSX.

The bank, founded in 1991, previously had the commerce ministry holding 50 per cent stake. Myanmar Citizens Bank which is among six companies expected to go live on YSX in 2016, has managed to reduce the stake by 10 per cent.

Having 21 branches, the bank has paid-up capital of K52 billion with outstanding shares of about 10.4 million shares.

“The major amendment was to change article and memorandum of association to be 100 per cent public company and that took them long to be listed on YSX,” said Thet Htun Oo. executive securities manager of YSX.

He said that there are about four additional companies currently in talks to be listed on YSX over and above the six companies.

When the over-the-counter market, MSEC closed by late 2015, the shares were trading at around K5000.

“We would recommend getting advice by the securities companies for trading on the exchange,” said Oo.

Dr Maung Maung Thein, former chair of the Securities Exchange Commission of Myanmar had said in a previous interview that while there are about four companies which have applied for listing on YSX, about 12 companies are also approaching the securities companies for listing purposes.

MCB is currently using Myanmar Securities Exchange Centre as their lead securities company and U Hla Tun & Associates Limited as their auditor.

Also Read: 

Myanmar: Thilawa SEZ becomes second stock to trade on YSX

Myanmar: Thilawa SEZ to list on YSX on May 20

Myanmar: YSX to finish all 6 listings in 2016, preps for over a dozen more in 2017

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.