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.