Myanmar construction association’s public arm to sell shares in October

The entrance of Myanmar Construction Entrepreneurs Association (MCEA) headquarters at Thuwanna in Yangon.( Image: Zarni Min Naing/MBT)

Myanmar Construction and Development (MCD) Public Co Ltd, set up by Myanmar Construction Entrepreneurs Association (MCEA), will sell its shares to the public in October, a top official of the association said.

Each share will be priced at K10,000 ($10), said U Kyaw Paing, deputy chairman of MCEA.

The public company was formed on December 31 with 32 members of the MCEA, and now companies from South Korea, Malaysia, Thailand and Singapore have also become shareholders in MCD.

“We took some time to strengthen the foundation of our company because we don’t want any single person or entity to own majority of the shares in our public company. We are implementing a limit on the maximum amount of shares that a shareholder can hold,” U Kyaw Paing said.

The association formed the public company on the speculation that the government will grant permits for construction projects to public companies in the near future.

The company was founded with a total of capital of K320 million ($320,000), in which each member of the company invested K10 million in a bid to form a firm that can compete in construction tender biddings, U Kyaw Paing said.

MCD said it will cooperate with local and foreign companies to develop budget housing, airport, industry, road and government construction projects.

The company said it will enter the Yangon Stock Exchange, which is set to open in October, within three to five years. The MCD was founded with 15 temporary board members and the company said it will select an official board by July.

Source:Content sharing agreement with Myanmar Business Today

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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.