TMH Telecom to be the fifth firm to be listed on Yangon Stock Exchange

Photo: Juliet Shwe Gaung. The Yangon Stock Exchange.

Myanmar’s two-year-old Yangon Stock Exchange (YSX) has approved a fifth listing — of telecom service provider TMH Telecom Public Co Ltd (TMH) — even as it tries to tackle poor liquidity and trading activity.

The official date of flotation is yet to be decided, according to the announcement on December 4.

TMH is engaged in providing fixed and mobile network engineering services, fibre installation and maintenance, manufacturing and distribution of mobile top-up cards and handling conference systems.

The company started out in 2007 with providing automatic telephone exchanges under the name Tah Moe Hnye Chan Thar Tun Wai Thar Co Ltd and later expanded to the areas of information and communications technology.

TMH Telecom, in 2016, forged a joint venture with GCI Science & Technology Co Ltd to establish Myanmar GT Broadband Co Ltd engaged in construction and operation of communication and broadband service in Myanmar. Today, it operates across 30 branches in the country with 423 employees.

“Moving forward, the company is also considering expanding into the installation of metro fiber networks in Myanmar,” according to the announcement.

The company has declined to divulge any further details.

Led by Myint Lwin, chairman of TMH, and Thiha Lwin, its managing director, the company announced its paid-up capital to be over K11.5 billion (about $8.5 million) with its outstanding shares as 11.5 million.

The Myanmar Securities Exchange Center is the lead managing underwriter for the issue.

Myanmar opened the Yangon Stock Exchange as recently as December 2015. The exchange has been criticised for its poor trading activity and for preventing foreign firms from participating in trading or listing.

The first company to be listed on YSX was First Myanmar Investment Co Ltd, followed by Myanmar Thilawa SEZ Holdings Public Ltd, Myanmar Citizens Bank Ltd and First Private Bank. None have gone for an IPO. The platform will soon welcome at least another two companies, Great Hor Kham, poised for an IPO and Myanmar Agribusiness Public Corporation.

Myanmar Economic Bank owns 51 per cent of YSX and the balance is held by Japan’s Daiwa Securities and the Japan Exchange Group.

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