Jan 24, 2013

Tycoon preparing to sell shares in his bank

Privately owned Asia Green Development bank has received the green light from the Central Bank of Myanmar to start selling shares to the public, which will allow it to prepare for listing on the stock market expected to debut in 2015.

The bank still needs approval from the Directorate of Investment and Company Administration (DICA) before it can sell shares to the public but its general manager, Soe Thuya, appeared confident that this would be granted.

The bank is owned by tycoon Tay Za.

“Shares will be open to public when DICA approves,” Soe Thuya said.

The bank said it would transfer some shares to key staff, without providing a number or the names of the staff. It opened in August 2010 and now has 25 branches. The country has 23 banks, 19 of which are privately owned. State-owned Myanmar Agriculture Development Bank has announced plans to become a public bank ahead of the planned stock market’s opening.

Source: 11 Media Group