Jan 29, 2014

Ks 32 billion to kickstart Yangon Stock Exchange

The Yangon Stock Exchange, which aims to start trading by October 2015, will begin with a starting capital of Ks 32 billion according to a deputy finance minister.

Japan's Daiwa and Tokyo Exchange will help support Myanmar's new stock exchange and have invested a 49 percent stake in the venture. A draft contract is awaiting approval from the president's office.

"The exchange will be established with a starting capital of Ks 32 billion with Myanmar’s 51% stake and Japan’s 49% stake. They have sent a draft contract to us. We’re now preparing after we get approval from President’s Office and Chief Lawyer’s Office for it, we can start running it," said Maung Maung Thein, the deputy finance minister.

The deputy minister added that local companies were in need of training and information on how the stock exchange would operate and the standards required for companies to get listed.

"There are standards for the companies to be listed in the exchange. Not every company will be listed. Only companies which meet the standards will be allowed registration for the exchange," said Maung Maung Thein.

Though there are 105 public companies in Myanmar, only a few are qualified to be listed on the exchange.

Source: Eleven Weekly Media