First Myanmar Investment Co., a conglomerate controlled by businessman Serge Pun, is aiming to be the first publicly traded company on the Myanmar stock exchange.
Pun, who is also chairman of Singapore-listed developer Yoma Strategic Holdings Ltd., said in an interview that First Myanmar doesn’t plan to sell any new shares. The company, which has businesses ranging from financial services and real estate to health care in Myanmar, submitted its application for a listing about four months ago, he said at the Bloomberg Asean Business Summit in Bangkok Friday.
"We are ready," said Pun, who returned to Myanmar as an investor more than two decades ago after fleeing the country in 1965 following a military coup. "We hope to be the catalyst for the exchange."
Foreign direct investment in Myanmar surged after the quasi-civilian government began opening the country to the outside world five years ago, and may accelerate further after an election victory last month by opposition leader Aung San Suu Kyi’s party. Positioned between India and China astride maritime trade routes between Europe and East Asia, Myanmar’s economy is set to expand about 8.3 percent this year and close to that in 2016, according to the Asian Development Bank.
While the bourse officially opens on Dec. 9, trading may not begin until toward the end of the first quarter. Shares are currently traded over-the-counter through the Myanmar Securities Exchange Co. Authorities in Myanmar have been working with Japanese brokerage Daiwa Securities Group Inc. to establish the exchange. (Courtesy of Bloomberg Business)
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