Myanmar to allow foreign investors to list in first stock exchange
Myanmar is finalising regulations to allow foreign investors to join the Yangon Stock Exchange (YSX), and allow joint ventures with the involvement of foreign companies to list.
Hanoi (VNA)♒ – Myanmar is finalising regulations to allow foreign investors to join the Yangon Stock Exchange (YSX), and allow joint ventures with the involvement of foreign companies to list, the country’s Securities and Exchange Commission revealed on June 1.
According to the chair of the comission Maung Maung Win, once the Myanmar Companies Act is passed, an appropriate number of joint ventures will be permitted to post their stocks, while foreign institutions will be invited to invest to increase market liquidity.
Earlier last month, the US lifted its sanctions on Myanmar, including those on the state-owned Myanmar Economic Bank, which owns a majority of the YSX’s shares, clearing the way for US banks and individuals to do business with the exchange.
The YSX, the first exchange in Myanmar , was set up in December last year with six listing companies, two insurance firms and one bank. However, the first transaction was made on March 25.
According to a deal signed in December 2014, the Myanmar Economic Bank holds 51 percent of the exchange, while the Japan stock exchange and Japan ’s Daiwa Securities Group contributed 49 percent.
Meanwhile, the Myanmar Government is planning to form a national investment committee to assess and approve large-scale projects nationwide in June.
In the 2015-2016 fiscal year, Myanmar passed a number of projects worth a total of 9.4 billion USD, the highest figure since 2010, peaking in March when total investment reached 4 billion USD.-VNA
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Illustrative Image (Source: AP)
