The former headquarters of the Myawaddy Bank will be the location of the Yangon Stock Exchange when it opens next year, according to deputy finance minister U Maung Maung Thein.
Renovation work on the Myawaddy building on Sule Pagoda Road near Merchant Street is projected to be completed in June or July 2015, in time for an opening of the exchange at the end of 2015, he said.
The government has also begun assigning staff from various ministries and the Auditor General’s Office to join the committee that is drafting the rules and regulations to launch an exchange. The draft rules were finalised last week, and more details will be released in December.
“Stock exchanges have been created in countries without the right rules, but people often faced crises,” he said. “But we want our stock exchange to be secure.”
U Maung Maung Thein said he has met with the committee involved with drafting the rules last week, adding they are receiving support from the Japanese government slated for the end of the month.
The Ministry of Finance and Revenue also plans to conduct public events designed to raise public awareness of an exchange in December and January. It aims to hold the events in Yangon, as well as possibly in Pathein in Ayeyarwady Region and Taunggyi in Shan State.
The ministry also still needs to nominate companies to be involved in setting up the exchange itself, and has received proposals from about 10 international firms, he said.
Officials have previously discussed the possibility of listing state-owned firms on the exchange, while at least three private companies have also declared their intention to list eventually.
The government has also targeted opening the exchange at the end of 2015, though some have questioned whether this is an achievable target.
Source: MYANMAR TIMES