Yoma Strategic chief executive talks leadership transition

Yoma Strategic Holdings chief executive Andrew Rickards is stepping down next month after a nearly four-year term, though remains bullish on Myanmar’s long term prospects.  As the best-known Myanmar-focused company listed on a foreign exchange, Yoma Strategic has attracted business and investors eager to participate in what’s sometimes touted as the last frontier economy. Yoma Strategic is chaired by Serge Pun, one of Myanmar’s best-known entrepreneurs, who also chairs Serge Pun & … [Read more...]

Quality the priority over timing for Yangon Exchange

The Yangon Stock Exchange may not arrive in October, as preparations are focused on providing a quality market rather than solely on timing, according to deputy finance minister Dr Maung Maung Thein. “The target we have set is October this year, but it’s just a target. Our intention is just to deliver the quality goods, not [only] the timing. It might be earlier than October, it might be later than October – no problem,” he told The Myanmar Times on the sidelines of an insurance press event … [Read more...]

Condo developers go small-town

As the market for condominium developments in Yangon becomes increasingly crowded, developers are looking at other locations across the country for opportunities to build new projects. Yangon’s skyline is changing quickly as developers race to build high-end condominiums, but elsewhere in Myanmar, the pace of growth has been much slower. Mandalay’s first condominium was built by Mann Myanmar Construction in 2013. Apart from this, there were no high-rise condominiums anywhere in the … [Read more...]

FMI ‘first and only’ company to list on YSX, says Pun

First Myanmar Investment (FMI) Company will be the first, and for the time being the only, company to launch an initial public offering (IPO) on the Yangon Stock Exchange (YSX) when it opens later this year, according to company chair Serge Pun. Speculation over which firms will attempt to list has intensified as the exchange gets closer to launch – though deputy finance minister Dr Maung Maung Thein yesterday dismissed the claim that only FMI will be ready, saying it is too early to … [Read more...]

FMI’s hospital joint venture gets MIC nod

First Myanmar Investment (FMI) and Lippo Group’s health care joint venture has been approved by the Myanmar Investment Commission, according to a press release. Serge Pun-chaired FMI will own 60 percent of the joint venture, with Indonesia-based Lippo Group, the controlling shareholder of Indonesia’s Siloam International hospitals, owning the remaining 40pc stake. “This represents a first step for us into the country and we will go beyond the city of Yangon to become a national network,” … [Read more...]

Pun Hlaing Hospital gets injection of capital and ideas

IT has been open for more than nine years, but Pun Hlaing Hospital is yet to turn a profit for First Myanmar Investment’s shareholders The company’s management is betting, however, that an injection of US$10 million and a new philosophy on healthcare provision will bring the hospital a new – and profitable – lease on life. While it has enjoyed a positive cashflow for the past three years through cost-cutting measures, the hospital has not generated a return for its shareholders since opening … [Read more...]

Krisplaza sales to launch in Yangon and Nay Pyi Taw

LSC-FMI Co., Ltd, the strategic joint venture between First Myanmar Investment Co., Ltd. (FMI) and Lighting Specialist Co., Ltd. (LSC), announce the launch of sales for KrisPLAZA, a new US$24 million residential and commercial development in a premium Nay Pyi Taw growth location on February 18. Earlier this month, the FMI and LSC collaboration, KrisPLAZA, was commemorated at a construction contract signing ceremony in Myanmar’s capital city. Sales are scheduled to launch 20th to 22nd March … [Read more...]

FMI, LSC to Develop $24-m High-end Property in Capital

First Myanmar Investment Co Ltd (FMI) and Lighting Specialist Co Ltd (LSC) have struck a joint venture deal to develop a high-end property in the country’s capital Naypyitaw. At a total cost of approximately $24 million, construction of KrisPlaza is scheduled to start in early 2015 with completion earmarked for the third quarter of 2016, local conglomerate FMI said. “The real estate sector continues to be an important part of FMI’s portfolio and KrisPlaza in Naypyitaw is a natural … [Read more...]

Deputy Minister lays out path to stock exchange

Up to 10 companies ought to meet the requirements to be listed on the Yangon Stock Exchange (YSX) when it opens in October – though these requirements have still not been released, according to deputy finance minister U Maung Maung Thein. While agreements have been signed to establish the exchange and much of the technical infrastructure is in place, not all the rules and regulations needed to licence securities players and govern the exchange have yet to be finished. Companies are not yet … [Read more...]

FMI’s Landmark project moves forward without ‘critical’ lease extension

Restoration efforts are ongoing on the centrepiece building of a major development project in Yangon backed by business tycoon Serge Pun, despite continued difficulties in securing a critical lease extension for the mixed-use property. Major work on the Landmark Project, estimated at more than US$400 million and spread over more than 10 acres of prime downtown land, has been delayed for more than a year due to the inability to secure a lease extension for the site from the Ministry of … [Read more...]