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...]

Shopping plaza and serviced apartment bloc to be built in Nay Pyi Taw

Plans have been unveiled for a luxury service building with 114 apartments, plus a shopping centre and the Yoma Bank headquarters, to be built in Nay Pyi Taw early next year. Kris Plaza will cover prime land in the capital close to government and ministerial offices, the hotel zone, jewellery showroom and Nay Pyi Taw Myoma Market. The First Myanmar Investment (FMI) and Krislite Lighting Specialist will jointly run the project, which is earmarked to finish in mid-2016. FMI Co Ltd is has … [Read more...]

Two New Airlines Await OK from Myanmar Investment Body

YANGON — Two new domestic airlines are expecting to get the green light “soon” to begin flying both domestic and regional scheduled routes, according to Win Swe Tun, the director general of Myanmar’s Department of Civil Aviation (DCA). “Both Apex and FMI are waiting for approval from the MIC [Myanmar Investment Commission] to start operating scheduled flights. All documents are in the last stage of approval,” Win Swe Tun told The Irrawaddy on Monday. The two prospective carriers, both … [Read more...]

FMI still unable to get railway lease for iconic Landmark project

The March 22 meeting was confirmed by an official from the Ministry of Railways. Work on the US$400 million mixed-use project in downtown Yangon backed by business tycoon Serge Pun has been unable to get underway due to an inability to secure a lease extension from the Ministry of Railways. Once the lease extension is agreed upon, the project application will be submitted to MIC for final approval. Amendments to bring the original lease into conformity with the Foreign Investment Law that … [Read more...]