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...]

First Myanmar Investment offers additional shares

First Myanmar Investment opened an additional public offering of new ordinary shares on January 9. The additional offering of 250,000 shares will be sold at K10,000 each, the same price as the initial share offering that closed on January 8. After an “overwhelming” response to the initial offering of 2,500,000 new ordinary shares, which was sold in its entirety. unable to meet demand the investment holding company has opened an additional 10 percent for purchase. The additional offering is … [Read more...]

Update regarding Mitsubishi Motors initiatives in Myanmar

Mitsubishi Motors Corporation (MMC), Mitsubishi Corporation (MC), Yoma Strategic Holdings Ltd (YSH) and First Myanmar Investment Co., Ltd (FMI) have been working together on building a service structure for inspection, maintenance, and repair of MMC brand vehicles in the Republic of the Union of Myanmar (Myanmar), following Myanmar’s recent deregulation of automobile importation and in consideration of the many MMC brand vehicles already on the road there, distributed mainly through the … [Read more...]

Digicel, Ooredoo sign Myanmar deal to construct telecommunications towers

Subscribe to our Tender Alert. We send out email alert on Tender and EOI as it happens. YANGON—Digicel Asian Holdings, a consortium of Digicel Group, Yoma Strategic and First Myanmar Investment Co Ltd (FMI), announced today that its has signed an agreement with Ooredoo Myanmar to develop, construct and lease telecommunications towers in Myanmar. Digicel’s Myanmar unit, Myanmar Tower Company, will be among the first telecommunications tower companies to begin construction in … [Read more...]