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...]

FMI issues K25 billion rights issue to fund expansion

Investment holding company First Myanmar Investment Co. Ltd., has issued a K25 billion (about US$25.6 million) rights issue for existing shareholders to finance corporate growth and expansion, it announced in a statement released in Yangon on December 3. The rights issue will result in 2,500,000 new ordinary shares being issued at a price of K10,000 each, a discount of about 20 percent to the current price of FMI shares, the statement said. The shares will be open for subscription by … [Read more...]

Firms face financial accuracy issues ahead of bourse launch

Myanmar companies might not be ready for the scheduled launch of the country’s stock exchange in 2015, officials and experts are warning. The lack of transparency and accounting efficiency on the part of firms wishing to develop initial public offerings could contribute to the slowdown of the much-anticipated launch, they say. Last month, officials developing the exchange said they were facing delays due to being unable to get a legal framework up and running. Even with an operational … [Read more...]

Parkson store chain taps Yangon market

Malaysia-based Parkson Departmental Store Chain will open an outlet in FMI Center (near Bogyoke Market) this month, an executive from Parkson FMI department store announced at a press conference yesterday. The upcoming department store is a joint venture of Parkson Retail Asia Ltd., Yoma Strategic Holdings Ltd. (YSHL), and First Myanmar Investment Co. Ltd. (FMI). The three companies signed the venture contract in August, 2012 and Parkson owned 70 per cent, Yoma 20 per cent and FMI 10 per … [Read more...]