Golden Glory plans IPO to fund Myanmar projects

YANGON • Golden Glory Group, a developer of Myanmar real estate, is planning an initial public offering (IPO) in Singapore this year as the opening of the market spurs property demand in South-east Asia’s fastest-growing economy. The Singapore-based company is targeting an US$80 million to US$100 million (S$110 million to S$138 million) initial share sale, […]

MPU Card reaches 1.8 million users

THE number of MPU credit card users has reached 1.8 million people in Myanmar. The Myanmar Payment Union credit card can be used to make direct payments from a Myanmar bank account. “Electronic bill payment systems appear more often in the financial matters of local enterprises and can contribute to economic development,” said U Zaw […]

Myanmar admits more foreign banks ahead of NLD accession

BANGKOK — Myanmar has given preliminary operating licenses to four more foreign banks, following the government’s decision in late 2014 to grant licenses to an initial nine foreign banks. The move — just before a new administration led by Aung San Suu Kyi takes over on April 1 — highlights a rush by the incumbent […]

Rubber industry to be stamped with new law

A new law is being drafted to promote Myanmar’s rubber sector, as the commodity’s international value plummets and a number of plantations across the country are forced out of business. The law is being drawn up under Myanmar’s National Export Strategy, said U Khine Myint, secretary of the Myanmar Rubber Planting and Producing Association (MRPPA). […]

Government plans longer tenors for debt auctions

The Ministry of Finance is planning to extend competitive bidding auctions on government debt to a range of new maturities this year, which will mean getting comfortable with paying market price. The government switched from selling three-month Treasury bills at a set yield to one determined by competitive auction a year ago, and is still […]

In Myanmar and Thailand, two militaries moving in opposite directions

Kevin Rafferty says as the generals in Myanmar cede power in the historic handover to civilians, Thailand’s ruling junta should remember the dangers of prolonged military rule on a nation’s economy and social fabric. Who would ever have imagined it – singing karaoke, dancing and joking. This was not some theatre vaudeville event but the […]

Korea chases investment in Myanmar

The ASEAN-Korea Centre sent 20 Koreans to Myanmar last week to seek investment opportunities. The investment and market research mission of businessmen and officials from the Ministry of Land, Infrastructure and Transport and the Korea Land and Housing Corporation went to Yangon on Jan. 13-15. The project was designed with Myanmar’s Directorate of Investment and […]

Singapore firms keeping an eye on changes in Yangon

Business associations and companies in Singapore are hopeful that Myanmar will continue to be an attractive investment destination after an election set to reshape the country’s political landscape. The ruling party in Myanmar conceded defeat on Monday after the country held its first free election in 25 years on Sunday, as the opposition led by […]

Rethinking Myanmar’s state-owned banks

The country’s four state-owned banks account for more than 60 percent of total banking assets, but have not kept up with the reforms and growth at their private counterparts since the sector was liberalised in 2011. Members of parliament have urged the Ministry of Finance to reduce the size of state banks, particularly Myanma Economic […]

Myanmar central bank mulls new move to stem kyat fall

The Central Bank of Myanmar is stepping up its efforts to discourage the domestic use of US dollar, with the plan to illegalise dollar-denominated transactions. According to Win Thaw, deputy director-general with the foreign currency management department of the CBM, the directive demanding all local transactions completed in Myanmar kyat would be issued by the […]