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, […]

MIC permits 48 projects in one sitting

The Myanmar Investment Commission (MIC) approved 48 projects at its meeting on March 25. The MIC’s decisions have been criticised as some of the approved projects belong to companies related to two of former President Thein Sein’s economic advisors—Khin Maung Aye and Ko Ko Gyi. Furthermore, some companies had up to five projects approved that […]

Outgoing Government Gives Wharf Concession to Tycoon’s Shipping Firm

Burma’s Port Authority has awarded Kaung Myanmar Aung Shipping Co. Ltd. the right to develop a new area for cargo ships to dock on downtown Rangoon’s riverside, state media reports. The company is part of the sprawling KMA Group, which is headed by Burmese tycoon Khin Maung Aye, known to be close to outgoing President […]

Myanmar emphasis on productivity

MANUFACTURERS in Myanmar have been told to shift their focus to productivity, following the government’s approval of the country first minimum wage last week, said industry players. Aung Thein, vice chairman of the Myanmar Industries Association (MIA) and managing director of Nibban Electronics, said in an exclusive interview that Myanmar was still competitive in comparison […]

Myanmar’s power supply problems hurt growth

The opening up of Burma’s economy has generated feverish excitement among international investors. With a population of 60 million, a wealth of natural resources, and a need for just about everything, Burma, also known as Myanmar, is one of the world’s last untapped markets. And yet, while foreign direct investment has increased substantially since most […]

CB Bank to Issue Prepaid Debit Cards for Domestic, International Use

Burma’s Central Bank has given private lender Cooperative Bank the green light to issue internationally accepted prepaid debit cards, a senior Central Bank official said this week, in a first for the country’s antiquated financial system. The “Easi Travel” prepaid card was made available this week for pre-order, and holders-in-waiting are being told the cards […]

Banks Wait for Central Bank to Give Go-Ahead to International Cards

Two of Burma’s leading private banks want to begin issuing debit cards that can be used all over the world, but are waiting for the green light to do so from Central Bank, bankers said. Both the Cooperative Bank (CB Bank) and the Asian Green Development (AGD) Bank have teamed up with United States-based bank […]