Military Officials, Cronies Released from US Blacklist

RANGOON — Burma’s former dictator Snr-Gen Than Shwe was among individuals removed from the US Treasury’s blacklist following the lifting of Burma sanctions on Friday. Another 16 senior military officials, including former Vice Snr-Gen Maung Aye, have been removed from the US Treasury’s Office of Foreign Asset’s Specially Designated Nationals and Blocked Persons (SDN) List. Apart from senior military officials, military-related businesses […]

The NLD and a new dawn for old business

The past few days have been filled with casualties, as moguls hoping to re-take their seats in Nay Pyi Taw are expelled in favour of new faces. Some of the biggest names in business under the former regime – Yuzana Company’s U Htay Myint, Zaykabar’s U Khin Shwe, U Yan Win of A1 Group of […]

Military-linked tycoons claim political middle ground

Despite decades of benefiting from connections within the military and ruling Union Solidarity and Development Party (USDP), many of Myanmar’s leading conglomerates have claimed to be politically neutral.   Spokespeople for some of the country’s most successful companies including Asia World, Htoo Group, Kanbawza (KBZ) Group and Max Myanmar said as private businesses they had […]

AGD Bank prepares IPO as profits drop

Asia Green Development Bank is preparing to launch an initial public offering, or IPO, on the soon-to-open Yangon Stock Exchange (YSX), though profits are down substantially on last year. The bank’s net profit was K112.6 million for the 2014-15 fiscal year, far lower than K9.6 billion the previous year, officials said at the fifth annual […]

Air Bagan Temporarily Ceases Operations

Local carrier Air Bagan has temporarily suspended its operations in order to perform maintenance on its fleet of three airplanes. Air Bagan, which was established in 2004, has difficulties in buy or lease more aircraft due to US economic sanctions, or acquire necessary spare parts for its two ATR42-320s and one ATR72-500 aircraft, resulting in […]

MPPE announces JV tender for petroleum business

Myanma Petroleum Products Enterprise (MPPE) has invited private companies to form a joint venture for a project in the petroleum industry, through a tender published in a state-run newspaper. The state-owned enterprise has been preparing the tender documents for the past few months, with a view to re-entering the petroleum distribution market in partnership with […]

Change in owners as U Tay Za said to exit AGD Bank

Several prominent businesspeople have bought or sold stakes in Asia Green Development (AGD) Bank, as it prepares for listing on the planned Yangon Stock Exchange in 2015. Up to 60 percent of the bank could have changed hands, with prominent entrepreneur U Tay Za and his Htoo Group of Companies severing direct ownership ties with […]

The aviation sector takes off

Myanmar’s civil aviation sector is on the brink of explosive growth with the number of seats and carriers rising and infrastructure being upgraded. Myanmar is the most under-served aviation market in Southeast Asia. The numbers speak for themselves. Only Brunei and Laos have fewer airline seats per capita. Myanmar has a population of 52 million, […]

Shadow of Decade-old Bank Crisis Looms over Credit Card Plans

In a world where modern banking services are almost universal, few things shout “economic backwater” quite like the absence of ATMs and credit cards. These days, even Myanmar—which was for decades one of the world’s most economically isolated countries—has a handful of ATMs in major urban centers, providing the sort of convenience that most of […]

ANA – Asian Wings: Airline tie-up plans await okay for take-off

Plans for Japan’s largest airline to acquire a stake in Myanmar’s Asian Wings Airways for US$25 million are still to receive government approval, the Myanmar company’s chief executive has stated. Information about All Nippon Airways (ANA) Holdings’ move into the Myanmar airline business leaked ahead of schedule last week, causing a hastily-assembled press conference in […]