Yatanapon Teleport is planing to raise a total capital of Ks 1 trillion (over US$1 billion) as it switched from a wholly state-owned enterprise to the public company, said a source close to the company.
Yatanapon Teleport is one of the two local rivals against the two foreign mobile operators in Myanmar_ Norway’s Telenor and Qatar’s Ooredoo who acquired the nationwide telecom licenses in the government tender last June.
Among the list of Yatanapon Teleport’s board of directors are the prominent local businessmen including the owners of local IT firms and Tun Myint Naing, who is the managing director of the country’s largest conglomerate Asia World Company.
A total of Ks 35 billion (US$36 million) is to be raised as the initial capital, and there have already been 23 directors on the board who are holding large chunks of the stake in the company, said the source. Aung Maw is acting as the managing director and Tin Win as the chief executive officer, he added.
State-owned Yatanapon Teleport, along with another state-owned enterprise Myanmar Post and Telecommunications, has had monopoly in Myanmar telecom market for ages. It is now prone to compete against the two foreign firms who pledged multi-billion dollar investments in the market.
Market observers said the two state-owned firms are at a disadvantage both in terms of capital and in terms of technologies to do well in the market.