YANGON—Japan’s Daiwa Securities Group will assist locally-owned Asia Green Development (AGD) Bank to transform as a public company, sources say.
The Memorandum of Understanding (MoU) to proceed with initial public offerings between the two organizations was signed on Monday at Kandawgyi Palace Hotel in Yangon.
Daiwa is helping the government to establish a stock market in Myanmar by October 2015.
“We will assist the AGD bank to be in line with stock exchange laws within two years before the launch of the Myanmar stock market,” said an official from Daiwa.
Daiwa will provide the necessary information to ensure the bank is listed in the stock exchange.
“We will help to prepare legal documents to list the bank in the Myanmar stock exchange,” he said.
Firms that want to be listed in the stock exchange as public companies need to prepare legal documents and seek permission from the Securities Exchange Commission (SEC) to sell company shares. After receiving approval, the firms can sell the shares to the public.
Source: ELEVEN Myanmar