Myanmar Agribusiness Public Corporation is planning to sell a total of Ks five billion in shares, with individuals allowed to purchase up to Ks 1 billion worth of shares each, according to its managing director.
“Every Myanmar citizen can purchase shares at the price of Ks 10,800 per share,” MAPCO managing director Ye Min Aung said.
He also said it was not the company’s duty to prevent drug money from being used to buy shares. “It is not our duty to investigate whether the buyers are using black or white money. Even if it is black money, it would be useful inside the company instead of following outside,” Ye Min Aung said.
He added that it is the responsibility of the government to investigate whether the funds have been taxed or not.
MAPCO sold Ks 10 billion worth of shares last year. Recently, the company purchased shares in the Thilawa Special Economic Zone, causing that share sale to be over subscribed.
Questions about drug money being funneled into public companies have followed reports noting an increase in opium poppy cultivation in the country.
Source: ELEVEN MYANMAR