Over-the-counter sales of shares in the Thilawa Special Economic Zone will be launched within 45 days, according to tycoon Win Aung, chairperson of Myanmar Thilawa SEZ Holding Public Co Ltd.
Win Aung, who is also the president of the Union of Myanmar Federation of Chambers of Commerce and Industry, said the OTC market “will sell no more new shares because we now have enough capital to run the economic zone”.
He also said the company planned to list on the planned Yangon Stock Exchange, and expressed confidence that it would “kick off in 2015”.
The OTC is “for the benefit of our shareholders”, he said, adding that it will allow the resale of existing shares.
Previously, Win Aung said the Myanmar Thilawa SEZ Holding Public Co Ltd had sold more than 3 million shares and that it had no plans to sell more. The share sale kicked off in March, with shares going for Ks 10,000 apiece. It reportedly raised US$33 million.
The Thilawa SEZ project is a Myanmar-Japan joint venture with the 51-49 per cent ownership ratio, respectively. The first phase of the SEZ is expected to be operational by 2015. The project includes a large industrial zone, a deep-sea port, factories and housing projects.
The Japanese and Myanmar governments each hold 10 per cent stakes in the project. Myanmar companies own another 41 per cent through Myanmar Thilawa SEZ Holding Public Co Ltd. Japanese companies Mitsubishi, Sumitomo and Marubini own 39 per cent, while the Japanese government has a 10 per cent stake through the Japan International Cooperation Agency.
The Myanmar Thilawa SEZ Public Company is owned by nine domestic firms. They are Golden Land East Asia Development Ltd, Myanmar Sugar Development Company Ltd, Myanmar Edible Oil Industrial Public Corporation, First Myanmar Investment Company Ltd, Myanmar Agricultural & General Development Public Ltd, National Development Company Group Ltd, New City Development Public Company Ltd, Myanmar Technologies and Investment Corporation Ltd, and Myanmar Agribusiness Public Corporation Ltd.
Win Aung remains on the US Treasuries Specially Designated Nationals list, which bars US firms and companies from “knowingly” conducting business with him or his companies directly.
Source: ELEVEN MYANMAR