Myanmar to announce underwriter licensees next month

Myanmar to announce underwriter licensees next month
YANGON, May 28 (Xinhua) — Myanmar’s Securities and Exchange Commission will announce winners of underwriters’ licenses next month as part of its process in establishing the country’s first ever stock exchange, official media reported Thursday.

So far, 20 private security companies out of 57 have applied for underwriters’ licenses since January, while 30 for consultants or advisers and seven for brokers and dealers.
Myanmar’s first Yangon Stock Exchange is scheduled to debut in October .

The commission announced granting of four kinds of services licenses — underwriters, dealers, brokers and consultants and prescribing different levels of capital requirement for each.

Specifically, a license for underwriting requires 15 billion Kyats (15 million U.S. dollars), for dealing 10 billion Kyats, for brokerage 7 billion Kyats and for consultancy business 30 million Kyats as paid-up capital.

The four kinds of service providers are also allowed to operate with foreign firms under joint ventures in anticipation of speeding up the development of stock market, according to the commission.

Myanmar has been making progress in preparation for launching the country’s first ever stock exchange market in Yangon scheduled for Oct. 1 this year in joint venture with two Japanese firms.

Under an agreement signed in Nay Pyi Taw in December 2014, the Yangon Stock Exchange Joint Venture Co. Ltd will be set up in partnership with Myanmar Economic Bank (MEB) sharing 51 percent, Japan’s Daiwa Institute of Research Ltd 30.25 percent and Japan Exchange Group 18.75 percent.

Source: Xinhua News Agency

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