Underwriters under the microscope

The chosen firms are now being vetted by other government departments to ensure they are being funded through clean money, he said in an interview yesterday.

Dr Maung Maung Thein also declined to announce which firms have been selected, saying only that the information will be available on October 1. A total of 20 applications were submitted in March to become underwriters on the Yangon Stock Exchange, which is scheduled to launch in December.

The successful firms chosen as underwriters will be required to meet a number of conditions, including paid-up capital of K15 billion (US$11.7 million). Underwriters help companies issue shares on stock markets by assisting with determining share prices, buying shares from the listing companies and selling them to buyers.

The announcement of the successful underwriting candidates, as well as brokers, dealers and consultants, was supposed to be announced much earlier in the year. The process has taken months longer than anticipated and has been delayed several times. A total of 57 companies initially applied for a role on the exchange.

The market itself has also been delayed. The Yangon Stock Exchange was originally targeted to launch in October, though has been pushed back until after the November 8 national election.

The exchange is 51 percent owned by Myanma Economic Bank, a state bank, with the rest held by Daiwa Institute of Research and Japan Exchange Group.

There are five directors for the Yangon Stock Exchange-Joint Venture Limited company, with three from the Myanmar side and one from each of the two Japanese companies.

Source: Myanmar Times

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