Third listed company postpones IPO on Myanmar’s Yangon Stock Exchange

YANGON, July 27 (Xinhua) — Myanmar Citizens Bank, the likely third listed company on Yangon Stock Exchange (YSX), would not start trading in July due to the bank’s unreadiness, U Thet Htun Oo, senior executive manager of YSX, told Xinhua Wednesday.

The bank will hold the annual meeting with shareholders on July 30, then there will be some personal changes in board of directors. Therefore, the bank’s prospectus which was submitted to Myanmar’s Securities and Exchange Commission have to be adjusted, U Myint Win, Managing Director of Myanmar Citizens Bank, told Xinhua.

In fact, the bank has moved the date to August to start securities trading. The bank will be the first local bank which is listed on YSX.

The Myanmar Securities Exchange Center, a joint venture of Myanmar Economic Bank and Daiwa Securities Group, a Japanese investment bank, is the main partner securities company to the bank.

Founded in 1992 as a semi-government owned bank, Myanmar Citizen Bank has a paid-up capital of about 52 billion kyats (about 44 million U.S. dollars). It has 1,700 shareholders and sold its shares in March to raise its capital.

The YSX officially began trading on March 25, with only one listed company, the First Myanmar Investment (FMI), available for transactions. At present, there are two listed companies, FMI and Myanmar Thilawa SEZ Holdings Public Limited, as well as five securities companies which are providing services as underwriters on YSX.

Due to the impact of the announcement of two listed companies for providing dividends to shareholders in later June, the securities trading has been descending since late June.

YSX closed on Wednesday with its index at 711.59, 12.66 points or 1.7 percent lower than the previous trading day.

 

Source: Shanghai Daily

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