Bank Shares Set for Jan 20 Launch

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First Private Bank says it will launch its public offering at the Yangon Stock Exchange on January 20.

It will sell 2.47 million shares worth Ks24.72 billion. On August 15 it had 8,255 share holders. The 10 largest shareholders own about 15 per cent of the shares.

According to its financial statement for 2016, the total assets amounted to Ks207.45 billion; liabilities Ks155.43 billion; the net capital Ks52.02 billion; the total income Ks22.65 billion; gross profit Ks8.55 billion; profit before deducting expenditure Ks10.87 billion; management expenses Ks2.11 billion; profit before taxes Ks875.6 billion; taxes Ks20.66 billion; income taxes Ks213.72 billion; and the net profit Ks641.21 billion.

Currently, the First Private Bank’s initial capital investment exceeds Ks76 billion and it has opened 32 branches with seven more planned. The shares were valued at Ks30,000 on May 2. For the 2015-16 fiscal year, it reported a profit of Ks2,984 per share. The bank will announce the price on January 2.

It becomes the fourth listed company to get the green light, after the First Myanmar Investment (FMI) Co, Ltd on March 25, the Myanmar Thilawa Special Economic Zone Holding Public Co on May 20 and the Myanmar Citizens Bank Ltd on August 26.

 

Source: Eleven Myanmar

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