Fifth firm to list on stock exchange next week

TMH Telecom Co will commence trading on the Yangon Stock Exchange (YSX) on January 26, YSX senior executive manager U Thet Tun Oo said.

TMH Telecom will be the fifth company to list on the exchange, joining First Myanmar Investments Co, Myanmar-Thilawa SEZ Holdings, Myanmar Citizens Bank and First Private Bank.

According to the YSX, the company sold 540,000 shares priced at around K3,000 during its Initial Public Offering (IPO), raising some K1.6 billion in proceeds.

TMH Telecom, which provides telecommunications, internet and top-up services, will use around 70 percent of the funds raised for equipment and labour costs associated with its 126 telecommunications towers in Mandalay and Shan regions.

The remaining proceeds will be used as working capital for several equipment maintenance contracts with MPT and Chinese telecommunications service providers Huawei and ZTE Corporation, according to the company’s IPO prospectus.

TMH Telecom will be listing at a time when trading on the YSX is trickling dry. The Myanmar Stock Price Index (MYANPIX) hit an all-time low at the close of trading last week, closing the second week of the year at 450.14, down by almost 5 percent.

As there are only a few listed firms, the Myanmar equities market hasn’t yet developed and depth is still substantially lacking, Deputy Minister for Planning and Finance U Maung Maung Win told The Myanmar Times in December.

“Most public firms don’t have any interest to be listed in YSX because trading volumes are thin. We are relaxing the regulations as much as we can to encourage more public firms to be listed,” U Maung Maung Win said.

Since listing on the YSX, the share prices of the four existing companies have fallen and trading in the shares has dried up.

“It is more beneficial to invest based on the long term prospects of the firms rather than trade the short term fluctuations in share price. Investors need to know how important the management is for the development of the company,” U Thet Tun Oo said.

The MYANPIX closed Wednesday at 465.68, up 11.32 points during the day. More than 21,000 shares were traded, the highest level of trading this year.

Source: Myanmar Times

To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar