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Allen & Gledhill advises on first ‘true’ IPO in Myanmar

Singapore Big Four law firm Allen & Gledhill has represented Myanmar’s TMH Telecom on its initial public offering on the Yangon Stock Exchange (YSX). The IPO is said to be the first “true” one on Myanmar’s fledgling stock exchange as it will be the first one to offer fresh capital instead of existing shares.

A&G has also advised Myanmar Securities Exchange Centre as the sole bookrunner, sole lead manager and underwriter on the IPO. Leading the A&G team was Minn Naing Oo, managing director of the firm’s Myanmar office.

The listing, which is expected to raise up to 1.634 billion kyat ($1.2 million), is the fifth one on the YSX and comes at a time of extremely low trading volumes on the exchange. On Jan. 12 the Myanmar Stock Price Index hit an all-time low, closing trading at 450.14. At its high on Mar. 29, 2016, the index closed at 1,322.58.

TMH Telecom, which was established in 2006, provides telecommunications, internet and top-up services. It will use around 70 percent of the funds raised for equipment and labour costs associated with its 126 telecommunications towers in Myanmar’s Mandalay and Shan regions.

The other four companies listed on the YSX, which opened in 2015, are First Myanmar Investment Company, Myanmar Thilawa SEZ Holdings, Myanmar Citizens’ Bank (MCB) and First Private Bank. Apart from MCB, all of the companies’ share prices are trading below their IPO values.

Source : Asian Legal Business

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