Financial Institutions

Zhefu Holding-Supreme Group consortium to develop USD 2.5bn Myanmar gas-fired plant project

February 1, 2018 by Thiha

A Zhefu Holding Group Co Ltd-Supreme Group of Companies consortium plans to build a 1390MW gas-fired power plant under an EPC contract in Myanmar, according to a source from a project participant. The total project investment (TPI) is around USD 2.5bn. The project owner is Myanmar Electric Power Enterprise, which will start to seek project […]

Filed Under: Latest News Tagged With: 1390MW gas-fired power plant, agriculture, construction, Energy, EPC contract, Financial Institutions, floating storage unit, FSU, gas-fired power plant, hydropower, micro finance, Myanmar Electric Power Enterprise, nuclear power, oil and gas, Shenzhen-listed company, steel structures, total project investment, TPI, trading, water engineering, Zhefu Holding Group Co Ltd

PTTEP’s net profit jumps 60% from recovered oil prices & effective operation & cost management

January 30, 2018 by Thiha

PTT Exploration and Production Public Company Limited (PTTEP) reported 2017’s net profit at USD 594 million (equivalent to THB 20,579 million), soaring by more than 60% despite the impairment recognition of USD 558 million from the development plan adjustment in the Mariana Oil Sands project. Earnings Before Intereset, Taxes, Depreciation and Amortization (EBITDA) margin maintained […]

Filed Under: Latest News Tagged With: Algeria Hassi Bir Rekaiz project, Annual General Shareholders’ Meeting, Australia, bidding process, Board of Directors, Bongkot and Erawan, Brazil, Canada, CAPEX, Capital Expenditure, Chief Executive Officer of PTTEP, FID, Final Investment Decision, Financial Institutions, finanical position, gas prices, Gulf of Thailand, interim dividend, investments, Legal & Contractual Framework, Malaysia, Mariana Oil Sands project, Operating Expenditure, OPEX, PTT Exploration and Production Public Company Limited, PTTEP, Somporn Vongvuthipornchai, Southeast Asia, the Algerian Government, the Federal Republic of Brazil, The Mariana Oil Sands Project, the Middle East, The Mozambique Rovuma Offshore Area 1 Project, the oil and gas industry, the People's Democratic Republic of Algeria (Algeria), the Republic of Mozambique (Mozambique), the shareholders, the Vietnam Block B, transportation costs, Vietnam 16-1 Project, Zawtika Project

Thailand’s TTCL to build $2.8 bln coal-fired power plant in Myanmar

November 6, 2017 by Thiha

BANGKOK, Oct 30 (Reuters) – Thai construction company TTCL Pcl said on Monday it plans to build a $2.8 billion coal-fired power plant in southeastern Myanmar. The advanced technology coal-fired power station in the state of Kayin is expected to start operations in 2023 with the full 1,280 megawatts to be completed in 2024, TTCL […]

Filed Under: Latest News Tagged With: advanced technology coal-fired power station, Coal-Fired Power Plant, company’s energy business, Financial Institutions, Gas-Fired Plant, Gobchai Tanasugarn, Kayin, Myanmar, southeastern Myanmar, Thai construction company TTCL Pcl, Thailand's TTCL, TTCL Chief Financial Officer, TTCL executive vice president Suratana Trinratana

Parliament passes Financial Institutions Law

January 29, 2016 by Thiha

After years of back and forth, the Banks and Financial Institutions Law of Myanmar has been passed by parliament and is now awaiting the president’s signature, with banks to face more stringent rules on raising paid-up capital and on reserve requirements. Lenders will have to keep 5 percent of customer deposits as cash with the […]

Filed Under: Latest News Tagged With: Banks, central bank, Financial Institutions, financial sector, Law of Myanmar, lenders, minimum capital, Myanmar Oriental Bank, U Mya Than

U.S. temporarily lifts trade restrictions on Myanmar shipping hubs

December 8, 2015 by Thiha

The United States is temporarily easing trade restrictions on Myanmar by allowing all shipments to go through its ports and airports for six months, an effort to boost the Southeast Asian country’s opposition party after its landmark election win in November, U.S. officials said on Monday. The policy change, coming after Aung San Suu Kyi’s […]

Filed Under: Latest News Tagged With: Asia World Port, aung san suu kyi, Bank of America, Citigroup, Financial Institutions, lifting sanctions, Myanmar Citizens, Myanmar’s military, NLD, Peter Harrell, PNC Financial, U.S. sanctions, U.S. Treasury Department, United States

Malaysian telco issues $500m Islamic bond for Myanmar towers investment

November 24, 2015 by Thiha

Malaysian telecoms giant Axiata Group on November 13 issued a US$500 million Wakala Sukuk, or Islamic bond, to fund its investment into a Myanmar towers business. This is the largest-ever corporate bond issued with proceeds to be invested into a Myanmar towers business, demonstrating considerable investor confidence in the frontier market. Telecoms towers companies have […]

Filed Under: Latest News Tagged With: Axiata Group, Bookrunners Deutsche Bank, CIMB, Financial Institutions, frontier market, Islamic bond, Malaysian telecoms, Ministry of Communications and Information Technology, Myanmar Tower Company (MTC), Oliver Coughlan, Ooredoo, QInvest, Telecoms towers companies, tender, Wakala Sukuk

Yoma Bank and ICBC to facilitate cross-border business

September 15, 2015 by Thiha

Yoma Bank’s Chief Business Officer, Daw Khin Mu Mu Myint, and the Industrial and Commercial Bank of China’s (ICBC) General Manager of the Yangon Branch, Mr. Jiang Yun, have signed an agreement facilitating the direct flow of trade-related funds between Myanmar and China according to a Yoma Bank media release on 9 September. ICBC has […]

Filed Under: Latest News Tagged With: Daw Khin Mu Mu Myint, finance, Financial Institutions, Industrial and Commercial Bank of China’s (ICBC), Mr. Jiang Yun, Myanmar’s business community, Trade, Yoma Bank

Denmark Writes Off $51m Myanmar Debt

January 24, 2014 by thiha

Denmark cancelled Myanmar’s debt worth $51 million last week in a string of debt cancellation from Western governments and financial institutions over the last two years, a sign of normalising relations between the West and the once-banished Southeast Asian country. During a visit to Myanmar’s capital Nay Pyi Taw, Danish Minister for Development Cooperation Rasmus […]

Filed Under: Latest News Tagged With: Cancelled, Danish, Debt Cancellation, Denmark, Development Corporation Resmus, Financial Institutions, Humanitarian Aid, Political Reform, Poor Population, Positive Development, Promoting Bilateral Cooperation, Signed, technical assistance, U Win Shein, Western Government

Ayeyarwady ATMs in Myanmar accept MasterCard, Maestro/Cirrus

December 2, 2013 by thiha

Myanmar’s Ayeyarwady Bank has announced that its automated teller machines will accept cash withdrawals by customers using MasterCard and Maestro/Cirrus cards. This means more ease and convenience for the million visitors expected to converge on Myanmar during the 27th Southeast Asian Games to be held in Nay Pyi Taw from December 11-22. AYA Bank has […]