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MAB launches wealth banking service as competition rises

Myanmar Apex Bank (MAB) has launched a special wealth banking and rewards programme – MAB Gold Wealth Banking – for high net worth individuals in Myanmar. For now, the platform is targeting those who have the cash to place a minimum fixed deposit of K300 million as potential clients. Interest rates for fixed deposits are […]

Dusit International signs to manage first ASAI-branded hotel in Yangon, Myanmar

Bangkok, Thailand – Dusit International, one of Thailand’s leading hotel and property development companies, has signed a hotel management agreement with Rich Mandalay Group of Co.,Ltd. to operate ASAI Yankin, one of the first properties to be signed under ASAI Hotels, Dusit’s new affordable lifestyle brand. Located in Yankin Township in the northern central part […]

Parami Energy to invest US$25m for LPG distribution

Parami Energy will accelerate the distribution of liquefied petroleum gas (LPG) next year, CEO U Pyi Wa Tun said yesterday. He said in a press conference that starting from December 12, 150,000 Parami LPG cylinders will be distributed in the market and before April 2019, 50pc of the LPG cylinders will be distributed in Yangon […]

Myanmar’s poorest state beckons investors

CHIN state’s underdeveloped infrastructure presents great opportunities for domestic and foreign investors if they do their homework, says a report that looks into business prospects in Myanmar’s poorest region. Min Zaw Oo, director of Chin State at the Directorate of Investment and Company Administration, said investors should not hesitate to invest in Chin state where […]

Hotel expansion continues in Yangon

More hotels are on the way in Myanmar’s commercial capital, Yangon, despite a sluggish tourism performance over the last two years due to the on-going Rohingya crisis. Developers at the luxury end of the market appear undeterred by the drop in European tourists believing business and luxury travel segments will continue to grow. But tour […]

Memories Group acquires two Myanmar hotels, island development rights for US$40.7m

MYANMAR-based tourism firm Memories Group, in its first earnings report since its Catalist debut in January, posted on Wednesday a net loss of US$1.7 million for the three months ended June 30, widening from US$698,000 in the year-ago period. A spin-off of mainboard-listed Yoma Strategic Holdings’ tourism-related businesses, the company also announced it had acquired […]

Myanmar has 1,666 licensed hotels with over 66,900 rooms

The whole country had 1,666 licensed hotels with 66,913 rooms up to June this year, and the number of hotels has increased by over 510 over the past three years, according to figures released by the Ministry of Hotels and Tourism. Yangon city has the largest number with 399 hotels (20,845 rooms), followed by Mandalay […]

Massive Yangon City Expansion Renders Naypyitaw Pointless

Myanmar’s business capital of Yangon will see a massive expansion to accommodate its growing population and make the city more business-friendly and livable, the regional government said. This will make custom-built capital Naypyitaw, located 367 kilometers in the north in the middle of nowhere, an even more pointless city, observers noted. The New Yangon City […]

Infrastructure, safety standards needed for LPG industry to take off

The government is now more than half way through its term and time is running out for it to make good on its promise to double Myanmar’s supply of electricity within the next two years. But the government is not without backup plans to help it achieve its goals, one of which is replacing the […]

IRD will reward those who lodge complaints on businesses that fail to pay tax

The government is raising its efforts to collect taxes from commercial enterprises. Last week, the Internal Revenue Department said it will reward those who provide information on establishments that fail to collect commercial taxes, according to state media. Under the law, consumers who buy goods and services in Myanmar are liable to pay commercial taxes. […]