Govt to Ban Timber Harvest in Pegu Yoma Mountain Range

RANGOON — In the Pegu Range, home to some of Burma’s major forests, the harvest of timber will undergo a 10-year hiatus starting in the 2017-2018 fiscal year, according to Aye Cho Thaung, deputy general manager of the country’s Forestry Department. The Pegu Range, also known as Pegu Yoma, is a series of low mountains […]

AGD Bank prepares IPO as profits drop

Asia Green Development Bank is preparing to launch an initial public offering, or IPO, on the soon-to-open Yangon Stock Exchange (YSX), though profits are down substantially on last year. The bank’s net profit was K112.6 million for the 2014-15 fiscal year, far lower than K9.6 billion the previous year, officials said at the fifth annual […]

Yangon Stock Exchange listing criteria lacking protection for investors

The listing criteria for Myanmar’s first stock exchange have been published, but important rules to protect shareholders are missing, said experts. Unless more detailed regulations are added, investors will be at risk of abuse by unscrupulous companies, they said. The Yangon Stock Exchange (YSX) is due to open later this year. It is owned by […]

$2.9-b Myanmar Refinery Deal Key for Guangdong Zhenrong Energy

Guangdong Zhenrong Energy Co, a major Chinese bulk commodity trader, expects the country’s “One Belt One Road” strategy to help boost its overseas investments, which in its case includes a planned massive oil refinery in Myanmar. The country’s New Silk Road Economic Belt and the 21st Century Maritime Silk Road strategies were launched in 2013 […]

Refinery deal in Myanmar key for Guangdong Zhenrong Energy

Guangdong Zhenrong Energy Co, a major Chinese bulk commodity trader, expects the country’s “One Belt One Road” strategy to help boost its overseas investments, which in its case includes a planned massive oil refinery in Myanmar. The country’s New Silk Road Economic Belt and the 21st Century Maritime Silk Road strategies were launched in 2013 […]

Rent for Yangon Zoo to be raised

The Yangon Regional government said it will raise rental fees for the Yangon Zoological Garden, which is run by the Htoo Group of Companies from Ks 70 million (US$ 70,000) to Ks 77 million per year. “The rental fee will be increased by 10 per cent starting April 1 of this year,” a spokesperson for […]

Change in owners as U Tay Za said to exit AGD Bank

Several prominent businesspeople have bought or sold stakes in Asia Green Development (AGD) Bank, as it prepares for listing on the planned Yangon Stock Exchange in 2015. Up to 60 percent of the bank could have changed hands, with prominent entrepreneur U Tay Za and his Htoo Group of Companies severing direct ownership ties with […]

Myanmar’s Aviation Industry Booms Despite Grim Safety Record

KONEMOE, Shan State — Htay Aung was riding pillion on a motorbike last Christmas morning, wending through the cool hills of eastern Burma, when Air Bagan Flight 11 came down on top of him. The Fokker 100—more than 24 tons of aircraft, plus 65 passengers and six crew—sheared its way through trees and power lines, […]

Residents protest the building of oil refinery in Dawei

Locals from Yinboat village in Dawei, Tanintharyi region have protested the building of a Chinese-backed oil refinery project. Three hundred residents from the area gathered on September 24 with posters citing President Thein Sein’s speech and the principles laid down by the Myanmar Investment Commission which call for environmentally friendly investment. “The employees working for […]