Scan raises capital for Myanmar operation

SET-listed Scan Inter Plc (SCN), a natural gas trader and operator of compressed natural gas (CNG) stations, has increased its registered capital by 97.63 million baht via a private placement (PP) to beef up its solar power plant operation in Myanmar. The registered capital comes at an offering price of 4.50 baht per share. Scan’s […]

Tour operators barely surviving due to “incredibly shaky” demand

Small tour operators are on the verge of collapse as market demand in the tourism sector took a hit among Western visitors, as bookings for the impending peak season are “incredibly shaky”, according to a local company. In addition, hopes on wooing Asian investors were dashed by the now-abandoned “$1,000 in cash per tourist” entry […]

Myanmar dam overflow floods 100 villages

Monsoon rains caused a central Myanmar dam to overflow early Wednesday, inundating about 100 villages and blocking the country’s biggest highway, a government official said. No casualties have been reported but thousands were displaced and took shelter in temporary camps. Swar Chaung dam’s spillway structure, which regulates the release of water from the levee, broke […]

Draft law for foreigner-only casinos in Myanmar: report

A bill that would authorise in principle the setting up of foreigner-only casinos in the Southeast Asia state of Myanmar was submitted to the lower house of the country’s legislature on Tuesday, the Myanmar Times newspaper reported on Wednesday. The Gambling Bill 2018 is said to include amendments to an existing statute, the Gambling Act […]

China Beating Japan in War for Economic Influence in Myanmar

While the Japanese foreign minister and State Counselor Daw Aung San Suu Kyi discussed Rakhine’s development in Naypyitaw last week, a Chinese Communist Party provincial secretary met the vice president to discuss increasing investment in agriculture, transport and technology cooperation. It is not the first time China and Japan have been seen directly competing on […]

Singapore Pledges Continued Support for Myanmar

Singapore’s foreign minister said the city-state and current ASEAN chair would continue to support Myanmar’s economic development and peace process through its many challenges. Speaking with journalists from across the regional bloc on Monday, Vivian Balakrishnan said Singapore stood with Myanmar as it tackled economic challenges, civil war and the Rohingya crisis. Balakrishnan has met […]

SolarHome bags more funding to expand into Myanmar, Indonesia and Cambodia

SolarHome, an off-grid solar firm focused on Southeast Asia, has raised US$5 million to date, having recently closed a US$1 million convertible note offering with impact venture capital firm Insitor Impact Asia Fund. The new funding will help SolarHome to extend its network of hubs throughout Myanmar, offer more products and expand into Indonesia and […]

State-owned Thai oil company unit to invest more in Myanmar

BANGKOK — Thailand’s PTT Exploration and Production, a subsidiary of Thailand’s national oil and gas conglomerate PTT, plans to greatly expand its investment in Myanmar. The company aims to join a new round of bidding for oil and gas exploration rights, due to open by the end of this year, in hopes of cashing in […]

2.0 launches ride-hailing app which includes bikes, boats and horse carts

2.0 Limited has launched a new transport mobile app in Yangon, Mandalay and Nay Pyi Taw that could rival Grab’s taxi app. The new OK app, which launched earlier this month, offers both drivers and passengers more flexibility and options compared to the other taxi apps in Myanmar. ‘’We created this app with Myanmar citizens, […]

New Chair of Kyaukphyu SEZ Wary of Chinese Loans

YANGON — Myanmar will endeavor to take on no loans from China to complete the Kyaukphyu Special Economic Zone (SEZ) but would offer the developer no sovereign guarantees to mitigate risk if it does, said the project’s new chairman, seeking to allay fears of a debt trap. Sean Turnell, an economic adviser to State Counselor […]