The Yangon Stock Exchange (YSE), which will replace the Myanmar Securities Exchange Centre (MSEC), will be launched in Myanmar by October 2015.
Myanmar’s Deputy Union Finance and Revenue Minister Maung Maung Thein confirmed the launch while speaking at a software donation event at the Myanmar Insurance Enterprise on Sept 28 in Yangon, DVB reported.
The minister said three public companies will be listed initially: the Asia Green Development (AGD) Bank, First Myanmar Investment Co Ltd (FMI), and the Myanmar Agribusiness Public Cooperation Limited (Mapco) established by the Myanmar Rice Federation.
The AGD Bank, a public banking service network spread across Myanmar, is a licensed dealer and foreign currency changer and has an international banking department.
An investment holding company, FMI, was established in 1992 is one of the largest public companies in Myanmar. It has expanded its investments in Myanmar through various subsidiaries across sectors such as finance, automotive, agriculture, retail, real estate and tourism among others.
Mapco, the first public agricultural company of Myanmar with an accumulated capital of 11 billion kyat (358 billiion baht), is also one of the three listed companies. Established in 2012, with over 1,400 shareholders, Mapco being listed on the YSE presents an opportunity to attract more FDI into the agrarian sector in Myanmar.
Earlier in June, Maung Maung Thien had hinted that five firms would be listed on the YSE to begin with. This he said would, “ensure the quality and compactness of the stock exchange”. Sunday’s announcement, however, only named the three public-listed companies.
The Myanmar Economic Bank has partnered with Japan’s Tokyo Stock Exchange and Daiwa Securities Group in a joint venture to establish and operate the YSL.