Myanmar Citizens Bank shares are up over 60 percent since the firm’s listing last week, rising for four consecutive trading days to avoid a trend that has seen previous firms start a slow fall in value after day three.
The governments of Indonesia and Myanmar will sign a memorandum of understanding next month to continue a rice export agreement. But the respective commerce ministers will then have to tackle an unresolved issue over payment for a previous shipment that failed to comply with Indonesian regulations.
The Myanmar Investment Commission is preparing to release new policies next month, according to the deputy director of the Directorate of Investment and Company Administration, which acts as a secretary to the investment approvals body.
Permits for 321 jade and gems blocks will expire in September, the government has said, and will not be renewed, under an industry-wide freeze on new licences expected to continue until by-laws to the Myanmar Gemstones Law have been passed.
A request to suspend construction of a small-scale hydropower dam in Sagaing’s Homalin township has been sent to regional parliament, as officials say the construction firm behind the project has fallen well behind its schedule and has failed to apply proper environmental safeguards or decent compensation to households affected by the dam.
The government has set an ambitious target for its upcoming Treasury bond auctions next month, aiming to sell about K1.85 trillion (US$1.53 billion) in debt, to account for 60 percent of its domestic borrowing for this year’s budget, a senior official from the Central Bank told the Pyidaungsu Hluttaw last week.
A government official has quashed reports that the Yangon Region Supervisory Committee for Motor Vehicles will be abolished in September, although plans are still in place to absorb the committee into a new public transportation group.
The Tanintharyi Region government has announced it will take back undeveloped land from companies that have failed to implement proposed agriculture projects, but will need the support of Nay Pyi Taw to put the plan into action.
The Yangon Region Bus Control Committee is forming a public-private partnership (PPP) company and has applied to be one of several such firms that will run bus lines as part of an overhaul of the city’s public transportation system, committee chair U Min Zaw told The Myanmar Times.