Thursday, August 17, 2017

Date set for first bank listing on Yangon Stock Exchange

Myanmar Citizens Bank will become the first lender to list on the Yangon Stock Exchange (YSX) with its debut scheduled for August 26, according to a notice posted to the bourse.

The base price for shares will be announced on the YSX one working day The base price for shares will be announced on the YSX one working day before the listing date, the announcement said, and Myanmar Securities Exchange Centre will lead the deal.

“Though YSX has officially announced that the bank has been approved as a listed company, trading will not begin until August 26,” U Toe Aung Myint, president of MCB told The Myanmar Times.

All firms planning to list on the Yangon Stock Exchange must publish disclosure documents in advance of their Initial Public Offering (IPO) including details of their recent financial results, business strategy and ownership structure.

MCB published its disclosure document on August 12.

The commercial bank, which was founded in 1991, said it had 10.4 million shares outstanding and paid-up capital of K52 billion as of July 31 this year. Its authorised capital is K75 billion.

MCB will join First Myanmar Investment and Myanmar Thilawa SEZ Holdings to become the third company listed on the exchange, which opened late last year.

When it opened, six companies were named as the first that would list. The other three are Myanma Agribusiness Public Corporation (MAPCO), First Private Bank and Great Hor Kham Public.

MAPCO is aiming to list this October or November, the company’s executive director U Ye Min Aung told The Myanmar Times.

 Translation by Thiri Min Htun and Zar Zar Soe