Myanmar Citizens Bank (MCB), a semi-government backed bank, is scheduled to begin trading on the Yangon Stock Exchange (YSX) on August 26.
MCB has been a public company since YSX opened in December and is the first local bank on the YSX. The base price of MCB will be announced prior to the listing day.
Founded in 1992 as a semi-government owned bank, MCB was initially designed to process foreign exchange for exporters when there were only two state banks in Myanmar. Until 2011, the Ministry of Commerce held 55 percent of the share; now their share stands at 10 percent.
MCB has a paid-up capital of about 52 billion kyats (about 44 million U.S. dollars ). The Ministry of Commerce of Myanmar has paid up to 5.12 billion kyats and the public paid up to 46.88 billion kyats. MCB has 1,700 shareholders and sold its shares in March to