On Dec 9, Myanmar grandly inaugurated Yangon Stock Exchange (YSE). Nyan Htun, Myanmar Vice President, initiated the ceremony by ringing a bell at the former Central Bank and Myawaddy Bank Building on Sule Pagoda Road. The opening ceremony was attended by Minister of Finance Win Shein, Deputy Finance Minister and head of the Myanmar Securities and Exchange Commission Maung Maung Thein, Deputy Minister of Foreign Affairs Thant Kyaw, Chief-Minister of Yangon Region Myint Swe, Ambassador of Japan to Myanmar and other invited guests.
The Yangon Stock Exchange is a joint venture between the state-owned Myanmar Economic Bank, which holds a controlling share of 51 percent, the Daiwa Institute of Research, which holds 30.25 percent and the Japan Exchange Group which holds 18.75 percent.
Dr Maung Maung Thein, stated “we would like to see that listed companies do not start soon and wait for the good time of stock trading on the stock market. Yangon Stock Exchange has to start smoothly. Myanmar is late in entering the stock and share market compared to other countries”.
The approved list of six public companies was announced at opening ceremony. They include Myanmar Agri-business Public Corporation, Myanmar Thilawa SEZ Holdings, First Myanmar Investment, First Private Bank, Great Horkham and Myanmar Citizens Bank. However, their shares will start trading only in late February or early March 2016. The Securities and Exchange Commission has selected Kanbawza Bank as the first player in the capital market to provides services and the remaining underwriters will be given licenses sooner or later.
