Myanmar faces big setbacks to implement stock exchange say deputy minister

Myanmar is facing big problems to implement a stock exchange including the need for skilled workers, according to Deputy Minister for Finance and Revenue Maung Maung Thein.

The challenge is to have enough employees who have the necessary skills to organise Stock Exchange Commission (SEC), to have building for stock exchange, to have basic infrastructure of information and technology, to give members of commission and staff for advance training and to educate public companies listed in stock exchange, the deputy minister pointed out.

At present, Myanmar has about five companies who possess these essential qualities to be included in the stock exchange and there has to be at least 80 companies for the stock exchange to run, according to Soe Thein, Executive Director of Myanmar Securities Exchange Co, Ltd.

The Parliament has approved the Securities Exchange Certificate Transaction Law on June 31 and currently waiting to pass the by-laws to form associated organisations concerned with stock exchange.

In transaction law, it didn’t state about foreign companies to include in the exchange market.

Foreign companies have faced difficulty to include in Myanmar stock exchange market because of the Myanmar Companies Act which was affected in 1914.

Now the Parliament is revising to amend the Myanmar Companies Act and will try to announce before 2015, said Aung Naing Oo, Director General of Department of Investment and Companies Administration.

Source: ELEVEN Myanmar

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