MAPCO to take a year for listing

Myanmar Agribusiness Public Corporation will not immediately float on the Yangon Stock Exchange when it launches, which is slated for later this year, according to company director U Ye Min Aung.

The firm has already signalled its intention to eventually list, and U Ye Min Aung said after the listing criteria emerges the companies wishing to register on the exchange will better know what they have to do. MAPCO is still finding its feet as a company preparing to list.

“Some companies are already prepared with the norm of international listed companies, so it is not strange for them,” he said.

First Myanmar Investment and Asia Green Development Bank have also publicly declared an intention to eventually list.

The Yangon Stock Exchange is slated to launch at the end of November or beginning of December, having been pushed back as the launch was to coincide with the election.

Deputy finance minister and Securities and Exchange Commission of Myanmar chair Dr Maung Maung Thein said yesterday that he hopes the listing criteria for public companies will be released as soon as this week.

“We can give them a soft copy of the criteria. We will also put the criteria on the notice board at the Securities and Exchange Commission’s office, so anybody can look at it,” he said. The office is on Sule Pagoda Road in downtown Yangon, opposite the former Myawaddy Bank head office, which is to become the home of the exchange.

Dr Maung Maung Thein said the three main criteria for listed companies will be transparency, good governance and strong accounting standards.

“I see some companies that will be able to apply to join the exchange in keeping with our criteria,” he said. “Perhaps there are some fruits hidden by leaves that we don’t know about yet.”

The commission will look at the applications by companies which are keen on listing, and eventually decide which are suitable.

U Ye Min Aung also said that the service providers needed to wrong the exchange – underwriters, dealers, brokers and advisory companies – have not yet been selected, which is crucial for the Yangon Stock Exchange to go ahead.

Source: Myanmar Times

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