Yangon Stock Exchange 10 underwriter names leak

The YSE will be launched on 9th Dec 2015. The name of the 10 firms that leaked out are:

  1. AYA Bank’s wholly owned subsidiary, AYA Trust Securities Company. Aya Bank is owned by U Zaw Zaw of Max Myanmar Group.
  2. Co-operative Bank’s wholly owned subsidiary CB Bank Securities
  3. Daiwa Securities and state-owned Myanma Economic Bank’s joint venture subsidiary, Myanmar Securities Exchange Centre
  4. Global World Securities, an Asia World affiliated company
  5. Green Circle Company, known in Myanmar for its Ve Ve drinks brand, in a joint venture with Hong Kong-based Pins Capital, called Expert Investment Securities
  6. Innwa Bank linked Aung Myint Mo Min Securities
  7. KBZ Group and Singaporean firm Stirling Coleman Capital’s joint venture company KBZ Stirling Coleman Securities
  8. Loi Hein Company and Thai firm KT ZMICO’s joint venture subsidiary KTZ Ruby Hill Securities
  9. United Amara Bank’s wholly owned subsidiary Amara Securities
  10. Young Investment Group’s wholly owned subsidiary, Union Trust Securities Company

Of the above securities companies – only 3 have  registered with the company registrar here in Yangon – the are Ayatrust Securities Company Limited (registered on 6/11/2015), Union Trust Securities Company Limited (registered on 13/10/2015) and KBZ Stirling Coleman Securities Co., Ltd. (registered on 07/10/2015).

The company registration date shows that only the 3 above firms were certain that they will get the underwriter’s licence – the rest were probably informed by the YSE only in the last 2 weeks.

Visibly absent from the lineup are Yoma Strategic Holdings and FMI (Serge Pun’s group where the CEO Melvyn Pun was formerly the Managing Director, Head of Asia Ex-Japan Corporate Solutions Group, Goldman Sachs in HK) and Htoo Group. Normally these conglomerates have a finger in every pie in Myanmar.


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