Myanmar Thilawa Special Economic Zone Holdings Public Ltd (MTSH) announced yesterday that it would suspend trading of its shares at the Yangon Stock Exchange from October 30 to November 3.
The board of directors of the company previously agreed to split each stock into 10 units. MTSH sought approval for the move from its share holders at its special general meeting on October 23, according to U Aye Win, the company’s administrative and human resources director.
The move aims to increase share trading volume at the YSX. This will enable people to buy shares easily, said Win Aung, chairperson of the MTSH.
MTSH’s shares were mainly controlled by nine public companies, namely, the First Myanmar Investment Co (FMI), Golden Land Asia Development Ltd, Myanmar Agribusiness Public Corporation Ltd (MAPCO), Myanmar Agriculture & General Development Public Ltd, Myanmar Edible Oil Industrial Public Corporation Ltd, Myanmar Sugar Development Public Company Ltd, Myanmar Technologies and Investment Corporation Ltd, National Development Company Group Ltd and New City Development Public Company Ltd.
Golden Land Asia Development Ltd and the MAPCO have five per more shares on the market than when they first listed, while the value of shares owned by the remaining seven companies has declined, with the FMI having the fewest shares.
The total number of shares at the YSX has increased from 3,892,915 units to 38,929,150 units. Due to share split, the number of MTSH shares has increased ten times, though their value remains the same as before.
“In the past, people were unable to buy shares as the value of a share stood at over Ks 40,000 per unit. Now, they can buy shares at a price of just over Ks 4,000 per unit. I expect that the share split will encourage share trading,” Win Aung added.
Yesterday, the price of one MTSH share stood at Ks 48,000 per unit; Myanmar Citizens Bank shares, at Ks 9,400 per unit; and FMI shares, at Ks 16,500 per unit.
Source: Eleven Myanmar
