Some 29 firms accepted as special companies under two old laws have been allowed to change to just be companies under the 1914 Myanmar Companies Act, the Ministry of Planning and Finance has said.
The firms include the Union of Myanmar Economic Holdings Ltd (UMEHL) – the Tatmadaw’s economic arm – plus subsidiaries such as Myawady Bank and Myanmar Brewery.
UMEHL was previously listed under the 1950 Special Companies Act and the 1914 Myanmar Companies Act.
It had exclusive access to secure preferential deals with foreign firms and was previously exempt from commercial and profit taxes.
UMEHL and the 28 other firms have now been allowed to become a company under the 1914 Myanmar Companies Act.
The 28 other firms turning from special companies to companies are:
- Myawady Trading Ltd,
- Adipati Agricultural Produce Trading Ltd,
- Myawady Bank,
- Myanmar Brewery Ltd,
- Myanmar Imperial Jade Co Ltd,
- Ngwepinle Livestock and Fisheries Co Ltd,
- Myanmar Ruby Enterprise Co Ltd,
- Shwe Gandamar International Trading Co Ltd,
- Manibawga Co Ltd,
- Bandoola Transport Co,
- Myanmar Land and Development Ltd,
- Lann Pyi Marine Co Ltd,
- Nawady Hotel and Travel Service Ltd,
- Myanma Five Stars Shipping Service Co Ltd,
- Agricultural Service Co,
- Aung Thisar Oo Co Ltd,
- Myawady Travel and Tour Co Ltd,
- Eager Paint Manufacturing Ltd,
- Myanmar Rubber Wood Co Ltd,
- Hanthawady Golf Course and City Association Ltd,
- Myanmar Innoline Co Ltd,
- Virginia Tobacco Co Ltd,
- Myanmar Posco Steek Co Ltd,
- Myanmar Wise-Pacific Apparel Yangon Co Ltd,
- Myanmar Inno International Co Ltd,
- The First Locomotive Co Ltd,
- Hsin Min Cement and Industrial Enterprise Co Ltd
- Yanmar Auto Manufacturing and Selling Co Ltd.
Source: Eleven Myanmar
