Htay Chun, a member of the Myanmar Securities Exchange Supervisory Commission said the country is not in a position to establish an over-the-counter market for public companies which are not included on the Yangon Stock Exchange (YSX).
There was a widespread criticism that the selling of shares by some public companies without an over-the-counter market is illegal. The government primarily planned to open the market last year. But the plan to set up that market has not materialized yet.
So far, the number of registered public companies has reached 280. But there are only four listed companies at the YSX. Like Myanmar Agro Exchange Public Ltd, unlisted companies can carry out share trading, he added. “The MSESC has approved the prospectus of the MAEX. That company can sell shares at the over-the-counter market as described in the prospectus,” he continued.
The commission has granted service licenses to six out of 10 securities companies for the YSX. Interested companies can apply to the commission for the establishment of the over-the-counter market which requires not less than three securities companies.
Source: Eleven Myanmar
