Logistics player Ever Flow River to list on YSX this year

Ever Flow River Group Public Company (EFR Group), which provides logistics services in Myanmar, wants to list on the Yangon Stock Exchange (YSX) this year, its chair, U Kyaw Lwin Oo, told The Myanmar Times. If successful, it will become the sixth company to list on the bourse since its launch in 2016.

EFR Group is listing to gain better access to funds it will need to develop its logistics assets and to strengthen its reputation and corporate governance standards over the longer term, U Kyaw Lwin Oo said. “There should also be a logistics company listed on the YSX,” he added.

EFR Group is one of the largest logistic companies in the country and was established in 1996. The company provides services to five industries: trading, agriculture, manufacturing, hotels and tourism.

It comprises seven subsidiaries, one affiliate and two project companies and employs over 600 employees, according to the company.

Last year, Hlaing Inland Terminal and Logistics Company, a subsidiary of EFR, said it plans to invest US$46 million in an inland terminal logistics center in Yangon. The 40-acre project is to comprise a logistics centre, bonded warehouse, inland container depot and a seven-storey office building.

The facility is located near Shwe Lin Ban Industrial Zone in Hlaingtharya township, and will be accessible by barge and truck, according to the company.

There are currently five companies listed on the YSX: First Myanmar Investment Co, Myanmar Thilawa SEZ Holdings, Myanmar Citizens Bank, First Private Bank and TMH Telecom, which listed on the YSX in February last year.

TMH Telecom is the first YSX company to offer new shares on the stock exchange under an IPO. It sold a total of 12.2 million shares, raising K1.6 billion in proceeds. The first four listings on the YSX were by way of introduction of existing shares.

Two other companies, Myanmar Agro Exchange Public Ltd, which built the Danyingone wholesale market, and hydro-engineering company Great Hor Kham have also been attempting to list on the YSX.

Another company, Myanmar Agribusiness Public Corp told this newspaper in January that it is planning to list after 2020.

The YSX is expecting more companies after the Ministry of Planning and Finance earlier this year announced that foreign companies would be allowed to enter the insurance market.

Meanwhile, to drum up trading on the exchange, the YSX, together with the Japan International Cooperation Agency have also formed an independent task force to build up an IPO pipeline and increase the number of listed companies on the YSX.

Last year, the bourse also doubled its order matching frequency to four times per day in a bid to generate more interest and activity in the local stock market.

This story has been corrected to say that Ever Flow is seeking a listing on the YSX and not an IPO as originally reported.

Source: Myanmar Times

To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Puma Energy", “MOGE”, “yangon new town”,"MECTEL", "hydropower", etc.