Friday, June 10, 2011

White Tiger Party declines to buy land won in auction

Friday, 10 June 2011 17:50 Phanida

Chiang Mai (Mizzima) – Despite being the highest bidder in a government auction, the Shan Nationalities Democratic Party (SNDP) aka White Tiger Party says it will not buy land at the corner of Inya Road and Garden Road in Kamayut Township in Rangoon. The Ministry of Home Affairs owns the land.

The headquarters of the White Tiger Party. Photo: Mizzima
The party won the right to purchase the land, but the party has decided not to exercise its right, said party treasurer Saw Than Myint.

The winning bid of 21 billion kyat (about US$ 26.9 million) involved the right to buy 1.4 acres of land and property at the corner of Inya Road and Garden Road in Kamayut Township in Rangoon, according to a Flower News Journal article on May 29, referring to a figure released by the privatization commission.

A businessman in Rangoon said many private bidders were not satisfied with the recent government auction and have decided not to exercise their right to buy.

In the third week of May, the Companies Control Department in Naypyitaw allowed the White Tiger Party to register its business company, Top White Tiger, but the department is still examining the company directors, according to party sources.

The board of directors includes MP Sai Hla Kyaw of Linkhay Township and Saw Than Myint.

If the company is approved, the party will sell 1 million shares at a face value of 10,000 kyat per share to the public. The maximum number of shares per person is 100 million kyat.

Meanwhile, the party has announced that it will publish a weekly journal in both the Burmese and Shan languages starting in July. The White Tiger Party won the third highest number of seats in the 2010 election, with 57 seats. At least 12 candidates of the White Tiger Party will contest in the by-elections.

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