Monday, January 28, 2013

Burmese bank to go public in 2015

Monday, 28 January 2013 12:16 Khin Myo Thwe

A representative from the Asia Development Green Bank (AGD Bank) has confirmed that it will go public in 2015.

“The Central Bank has allowed AGD Bank to form a public company. It has applied to the companies’ registration department and once the company gets permission to form a public company, foreign experts will be assigned to evaluate the company’s assets to set the share value,” said U Thet Lwin Shwe, deputy managing director of AGD Bank.

He continued, “We had meetings with foreign investors—most of them are from foreign public companies. We are preparing to issue shares when the stock share exchange market begins in 2015.”

As the first step of becoming a public company, the shares will be issued to bank staff member free of charge, the remainder will be sold to the public.

Other banks such as: First Private Bank Ltd., Yoma Bank Ltd., Myanmar Citizen Bank Ltd., Myanmar Livestock and Fisheries Development Bank Ltd., Small and Medium Enterprises Development Bank will become public banks, as well.

At the moment Burma only has a little known 17-year-old stock market offering over-the-counter deals in a handful of stocks.

Burma's reformist regime is eyeing a modernization of the country's antiquated banking sector, which was left in tatters by decades of military rule and economic mismanagement.
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