myanmar delays launching stock exchange to make away for election
Last Updated : GMT 07:21:17
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Arab Today, arab today

Myanmar delays launching stock exchange to make away for election

Arab Today, arab today

Arab Today, arab today Myanmar delays launching stock exchange to make away for election

Myanmar stock exchange
Yangon - XINHUA

Myanmar has delayed the launch of the country's first ever stock exchange until the first week of December for the general election scheduled in early November, the Finance Ministry said on Sunday.

The planned Yangon Stock Exchange, or YEX, was originally scheduled to debut in October but was so postponed to make way for the country's upcoming general election set for Nov. 8.

The stock exchange will be operated by the Myanmar Economic Bank in partnership with Japan's Tokyo Stock Exchange and Daiwa Securities Group.

Only a small number of companies is said to be allowed to list on the stock exchange initially to highlight quality. The first batch of listed companies include the Asia Green Development Bank, Myanmar Agribusiness Public Corporation and First Myanmar Investment Co., Ltd.

Transactions will be done in the local currency. The purchase of shares by investors is unlimited but unusually large investment will be scrutinized, said Deputy Finance Minister U Maung Maung Thein.

According to the minister, a seminar will be hosted in Yangon on Sept. 13, aimed at raising public awareness about trading on the stock exchange.

Under an agreement signed in Nay Pyi Taw in December 2014, the Myanmar Economic Bank will take 51 percent of the stakes of the Yangon Stock Exchange Joint Venture Co. Ltd., while Japan's Daiwa Institute of Research Ltd. and Japan Exchange Group will take 30. 25 percent and 18.75 percent, respectively.

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