Foreigners can buy shares at YSX in August

An event to clarify the Myanmar Companies Law 2017 and company procedures, at Union of Myanmar Federation of Chambers of Commerce and Industry. (Photo-Zeyar Nyein)

 

From August, foreigners can start buying shares at Yangon Stock Exchange (YSX), said Aung Naing Oo, Director-General of Directorate of Investment and Company Administration (DICA) at an event to clarify the Myanmar Companies Law 2017 and company procedures, at Union of Myanmar Federation of Chambers of Commerce and Industry on July 23.

“Restrictions included in the old law have been removed along with the enactment of the new law,” Aung Naing Oo who is also Secretary of Myanmar Investment Commission continued.

According to the provisions of the Myanmar Companies Act enacted in 1914, the company which has one-per-cent stake by foreigner is designated as a foreign company. The new law allows foreign investors to hold up to a 35-per-cent stake in a domestic company, he added.

The new Myanmar Companies Law will take effect on August 1. The companies with a 35-per-cent foreign investment can offer trading service, offer insurance services and buy apartments and office rooms.