Business

FMI get green light to enter stock market

 

According to an official company statement, First Myanmar Investment Company Limited (FMI) has been approved by the Yangon Stock Exchange (YSX) to sell its shares.

FMI and its shareholders have had their securities exchange account opened and will be able to trade once the YSX allows trading on March 25.

Four new gas wells being drilled

Four gas wells are being drilled as part of the Yadana Gas Project to extract more gas in 2017, according to the Ministry of Energy.

“In 2017, the volume of extracted gas will start falling, so to compensate for the reduced gas levels, we are drilling new wells,” said Than Htun, an advisor for the ministry.

Total E&P Myanmar, a joint venture involving French oil company Total and the Myanmar Oil and Gas Enterprise, was established in 1992. The operation started exporting gas in 1998 via pipelines.

Govt sues companies for overdue gold payments

Six companies that are late in their payments in gold to the state will have more charges piled on them by Nay Pyi Taw and Mandalay courts, according to an official from the No 2 Mining Enterprise under the Ministry of Mines.

According to the same source, three companies are already being sued by the government in court, and there are plans to sue five companies from Nay Pyi Taw and one company from Mandalay.

World Bank prioritises six areas for Myanmar

THE WORLD Bank Group (WBG) in Myanmar has outlined six priority areas to ensure that economic prosperity is shared by all.
 
They are access to social services, reducing rural poverty, private-sector competitiveness,financial inclusion, access to energy, and public-sector governance.
 

Dawei locals, CSOs raise concerns over violation of human rights

CIVIL SOCIETY organisations (CSOs) and local residents living near the Dawei Special Economic Zone (SEZ) have called for action from the Japanese, Myanmar and Thai governments to tackle human rights violations before allowing the project to resume.
 

Deep-sea port undermines sovereignty: residents

Kyaukpyu residents have written to President Thein Sein and the Kyaukpyu Special Economic Zone’s management committee to warn that the deep-sea port project in Rakhine State could endanger national sovereignty.

It said the new government should consider scrapping the project.

The residents demanded “world-class” compensation and land replacement for farmland seized for the Kyaukpyu SEZ as it was claimed it would invite "world-class" tenders.

Bank grants loans to 427 firms

The Small and Medium Industrial Development Bank says it has granted loans to 427 small- and medium-sized enterprises (SMEs).

The SMIDB planned to grant Ks10 billion in 2012 and Ks20 billion in 2013. The SMIDB says it has more than Ks8 billion available to lend.

Dr Than Tun, the bank's chair, said: “Since 2012, the SMIDB has been offering loans to SMEs. We have already granted loans to 427 SMEs."

Investment expected to rise under new govt

More foreign investment is expected to enter the country under the National League for Democracy government, says secretary Aung Naing Oo of the Myanmar Investment Commission (MIC).

He said the economy had excellent potential. 

“The incoming government is politically strong as it is elected by the people in accordance with their desires. There is great potential for domestic and foreign businesses in the country,” he said.

More offshore wells planned to supply Thai demand

Offshore wells will be drilled at Zawtika natural gas project at Mottama offshore block this year, according to the energy ministry.

Than Tun, an adviser to the ministry, said: “Zawtika natural gas project has three phases. The first is to drill 36 wells. Some existing wells will stop production while others will continue. Then four platforms will be built and production will start next year.”

Foreign fertiliser factory deal signed

Japan-based Mitsui says it will invest 1.2 billion yen (US$10.50 million) to build a fertiliser plant in Thilawa Special Economic Zone in cooperation with Singapore's Behn Meyer and the Myanmar Agribusiness Public Corporation (MAPCO).

Mitsui & Co Ltd entered into an agreement with Behn Meyer to form a joint-venture company, BMM Venture, registered in Singapore. Mitsui will acquire a 49-per-cent equity stake.