Business

3 firms get permits to operate hotel businesses

The Myanmar Investment Commission (MIC) has granted permits to three local companies to operate hotel businesses in Nay Pyi Taw, Kayin and Rakhine regions.

The three local companies are Max (Myanmar) Hotel Co Ltd to operate hotel servicing business in Nay Pyi Taw, Snow Diamond Co Ltd in Hpa-an Township, Kayin State, and Eden Hotels and Resort Co Ltd in Thandwe Towship, Rakhine State.

The permits were granted during the MIC meeting held on January 16 and the three companies will operate as local investment firms.

Illegal trade suppresses official trade volume, says commerce minister

Commerce minister Win Myint said the huge volume of illegal trade in Myanmar is responsible for the country’s low trade figures compared to China and Thailand.

The minister spoke at the SME Development and Socio-Economic Life Improvement Meeting on January 20.

Myanmar designates five-year transition period of stock market

Yangon – The Securities and Exchange Commission of Myanmar has already designated a five-year transition for Stock Exchange Certificates Market (SECM).

“It [period] may be increased or reduced. Under the transition period, SECM will be under the Finance Ministry. The expected transition period could be five years. But the period may be increased or reduced. At the moment, the process seems quite successful.

KBZ Bank signs loan agreement with Cathay United

Kanbawza (KBZ) Bank and Taiwan-based Cathay United Bank (CUB) have signed an agreement on monetary cooperation to pay out more loans for to help Myanmar businesses expand, according representatives of KBZ Bank.
On January 13, Nang Leng Kham, executive director of Kanbawza Bank Ltd and Mr Aaron Hung, general manager of CUB signed the agreement at the Sedona Hotel in Yangon. The signing event was also attended by Aung Ko Win, chairman of Kanbawza Bank Ltd and Mr Tsu-Pei Chen, chairman of CUB.

Tycoon Tay Za announces uranium purchase

Tay Za, chairman of Htoo Group of Companies, said at a press release at his residence on January 19 that he has purchased uranium-bearing ores weighing 3.5 visses.
He said he brought the ores at a price of Ks 20 million per viss from lapidaries Aung Naing from Mogok and Nyunt Wai from Phone-Kan village, about 35 miles from Mogok, where the stones were found. He paid a total of Ks 50 million for the ores.
He said he bought the ores 10 days ago and sent them to the Ministry of Science and Technology a week ago to check whether or not they bear uranium.

Corruption, access to lands and lack of technology: obstacles to manufacturing sector

Myanmar’s manufacturing sector faces various challenges, including corruption, lack of technology, inadequate financing, a lack of skilled labour, inflation of land and rent prices and inadequate supplies, all of which are most likely to constrain growth in the sector, according to the Myanmar Business Survey.

ADB to provide $400,000 for research on historic Yangon buildings

The Asian Development Bank (ADB) will provide Myanmar with US$400,000 in aid to conduct a study on historic buildings in Yangon, according to the urban planning department at the Yangon City Development Committee (YCDC).

"This is a preliminary study. We will be provided with about $400,000. The study will take less than a year. Then projects will follow," said urban planning department director Toe Aung.

The study will focus on both government and private buildings.

AYA Bank to provide international banking services

Ayeyarwady Bank is preparing to open services in other countries, according to managing director Phyo Aung.

AYA bank is one of the banks on the US’s blacklist, along with some state-owned banks, such as Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank, as well as military-owned banks such as Innwa Bank and Myawaddy Bank. The blacklist also includes some private banks, including the Asia Green Development Bank, owned by tycoon Tay Za.

MTE to sell wood through open tender

Myanma Timber Enterprise (MTE) will sell more than 5,700 tonnes of logs and sawn timber through an open tender system.

Timber exports to US to reach 300 tonnes

Myanmar is expected to export around 300 tonnes of timber to the USA by the end of this fiscal year, says Bar Bar Cho, joint secretary of the Myanmar Timber Merchants Association.