A total of 41 licensed contractors have formed the first public company in Mawlamyine, Mon State, with a starting capital of about K6 billion in their shares.
The launching ceremony of the public company for the development of Mon State took place at Silver Rain Hotel in Mawlamyine on September 9.
"We will mainly focus on construction tasks because most shareholders have experience in construction business. As we are a public company, we will work together to solve any problems when we carry out construction tasks. As chairman of the company, I will do my best for the success of our company," said chairman Aung Moe Kyaw.
"Over 40 shareholders contributed K6 billion. We start with a public company. We will later start sharing for more knowledge. As we have township representatives, we will inform all the 10 townships about the matter. A share is worth K10,000. For 10 shares, it will cost K100,000. After we have received a company registration, we will sell our shares to the public. Then, our company will be bigger."
Each of 41 shareholders contributed an amount ranging between K3 million and K500 million for the establishment of a public company. Company setting-up was managed by Myanmar Licensed Contractors Federation.