Yangon Urban Public Transportation Company (YUPT) is planning to fulfill the demand of shareholders in accordance with the company’s financial rules, said U Hla Aung, the joint-secretary of the Yangon Region Transport Authority (YRTA), at a press conference at the YRTA Office in Yangon on 5 February.
The YUPT knows 229 shareholders’ demand for share repurchase. I also reported it to the chair of the YRTA. The heads will deal with the cases. We have to make discussions and negotiations with the BOD members and the region government in order that the management of the company’s money is in accord with the financial rules.
According to a press conference on 4 February, the YUPT’s shareholders said they will open a lawsuit against officials as they have not get any profit for three years and the company fails to do buybacks of its own shares.
A total of 229 out of 289 shareholders from the YUPT have submitted complaints to the President and the parliament as they do not get any profits during over three years. But there is no significant improvement. We will send our complaints to four pillars. Now we hold a press conference. The last one is the legal process. We will ask for the permission from the President to open a case if those involved are government officials, said U Htein Win a shareholder.
The shareholders will wait three weeks from 4 February. After that, the shareholders will proceed with the legal action after consulting with legal experts. Officials promised to buy back the shares after Region Minister Daw Nilar Kyaw met with some representatives of shareholders twice. But it did not materialize till now.
Shareholders plan to sell their shares as they do not get any profit within three years. The YUPT is operating bus services using 490 buses with the contribution of over Ks40 billion—Ks 35 billion by Yangon Region Government and over Ks5.6 billion by 289 shareholders.
The contribution of 229 shareholders who want to resell their stakes is over Ks four billion, according to the shareholders.
