The Yangon Stock Exchange (YSX) has received 57 applications from businesses seeking involvement in the upcoming bourse, an official has said.
There have been 30 applications from share distribution companies, seven from stock trading companies and brokers and 20 from advisory and consultancy firms, Dr Maung Maung Thein, deputy minister for finance, said.
“We are now establishing the standards for selection. We can’t rush this as it is quite new in the history of Myanmar,” he told reporters.
The stock market will be established with priority to those companies who have submitted capital to the Myanmar Credits Supervisory Commission. K15 billion will come from stock distribution companies, K10 billion from direct traders, K7 billion from brokerage companies, and K3 million from advisory and consultancy companies.
Dr Aung Thura, CEO of Thura Swiss, a business research and advisory company, told Myanmar Business Today, “Advisory companies should have in-depth knowledge so that there can be many investors. Careful company selection needs to be done and (partnerships made with) reliable ones.”
He also said that as stock service companies are starting up, many companies will begin to apply for licences as well, and the market will develop and prosper soon.
Dr Maung Maung Thein added that local companies will be given permission to join the stock exchange for the time being but cooperation with foreign stock exchange will be considered according to the market needs.