Taikisha Ltd Establishes Subsidiary in Myanmar
Japanese conglomerate Taikisha Ltd has established a subsidiary, Taikisha Myanmar Co Ltd, in Myanmar, which will be engaged in design, installation and maintenance of air-conditioner, electrical equipment, sanitary equipment and painting equipment, it said in a stock exchange filing. The company is holding 99.9 percent and Taikisha (Thailand) Co Ltd is holding 0.1 percent stake in the subsidiary.
Authorities Seize $200m in Laundered Money
Myanmar authorities seized $200 million in laundered money after a 15-month investigation into 70 mostly drug-related cases, a senior officer with the Special Bureau of Investigation was quoted in local media as saying.
Over 100 Buildings Await Reconstruction in Yangon
More than 100 dangerous buildings out of 1,600 in Yangon have been waiting to be reconstructed since 1994 despite the property boom in the commercial city, local media reported. The common reason for delays is disputes over land ownership, the report added.
Denko Gets MIC Nod for Oil Depot Project
Denko Trading Company owned by tycoon Chit Khaing has been granted permission to build an oil depot, according to the Myanmar Investment Commission. The company will implement the project on 24 acres land of Thilawa deep sea port under a build-operate-transfer (BOT) agreement authorised by the transportation ministry and Myanmar Ports Authority.
State-run Entities to Finance Themselves
Myanmar’s state-owned enterprises (SOE) will not be funded by the government anymore as they will be held accountable for their own expenses starting from coming fiscal year, Minister for Finance U Win Shein said. The change in policy is to encourage SOEs to be market-oriented, he told a parliament session.
IGE Planning Joint Venture with Hydrochina Corp
Local conglomerate IGE Company is planning to sign a joint venture deal with Hydrochina Corp, according to the Ministry of Electric Power. IGE Company and Hydrochina Corp will carry out multiple hydropower projects such as the 1,200 megawatt Naungpha hydropower project on the Thanlwin River and the 225 megawatt Mantaung hydropower project on the Namtma River, local media reported. In both projects, 90 percent of the electricity will be distributed to China and 10 percent to Myanmar. The government will have a 15 percent stake in the venture. While IGE will only receive 3 percent of the combined shares, Hydrochina will be the majority shareholder.
VP Stresses Taking Advantage of ASEAN Chairmanship
Myanmar Vice President U Nyan Tun has stressed taking advantage of Myanmar’s ASEAN Chairmanship to develop special economic zones, and grab the opportunities brought by the country’s economic reform and regional economic integration.