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Telenor Group has announced today that it has entered into an agreement to sell 100 percent of its mobile operations in Myanmar to M1 Group for a total consideration of 105 million USD (approximately 900 million NOK), of which 55 million USD (approximately 470 million NOK) is a deferred payment over five years. The...

Dollar rate hits K1,700

The dollar rate has been strong against Myanmar Kyat since the military coup reaching over K1,700 per dollar on August 11. This is the second time that the dollar rate against Myanmar Kyat reached over K1,700 within six months after the coup compared to K1,355 per dollar before the...
The junta's Ministry of Commerce has proposed to set the price floor for unhusked rice at MMK560,000 per 100 tins for the rice grown in the rainy season and summer of 2021-2022, at the Work Committee meeting held in the last week of August. U Nyunt Aung, Deputy Minister of...
Germany-based international wholesale company METRO has announced that it will cease its foodservice distribution business in Myanmar due to the volatile investment and business environment in the Southeast Asian country, which is expected to continue for some time. "We made this decision with regret because we started 2019 with positive...
Major Japanese retailer Aeon has decided to postpone its $180 million shopping mall project in Myanmar due to the political turmoil in the country, according to NHK reports. Aeon planned to start the construction process this year and expected to open the mall by 2023. The project is a joint venture...
The military junta amended the 2020 Union Tax Law cutting the percentage of taxation on unassessed income or undisclosed sources of income with the aim, it said, to increase businesses which severely hit by the impact of the COVID-19 pandemic. The NLD administration introduced taxation on unassessed income in a...
China, Myanmar’s major trade partner, has closed all the border tradeposts on the Myanm-China border with the closure of Chin Shwe Haw border trade gate on October 6 with the excuses to curb the spread of COVID-19. China has restricted imports from Myanmar through a $450 million Chin Shwe since five...
Colliers International Myanmar and Noble Twin Dragons Co., Ltd. (Ruby Dragon Group of Companies) entered an exclusive investment representation agreement for Pyay Tower and Pyay Residences. The upcoming mixed-use commercial and residential project sits on 2.16-acre freehold land, located in one of Yangon’s premium addresses. Designed as a prime landmark development, the project is...
New Yangon City Development Project has received 16 Expressions of Interests (EOI) submitted by companies and consortiums from nine countries in the Swiss Challenge for the first package of works launched on October 15, 2020, by the Swiss Challenge Tender Committee. It is the Committee’s objective to apply a structured...
Japanese drinks giants Kirin Holdings booked an impairment loss of over 21.4 billion yen ($193 million) in the six months through June on account of its beer production businesses in Myanmar. But it is not planning to exist in Myanmar, Reuters reported quoting senior executive officer Toru Yoshimura from Kirin,...