Myanmar Construction and Development (MCD) Public Co Ltd, set up by Myanmar Construction Entrepreneurs Association (MCEA), will sell its shares to the public in October, a top official of the association said.
Each share will be priced at K10,000 ($10), said U Kyaw Paing, deputy chairman of MCEA.
The public company was formed on December 31 with 32 members of the MCEA, and now companies from South Korea, Malaysia, Thailand and Singapore have also become shareholders in MCD.
“We took some time to strengthen the foundation of our company because we don’t want any single person or entity to own majority of the shares in our public company. We are implementing a limit on the maximum amount of shares that a shareholder can hold,” U Kyaw Paing said.
The association formed the public company on the speculation that the government will grant permits for construction projects to public companies in the near future.
The company was founded with a total of capital of K320 million ($320,000), in which each member of the company invested K10 million in a bid to form a firm that can compete in construction tender biddings, U Kyaw Paing said.
MCD said it will cooperate with local and foreign companies to develop budget housing, airport, industry, road and government construction projects.
The company said it will enter the Yangon Stock Exchange, which is set to open in October, within three to five years. The MCD was founded with 15 temporary board members and the company said it will select an official board by July.