Myanmar, Japan to Invest $30.4m in Stock Exchange JV
Myanmar and Japan’s Daiwa Securities Group will invest K30 billion ($30.43 million) in a joint venture stock exchange project in Yangon, U Maung Maung Thein, deputy minister for finance, said.
Myanmar government will hold 51 percent stake in the JV while Daiwa will hold the rest.
The minister said a total of 105 public companies are under scrutiny for listing on the stock exchange, scheduled to come up in October 2015.
China’s CPI Asks Myanmar to Honour Hydropower Project
China’s China Power Investment Company (CPI) has urged the Myanmar government to honour the halted contract for the construction of a hydropower project on the Ayeyarwady river signed with the former Myanmar government, a senior CPI official said.
However, President U Thein Sein will not change his decision to halt the controversial mega dam project, the 7Day Daily reported quoting a Presidential spokesman.
The president would defend his decision in accordance with the law even if the Chinese developer brings the case to the court, he added.
India’s Exim Bank to Give $350m Loans to Myanmar
The Exim Bank of India has agreed to give $350 million in loans to Myanmar for irrigation and transport projects, local media reported.
Myanmar to Amend Company Act with Help From ADB
The Myanmar Company Act, enacted in 1914, will be amended with the assistance of Asian Development Bank (ADB), a senior official from the Myanmar Investment Commission was quoted as saying in local media.
Plans Underway to Privatise Major Rail Services
Arrangements are underway to privatise some major rail services including the circular service in commercial city Yangon and the more than 1,400-km long Yangon-Mandalay-Myitkyitna service, a senior ministry official told local media.
Only a few out of more than 400 rail services being run by the ministry break even.