The company formed by local businesses to develop the Kyaukphyu special economic zone (SEZ) will start selling its shares to the public later this year, a senior executive of the company said.
The shares of Myanmar Kyaukphyu SEZ Public Holding Co Ltd will be sold at a price of K10,000 each, U Tin Aung, secretary of the company, said.
However, exact details including the number of shares or when they will be sold were not made available.
“We are discussing the sale of shares to the public which will be carried out later this year. Well into its third year, the project is attracting public attention,” Kyaukphyu SEZ monitoring committee chairman U Ba Shwe told Myanmar Business Today.
Kyaukphyu SEZ is planned to be developed through collaboration between local and foreign private businesses. Three developers for the port, industrial and construction projects respectively will be selected in December, according to U Myint Thein, chair of Kyaukphyu SEZ management committee, and also the deputy director of the Ministry of Rail Transportation.
The SEZ public holding company, which was given the go-ahead by the Directorate of Investment and Companies Administration (DICA) in July, will drive the SEZ development process through engaging in construction and tourism operations, industrial services, water infrastructure and residential development projects and deep-sea port construction, according to the official announcement.
The SEZ management committee has said the developers must make sure to submit project plans and designs by 2015 to carry on with the project development.
“Rakhine state has shortages of water, electricity and transportation infrastructure which need to be developed on a priority basis,” U Ba Shwe said.
However, he said as the state is prone to conflict, the public is expected to take a wait-and-see approach for about four years.
“They will participate only when they are confident about profits. We have to see if this project can pique as much interest as Thilawa SEZ,” he added.