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Myanmar Business News in Brief

MEP calls gas turbine tender

The Ministry of Electric Power has invited foreign and local investors to submit proposal for renting gas engine or gas turbine generator at Kyaukphyu in Rakhine state, a ministry announcement said. Natural gas resources for the project will be Shwe Project’s offshore gas. The deadline for submission of technical and commercial terms of the proposal is 15 July.

Yoma mulls land offer from Myanmar shareholder

Yoma Strategic Holdings said it has received a written notice from Myanmar’s Serge Pun & Associates offering the right to acquire the economic benefit of 70 percent of the land in Pun Hlaing Golf Estate (PHGE), according to Singaporean media reports. The 250 acres of land comprises a 222-acre golf course and country club and 27.5 acres of land development rights, alongside some related businesses infrastructure and facilities. Yoma estimates the land value of 100 percent of PHGE and the related businesses, infrastructure and facilities to be about $100 million. If it accepts the offer, the group intends to undertake a rights issue to fund the transaction.

Myanmar to introduce capital market for economic growth

The Myanmar Ministry of Finance will shape a capital market in the country after joining the Financial Services Agency (FSA) and the Japan International Agency (JICA), state-run media reported. The development of capital markets depends on the Yangon Stock Exchange, which is expected to come into practice in 2015, Deputy Minister of Finance Dr Maung Maung Thein said. Tatsushi Terada, deputy secretary general of Financial Services Agency, pledged Japan will share its experience on stock exchange with Myanmar so that the country can boost its economy through capital markets.

Myanmar, Singapore JV to build Thilawa jetty

A joint venture company has got the official nod to build a jetty and petrol storage tanks at Thilawa port in Yangon. Singapore-based Puma Energy Irrawaddy Pte Ltd and local firm Asia Sun Energy formed a new company, Puma Energy Asia Sun, for the project under a build, operate and transfer agreement with the government.

Caterpillar assists in $46.5-m Myanmar power plant project

American machinery manufacturer Caterpillar Inc is assisting in a project that will help meet Myanmar’s increasing power demand, with the 52MW Ywama Power Plant located in Yangon, the firm said. The $46.5-million facility entered commercial operations in February, and was delivered on a turnkey basis by Caterpillar Energy Solutions’ local dealer, Myan Shwe Pyi Tractors Ltd (MSP CAT). Caterpillar delivered turnkey power plant supply, project management and commissioning of a facility that houses 13 CAT CG260-16 gas generator with complete electrical and mechanical balance of the plant equipment. MSP CAT is also supplying a long-term operation and maintenance contract for Singapore-based UPP Power Ltd the owner of the site. The power plant is delivering electricity to the Myanmar Electric Power Enterprise (MEPE) under a 30 year contract.

WongP sets up Myanmar unit, builds ASEAN presence

WongPartnership has become the latest Singaporean firm to open an office in Myanmar, as the firm launches a regional strategy. WongPartnership has opened a base in Yangon, its second in the ASEAN region. The base will initially be staffed by a local Myanmar paralegal and a Singapore-qualified lawyer, who will relocate from Singapore. WongPartnership’s co-managing partner Rachel Eng said the firm’s strategy is to focus on growth in the ASEAN region. “Myanmar has been a hot spot for foreign investments, and we’ve been advising a growing number of transactions and projects,” said Eng. The firm has recently advised Myanmar Golden Star Beverage on its joint venture with South Korea’s Lotte Chisung Beverage, acted for Pan Pacific Hotels Group in its Yangon hotel development joint venture and assisted Amara Communications in its bid for a public telecommunications licence as part of a consortium.

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