The Yangon Electricity Supply Board (YESB) said last week that it is planning to transform itself into a listed company to operate more effectively.
The YESB will retain 51 percent of the shares, while the public will be offered 49 percent, officials said, adding that priority will be given to local partners rather than foreign firms.
Myanmar is striving to meet an increasing electricity demand in the country and has drafted an energy bill aimed at curbing the extraction and sale of natural gas to be reserved for generating electricity.
The bill calls for using natural gas extracted inland and offshore from the 2014-15 fiscal year for electricity generation as part of its efforts to supply power to the whole country.
Electricity demand in Myanmar is shooting up at a rate of about 20 percent every year due to fast economic growth.
