Yangon Stock Exchange formally opens for business
YANGON, Myanmar (AP) — The Yangon Stock Exchange has officially opened for business, more than three months after its launch.
First Myanmar Investment Co. Ltd., became the first stock to be traded Friday after receiving listing approval for an opening price of 26,000 kyats ($22). It is one of Myanmar's biggest public companies, with over 6,700 shareholders. It is owned by real estate tycoon Surge Pun.
The company's share price put its value at around 610 trillion kyats or over $500 million.
Five other companies are due to list, including Myanmar Citizens Bank, First Private Bank and Thilawa SEZ holdings, which controls an industrial zone jointly run by the government and a Japanese consortium.
The Yangon exchange is a joint venture between Myanmar, Japan's Daiwa Institute of Research and the Japan Exchange Group.