Hong Kong Based Financial Institution Is Granted Underwriter, Dealing, Brokerage and Consulting License for Upcoming Yangon Stock Exchanges
A Hong Kong based financial institution and its Myanmar joint venture partner have been granted a security license for the upcoming Yangon Stock Exchange. The joint venture company, Expert Investment Securities Co Ltd, has received a full type securities license for the exchange, which is scheduled to open in the second week of December, 2015.
Earlier this year, an invitation for proposals by the Myanmar government has been announced and 57 companies have applied for the underwriting, brokerage, dealing and security advisory licenses. The winners have been announced sporadically in October.
On October 7th, Expert Investment Securities Co Ltd was announced to be among the first batches of license awardees. On October 8, Daiwa Securities Group also announced that it had been awarded a provisional underwriter license. The Myanmar Times then learned that eight companies had been offered conditional underwriting licenses in total, including AYA Bank, KBZ Bank and United Amara Bank, with two more under consideration.
The Chair of the Securities and Exchange Commission of Myanmar U Maung Maung Thein said that there would be 10 companies to be granted underwriter licenses, but the results were not disclosed until the they are announced officially, which should take place in November..
Meanwhile, since the Yangon Stock Exchange will be open soon in early December, Expert Investment Securities Co Ltd said that they were screening companies to be qualified for initial public offerings soon and they are under the process of preparing the IT infrastructure to connect with the Yangon Stock Exchange and setting up their first office in Yangon. They will open a few more offices in Yangon in the future.