Metro Wholesale Myanmar secures US$20m loan from the International Finance Corporation

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Metro Wholesale Myanmar Limited (“Metro Wholesale Myanmar”) a Myanmar joint-venture company owned by Frankfurt-listed Metro AG (85%) and Singapore-listed Yoma Strategic Holdings Limited (15%) has secured a US$20m loan from the International Finance Corporation (“IFC”), the investment arm of the World Bank. Read more…

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Yoma Strategic Holdings raises US$70 million in debut bond sale

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Yoma Strategic Holdings (“Yoma”) has raised Bhat 2.3 billion (or approximately US$70 million) from Thai institutional investors in what is the company’s first corporate bond raising. SGX-listed Yoma Strategic registered the issuance with the Securities and Exchange Commission of Thailand on 25 January 2019. Read more…

Myanmar’s Ministry of Planning and Finance to allow foreign insurance providers operate in Myanmar

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The Ministry of Planning and Finance (“MOPF”) has announced foreign insurers will be permitted to operate in Myanmar.  Pursuant to MOPF announcement No 1/2019, foreign insurance companies will be allowed to provide insurance, underwriting and insurance brokerage services. Read more…

Apex Bank Limited to provide uncollateralized loans to SMEs

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Myanmar’s Apex Bank Limited (“MAB”) has announced it will provide uncollateralized loans to Myanmar’s small and medium sized businesses (“SMEs”). The lending programme is being implemented in cooperation with German state-owned development bank KfW (formerly KfW Bankengruppe). Read more…

China Communications Construction Company and New Yangon Development Company in talks to develop New Yangon City project

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The Myanmar Government-owned New Yangon Development Co. Limited (“NYDC”) and the HKEX-listed China Communications Construction Company (“CCCC”) are in advanced negotiations in respect to the New Yangon City Development Project (“Project”). NYDC and CCCC are currently in the process of preparing pre-project documentation (“PPD”). Read more…

Mineral Development Bank to provide loans to gem and mineral SMEs

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The Central Bank of Myanmar (“CBM”) has approved the establishment of the Mineral Development Bank (“MDB”) to provide banking services to small and medium size enterprises (“SMEs”) in the gems and mineral sector. Speaking at the opening ceremony U Ohn Win, Minister for Natural Resources and Environmental Conservation said “The MDB was established to provide loans for developing technologies in the extraction of gems and minerals and production of finished products”. Read more…

Central Bank of Myanmar issues notification permitting foreign banks to provide wholesale banking services to Myanmar businesses

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Pursuant to Central Bank of Myanmar (“CBM”) Notification No. 6/2018, foreign banks in Myanmar will be permitted to provide commercial services, putting them on a more equal footing with the countries local banks. According to CBM Vice-Governor. U Soe Thein, a further implementing notification will soon be issued to deal with technical issues and to set out the exact scope of the banking services foreign banks will be permitted to provide. Read more…

Myanmar Government drafting strategy to encourage savings

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The Myanmar Government is drafting a National Savings Mobilisation Strategy to encourage the public to save more. According to the Deputy Minister of Planning and Finance U Maung Maung Win “despite rising volume of savings at local banks, more is needed to support continued economic growth and for Myanmar to reach parity with its regional neighbours”.  Read more…

Growth in Myanmar mining industry expected on the back of increased investment

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Myanmar’s mining industry is expected to grow in 2019 following an increase in both foreign and domestic investment in the sector. According to U Than Soe, deputy permanent secretary of the Ministry of Natural Resources and Environmental Conservation (“MONREC”), it is anticipated additional permits for small-scale mining will be issued over the next twelve months. Read more…