Myanmar Government announces plans to construct oil refinery in the Magne region

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Myanmar-Government-announces-plans-to-construct-oil-refinery-in-the-Magwe-region

The state-owned Myanma Petrochemical Enterprise (MPE) has announced details of its plans to construct a new oil refinery in the Magwe Region on a Public Private Partnership basis.  The new refinery will be constructed near an existing state-run facility and will have a capacity of 2 million tonnes per year. It will be supplied with crude from the South East Asia pipe line, which extends onshore Myanmar from the Rakhine coast to Yunnan province in China. Read more…

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YSX doubles daily stock trade matching

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Silhouette of old church in dawnThe Yangon Stock Exchange (“YSX”) has announced it will double its stock trade matching times to four from two, subject to approval from the Securities and Exchange Commission of Myanmar (“SECM”).  Read more…

Directorate of Investment and Company Administration announce total annual foreign direct investment in Yangon exceeds US$ 54 million

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Before sunrise over temples of Bagan in Myanmar

As of the middle of March 2018, total annual foreign investment in Yangon had exceeded US$ 54 million. According to the Directorate of Investment and Company Administration (“DICA”) thirty-eight businesses secured foreign investment. Read more…

Sales to commence of residential units at the Peninsula Residences Yangon

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Tung PagodaYoma Strategic Holdings Limited (“Yoma”) together with its joint venture partners, First Myanmar Investment Company Limited (“FMI”) and The Hong Kong and Shanghai Hotels Group, Limited (“HSH”) have jointly announced the launch of sales of properties at The Peninsula Residences Yangon. Read more…

The Securities and Exchange Commission of Myanmar to form dedicated task force to help companies list on the Yangon Stock Exchange

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The-Securities-and-Exchange-Commission-of-Myanmar-to-form-dedicated-task-force-to-help-companies-list-on-the-Yangon-Stock-ExchangeThe Securities and Exchange Commission of Myanmar (“SECM”) has announced it intends to form a special task force to assist companies list on the Yangon Stock Exchange (“YSX”). The task force which will be formed with the help of the Japanese International Cooperation Agency, is expected to facilitate and expedite the listing process. Read more…

Myanmar traders anticipating increased trade on back of new sources of trade financing

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Silhouette of Pagoda at Wat Phra Sri Sanphet in ThailandThe Central Bank of Myanmar (“CBM”) has granted approval to seven foreign banks to provide trade financing services in Myanmar. In December 2017, pursuant to a policy-change allowing foreign participation in the sector, the CBM received applications from 13 foreign banks seeking permission to offer trade financing. The CBM has confirmed that the remaining five banks will receive CBM approval over the coming months. Read more…

Myanmar Centre for Responsible Business urges Myanmar Government to rethink its approach to mineral resource development

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Sphere above waterThe Myanmar Centre for Responsible Business (“MCRB”) has published a sector-wide impact assessment (“SWIA”) of Myanmar’s mining industry in which it urges the Myanmar Government to reconsider its approach to mineral resource development. The MCRB argue a fundamental rethink is necessary if Myanmar wants to attract responsible mining investment and address historic problems. Read more…

Condominium Rules expected to lead to increased activity in Myanmar’s real estate sector

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Condominium Rules expected to lead to increased activity in Myanmar_s real estate sectorIncreased activity is expected in Myanmar’s property sector in 2018 following the introduction of investor-friendly rules implementing Myanmar’s Condominium Law (2016). The Condominium Rules (2017) (“Condominium Rules”), issued by the Ministry of Construction ease restrictions on foreign ownership, clarify certain aspects of the Condominium Law and provides additional protections for buyers. Read more…