Golden Myanmar Business Exchange plans US$5 million data center

Fisherman fishes on the sea. Silhouette at sunriseGolden Myanmar Business Exchange (“GMBX”), a provider of data center services, has announced it intends to establish a new facility in Myanmar at a cost of approximately US$5 million. GMBX is a joint venture between Yangon-based Golden TMH Telecom Co. Limited (“GTMH”) and Golden 11 Investment International Limited. Read more…

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TTCL Public Co. to construct US$2.5 bil­lion coal-fired power plant in Karen State

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TTCL-Public-Co- to-construct-US-2.5-bil­lion-coal-fired-power-plant-in-Karen-StateThe Thailand-based TTCL Public Company Limited (“TTCL”) will invest US$2.5 bil­lion to develop a new coal-fired power plant in Karen State. Construction on the plant is expected to be completed by 2023 and be fully operational by 2024 and have a capacity of 1,280 megawatts (“MW”). The project is a joint-venture with the Myanmar Government with TTCL taking a majority 95% share and the Myanmar Government 5%. Read more…

New Myan­mar Investment Commis­sion approved projects create 18,923 job opportunities

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Investment projects approved by the Myan­mar Investment Commis­sion (“MIC”) in August and September 2017 are expected to create 18,923 new job opportunities. According to U Maung Maung Win, Deputy Minister of the Ministry of Planning and Finance ‘‘foreign direct in­vestment is still at the crucial part in uplifting technology, capacity and job opportunities for the country. Read more…

Myanmar’s Department of Civil Aviation cooperating with the Interna­tional Civil Aviation Or­ganization to ensure the sustainable development of the Myan­mar aviation sector

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myanmar-to-benefit-from-asean-hong-kong-free-trade-agreement-1Myanmar’s Department of Civil Aviation has announced it will cooperate with the Interna­tional Civil Aviation Or­ganization (“ICAO”) in relation to the sustainable development of the Myan­mar’s aviation sector. The ICAO is a specialized agency of the United Nations which codifies the principles and techniques of international air navigation and fosters the planning and development of international air transport to ensure safe and orderly growth. Read more…

Myanmar Investment Commission approves construction of new China-backed industrial zone

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Myanmar countrysideThe Myanmar Investment Commission (“MIC”) has approved the construction of a new industrial zone in Maubin Township, in the Ayeyarwady region. The Maubin Industrial Zone (“MIZ”) will be developed on 250 acres of land. Preliminary construction work commenced at the MIZ site in May 2017 although MIC permission was not officially granted until November. Read more…

Myanmar Government introduces new fiscal year from 1 October 2018

myanmar-government-introduces-new-fiscal-year-from-1-october-2018-The Myanmar Government has made changes to Myanmar’s financial year which currently runs from 1 April to 31 March. The first new financial year will commence on 1 October 2018 and end on 30 September 2019. Accordingly, the new deadline for the filing of annual tax returns in the new financial year i.e. the 2018–2019 financial year will be 30 December 2019. The financial year of 2017–2018 will end on 30 March 2018. Read more…

Japan’s ANA Holdings Inc. abandons Myanmar’s Asian Blue Airline Project

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Japan-ANA-abandons-Myanmar-Asian-Blue-Airline-ProjectJapan’s ANA Holdings Inc. (“ANA”) has announced it will wind up its joint venture in Myanmar, after its application for an air operator’s certificate (“AOC”) was rejected by the Myanmar’s Department of Civil Aviation.  ANA established the Asian Blue Airways Co. Ltd (“Asian Blue”) as a joint venture in partnership with local investor Golden Sky World in 2016.  ANA had agreed to invest US$70.8 million and take a 49% share in Asian Blue. Read more…

Grid Corporation of China launches projects in Shwebo in northwestern Myanmar as part of the Belt and Road Initiative

Myanmar, Bagan - Aerial view nb. 9The state-owned Grid Corporation of China (“SGCC”) has commenced construction on a 230 KV Nabar-Shwebo-Ohntaw power transmission line and a substation project in Shwebo in Myanmar’s northwestern Sagain region. In the first phase of the project approximately 516 villages (70,078 households) in Kathar and Shwebo district will be provided with electricity. Read more…

Yoma Strategic Holdings raises US$60.1 pursuant to placement of 155 million primary shares on the SGX

Bagan at Sunset, Myanmar.Singapore-listed Yoma Strategic Holdings Limited (“Yoma”) has raised S$82.2m (“Placing Proceeds”) (or approximately US$60) through the placing of 155 million new ordinary shares (“Placing Shares”) for 53 cents each. The Placing Shares represent approximately 8.2% interest in Yoma. Read more…