Metro Cash & Carry to build wholesale facility in Thilawa SEZ

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Metro-Cash-Carry-to-build-wholesale-facility-in-Thilawa-SEZ-1The Metro Group (“Metro”), which operates the wholesale and retail chain Metro Cash & Carry internationally, has commenced construction on a wholesale warehouse facility in the Thilawa Special Economic Zone (“Thilawa SEZ”). According to Metro’s deputy CEO Ms. Tiparayat Kaewsringarm, Metro the Thilawa SEZ facility will be operated by Myanmar Wholesale Myanmar Limited (“Metro Myanmar”), the company’s Myanmar subsidiary. Read more…

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Ministry of Electricity and Energy state three new natural gas-fired power plants will have the capacity to meet all of Yangon’s energy demands

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Ministry-of-Electricity-and-Energy-state-three-new-natural-gas-fired-power-plants-will-have-the-capacity-to-meet-all-of-Yangon’s-energy-demands-1.jpgThree new natural gas-fired power plants with a combined production capacity of in excess of 450 megawatts are expected to commence operation before the end of May 2018. According to U Khin Maung Lay, deputy managing director of the Ministry of Electricity and Energy (“MOEE”) the additional output will be sufficient to meet Yangon’s energy demands. Read more…

International Finance Corporation enters into advisory agreement with Myanmar’s Ministry of Agriculture, Livestock and Irrigation

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International-Finance-Corporation-enters-into-advisory-agreement-with-Myanmar_s- Ministry-of-Agriculture- Livestock-and-Irrigation-1On 25 August 2017, the International Finance Corporation (“IFC”), a member of the World Bank Group, entered into a technical assistance agreement and advisory agreement (“Technical Assistance Programme”) with Myanmar’s Ministry of Agriculture, Livestock and Irrigation (“MOALI”) to support its efforts to boost the productivity, product quality and know-how in Myanmar’s agricultural sector. Read more…

DICA announce YSX-listed companies to benefit from reduced rate of income tax

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DICA-announce-YSX-listed-companies-to-benefit-from-reduced-rate-of-income-taxMyanmar’s Ministry of Planning and Finance has announced that companies listed on the Yangon Stock Exchange (“YSX”) will benefit from a reduced income tax rate of 20% as opposed to the current rate of 25%.  The reduced rate is intended to encourage new companies to list on the YSX. Read more…

Environmental management plans completed in respect to mines located in Lonkhin – Hpakant Gems Tract

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Environmental-management-plans-completed-in-respect-to-mines-located-in-Lonkhin-Hpakant-Gems-TractEnvironmental management plans completed in respect to mines located in Lonkhin – Hpakant Gems Tract

Environmental management plans (“EMP”) have been completed in respect to jade mines located in the Lonkhin – Hpakant Gems Tract in Kachin State.  The EMP’s were drafted by Coffey Myanmar Limited and Valentis Services Limited (“Coffey-Valentis”), in partnership with local company Geosystems Engineering Myanmar Limited. Read more…

YSX-listed First Myanmar Investment to increase its share capital and issue two million new shares to shareholders

YSX-listed-First-Myanmar-Investment-to-increase-its-share-capital-and-issue-two-million-new-shares-to-shareholdersFirst Myanmar Investment Co. Limited (FMI), the maiden company to list on the Yangon Stock Exchange (YSX), has announced it intends to increase its share capital and issue an additional two million new shares to existing shareholders. FMI is an investment holding company and one of Myanmar’s largest and most successful conglomerates maintaining a diverse range of investments. Read more…

International Finance Corporation to provide additional support to Myanmar’s agricultural sector

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International-Finance-Corporation-to-provide- additional-support-to-Myanmar_s-agricultural-sectorInternational Finance Corporation to provide additional support to Myanmar’s agricultural sector

The World Bank’s investment arm, The International Finance Corporation (IFC) is intends to provide increased support to Myanmar’s agricultural sector. According to the IFC’s Resident Representative for Myanmar Mr. Vikram Kumar, Myanmar has a “significant comparative advantage” in the agricultural sector. Read more…

KBZ Bank and Yoma Bank establish Myanmar’s first interbank lending facility

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KBZ-Bank-and-Yoma-Bank-establish-Myanmar-first-interbank-lending-facility.jpgKBZ Bank Limited (KBZ) and Yoma Bank Limited (Yoma) have entered into Myanmar’s first repurchase agreement (Repo).  Repos are a form of short-term borrowing for dealers in government securities. Under the Repo, the dealer sells government securities to investors on a short-term basis and buys them back on an agreed date.  Read more…