Sunday 10 March 2013

Myanmar tech giant to spin off its telecom, IT units

Elite Tech, one of the country’s largest private technology companies, will spin off its telecom and information technology divisions as a single public company, Sai Khin Maung Aye, its executive director said.

He said the company, owned by tycoon Tay Za, had applied for a license to set up Elite Telecom Public Company and that once it had received the license it would sell shares to the public and use the funds to finance new ventures.  The new company will combine Elite Tech’s lucrative telecom and IT business units, he said.

“We submitted the application for the public company license one month ago. It’s hoped we will get it soon. Then, we will sell company shares to the public,” Sai Khin Maung Aye said, adding that the new company’s share price had yet to be set.

After spinning off the two units Elite Tech will focus on expansion and advanced technologies, he said.

Elite Tech works with state-run Myanmar Post and Telecommunication to distribute SIM cards for mobile phones as well as top-up cards. It also sells broadband connections to homes and other Internet-related and IT services. The company makes SIM cards and sells flight tickets.

Elite Tech was set up in 2009 and is an affiliate of the Htoo Group of Companies, whose owner, Tay Za, was a close associate of the previous military regime.
 
source: Eleven Myanmar

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