Banks, miners and hotels are likely to be among the first to list on the Yangon Stock Exchange as early as in October 2015 says PwC.
Myanmar is trying to lure foreign investors by updating its legal and
regulatory framework, and opening its stock exchange within the next two
years.
Foreign banks will be able to set up joint ventures with local banks by
2015, said Myanmar-based tax advisers at PricewaterhouseCoopers. After
establishing JVs, foreign banks will build their own subsidiaries.
About 18 foreign banks have already set up a representative office in Myanmar. Standard Chartered is the latest, having won a licence in January.
The government aims to unbind the limitation by reviewing and updating
the existing Financial Institutional Law, and expects to complete the
process by 2015. Meanwhile, it is preparing to enact a securities
exchange law by the end of this year.
At the same time, Myanmar is preparing to establish a stock exchange by
2015. The exchange will have agencies, brokers, dealers and
underwriters, as well as new share offerings by that time.
Banks, miners and hotels are likely to be among the first to list on
the Yangon Stock Exchange, as early as October 2015, said PwC.
Myanmar also plans to further develop its interbank market, bond market and currency market.
“People need to be very patient, because the market is 50 years behind
and trying to catch up with international standards,” said Jasmine
Thazin Aung, a Yangon-based director in advisory with PwC.
source: Financial Asia
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