“Regarding share purchasing right, if a person propose to buy 1000 shares, he will be allowed to buy only 510, meaning that people who want more will be entitled to more shares but not the amount they propose. The people who subscribe one share (US$ 10.4 per share) to 500 shares (US$ 5208) will get the amount they ask. More than 90 per cent will be able to buy their desired amount but to the remaining 9 per cent, shares will be allotted in proportion,” Sett Aung said.
Myanmar-Japan Thilawa Development, which is a joint venture with 51/49 per cent ownership ratio, is establishing Thilawa Special Economic Zones.
From Myanmar side, Thilawa SEZ Committee owns 10 per cent shares and Thilawa SEZ public company has 41 per cent. For Japanese side, MMS Thilawa Development led by Sumitomi, Misubishi and Marubishi owns 39 per cent and Japan International Cooperation Agency (JICA) representing Japanese government has the 10 per cent stake.
“While the state is involved for 10 per cent of equity, initial public offering was made for public involvement in holding shares to fill the other 41 percent for the implement of the project when nine public companies collaborate. In allowing so, when the initial nine companies own five shares each out of Myanmar side’s share, they own altogether 45 per cent of 100 for private sector. The remaining 55 per cent of the shares are sold to the people as the purpose is to have the people involved. Speaking in terms of figures, 22.145 million shares are sold from March 3 through 450 bank outlets,” said Win Aung, chairman for Myanmar Thilawa SEZ Holdings Public Limited (MTSH).
source: Eleven Myanmar
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