Monday 28 April 2014

Thilawa SEZ shares oversubscribed

The initial public offering of Thilawa Special Economic Zone has seen more than double the IPO subscriptions than 2.145 million shares available, said a company spokesperson at the April 25 press conference in Yangon.

The company recently arranged the IPO to raise US$ 21 million to fund the first phase of Thilawa SEZ, a sprawling industrial complex located about 20 km south of Yangon.

More than 17,000 intended subscribers offered to buy a total of more than 4 million shares, at the cost of Ks 10,000 (US$10) per share. Since only 2.145 million shares are available, the 1.8 million over-subscriptions subscribers would be refunded, said the company official.

The subscribers will be contacted in a few days from the banks handled the IPO subscriptions and the company will bear the remittance fees, he said.

Thilawa SEZ project is a Myanmar-Japan joint venture with the 51/49 per cent ownership ratio. It is expected to be operational by 2015. The project includes a large industrial zone, a deep sea port, factories and housing projects.

source: Eleven Myanmar

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