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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