FMI plots bright future at AGM

First Myanmar Investment Co plans to bolster its finances and expand its projects in the coming year, attendees at the firm’s annual general meeting were told on November 22.

Chairman U Theim Wai overviewed the company’s activities in the 2011-12 financial year at the meeting, which was held at the National Theatre in Yangon.


He said FMI had investments in six sectors – financial services, automobiles, real estate, agriculture, manufacturing and services – in the year, adding that the company had closed its

Wood Technology Industries in the manufacturing sector.

U Theim Wai said the company’s real estate businesses contributed K1.5 billion (about US$1.77 million) in dividends to the company – about 87 percent of total revenues for the year. He added that the company’s agriculture divisions look promising for the coming year.

Meanwhile, SPA Elevators won contracts to install six escalators at the west entrance of Shwedagon Pagoda, plus seven elevators at Star City and Pun Hlaing Golf Estate, which U Theim Wai said the company expects will be a growth sector in years to come.

“The rapid changes in the economic climate underpinned by the political changes is no doubt putting considerable pressure on the need for us to substantially increase our financial capacity in order to take advantage of the opportunities that are emerging,” he said.

He said that as part of its medium-term planning, a functioning Myanmar stock exchange will emerge in 2015 and FMI has approximately three years to prepare.

“We have been one the few companies in the past 20 years to have our own over-the-counter [OTC] trading facilities for our shares, and that has served our shareholders well. But we will need to elevate that to a higher level when we join the Myanmar stock exchange,” he said.

“Therefore, FMI is preparing for this in a serious and orderly manner,” he added.

U Theim Wai said the company would pay a dividend of about K1500 a share.

The company also announced that it would participate in some major projects in coming years, including the $350-million redevelopment of the Grand Mee Ya Hta site in downtown Yangon.

FMI also signed an agreement with Parksons Department Store group on August 17 that will see the companies open the brand’s first store in Yangon on the first four floors of FMI Centre on Bogyoke Aung San Road. The store is expected to open in March next year.

The company also launched FMI Air Charter Company in partnership with SPA Myanmar on September 10, offering air shuttles between Yangon and Nay Pyi Taw, U Theim Wai said.

“For now, it is only an air charter business on one route but we intend to establish our own airline to develop a nationwide air charter business in the coming years,” he said. “I am pleased to report that our application for our own chartered airline license has already received approval in principal and I anticipate that we will be operating fully by the next financial year.

“Many of our entities in the group have signed up for the Global Compact program initiated by the United Nations. This program is to encourage businesses to up hold human rights, labour standards, environment and anti-corruption,” he said.

Yoma Bank regained its full banking license on August and plans to resume banking facilities soon, he said. Yoma was one of four banks that were accused by money laundering in 2003 and had its license suspended.

source: The Myanmar Times
http://mmtimes.com/index.php/business/3461-fmi-plots-bright-future-at-agm.html