YANGON, March 28 (Xinhua) -- International Financial Corporation (IFC), a member of the World Bank Group, will lend 80 million U.S.dollars to subsidiaries of Shangri-La Asia Limited to improve travel infrastructure and boost tourism sector of Myanmar.
IFC's investment will be used to complete the renovation on the Traders Hotel here, owned by Shangri-La, and also increase its capacity from 270 to 485 rooms, a press release of IFC said on Friday.
The investment will also be used to complete construction of the Shangri-La Residences Yangon, a 240-apartment building.
Tuesday, 1 April 2014
SEC needs to be set up asap—Japan Exchange Group
Myanmar’s Securities Exchange Commission should be formed as soon as possible to prevent fraud or inappropriate selling of shares, the Japan Exchange Group (JEG) has urged the authorities.
“The Myanmar government should form the SEC as soon as possible to promote the quality of the Security Exchange Law,” a spokesperson from JEG said.
Last July, the law came into force. It says that the SEC must be formed in order to set rules and regulations. In addition, public companies must have the SEC’s approval to sell shares under the law’s requirements and also have to show their financial statements.
“The Myanmar government should form the SEC as soon as possible to promote the quality of the Security Exchange Law,” a spokesperson from JEG said.
Last July, the law came into force. It says that the SEC must be formed in order to set rules and regulations. In addition, public companies must have the SEC’s approval to sell shares under the law’s requirements and also have to show their financial statements.
Powering Myanmar: FDI, Geopolitics and the Appetite for Risk
In the last article of Breaking Energy’s series on Myanmar, we take a look at the state of foreign investment. For more on the challenges facing the government and how the country uses electricity, see the first article. For details on the government’s pricing structure and demand projections, see the second article.
High-end car buyers to benefit from major tax breaks
Importers and buyers of expensive new cars will be able to save considerable sums in registration fees according to the government's new tax relief programme announced on Tuesday.
According to the new rules, cheap vehicle importers will receive a tax relief of between Ks 300,000 (US$ 300) to Ks 5 million (US$ 5,000) while high-class car importers will save up to Ks 20 million (US$ 20,000).
"According to the new rates, the more expensive a car is, the larger tax benefits a handful persons who can buy new cars receive," car dealer Win Htut remarked.
According to the new rules, cheap vehicle importers will receive a tax relief of between Ks 300,000 (US$ 300) to Ks 5 million (US$ 5,000) while high-class car importers will save up to Ks 20 million (US$ 20,000).
"According to the new rates, the more expensive a car is, the larger tax benefits a handful persons who can buy new cars receive," car dealer Win Htut remarked.
Myanmar invests in transportation
With a number of on-going projects and more in the pipeline, Myanmar looks set to reduce its transport infrastructure gap, although a shortage of labour and materials could drive up costs.
While progress to date has been slow in part due to limited financing options, local players believe the investment environment is improving as a result of recent legal changes. “The government’s drive to improve the legal framework in the fields of finance and ownership will widen the range of funding options going forward,” U Aung Zaw Naing, Group CEO of Shwe Taung Development Company, told OBG. “We expect this process of economic and legal reforms, together with the inflow of funds from foreign investors, to facilitate financing activities for developers and contractors in the near future.”
While progress to date has been slow in part due to limited financing options, local players believe the investment environment is improving as a result of recent legal changes. “The government’s drive to improve the legal framework in the fields of finance and ownership will widen the range of funding options going forward,” U Aung Zaw Naing, Group CEO of Shwe Taung Development Company, told OBG. “We expect this process of economic and legal reforms, together with the inflow of funds from foreign investors, to facilitate financing activities for developers and contractors in the near future.”
Myanmar expects 5 million tourists in 2015 - President
Myanmar is expecting five million tourists in 2015, said President Thein Sein during a parliamentary speech marking three years since his administration took office.
“Tourist arrivals broke the record since 2011 and reached to 2 million in 2013. Our country has topped the list of world top travel destinations awarded by international tourism organisations for three consecutive years," the president said.
He added that they were expecting more than three million tourists to visit Myanmar by end of 2014 and five million in 2015.
“Tourist arrivals broke the record since 2011 and reached to 2 million in 2013. Our country has topped the list of world top travel destinations awarded by international tourism organisations for three consecutive years," the president said.
He added that they were expecting more than three million tourists to visit Myanmar by end of 2014 and five million in 2015.
Coca-Cola to Suzuki Myanmar Factory Rush Spurs Shipping: Freight
Coca-Cola Co. (KO:US) and Suzuki Motor Corp. (7269) are among companies pushing demand for transportation of machinery to Myanmar to bottle drinks and make trucks, after the country’s five decades of isolation during military rule.
Coca-Cola, which opened a bottling plant in Myanmar last year, plans to invest $200 million over five years while Suzuki restarted production of trucks last year after leaving the market in 2010. Asahi Group Holdings Ltd. (2502), Japan’s biggest beermaker, said this month it’s forming a venture to start operations there this year.
Coca-Cola, which opened a bottling plant in Myanmar last year, plans to invest $200 million over five years while Suzuki restarted production of trucks last year after leaving the market in 2010. Asahi Group Holdings Ltd. (2502), Japan’s biggest beermaker, said this month it’s forming a venture to start operations there this year.
Burma Awards Offshore Oil and Gas Deals to Foreign Firms
RANGOON — Burma’s Ministry of Energy on Wednesday announced that it has awarded international firms, mostly from Western nations, 20 areas in its waters to explore for oil and gas.
The government has invited international firms to come in and help bolster state revenues by tapping into Burma’s oil and gas reserves, and large multinationals were among the winners in the latest tender. Following the announcement, watchdog groups called for heightened transparency from companies and the government as the search for energy resources in Burma is set to accelerate.
The government has invited international firms to come in and help bolster state revenues by tapping into Burma’s oil and gas reserves, and large multinationals were among the winners in the latest tender. Following the announcement, watchdog groups called for heightened transparency from companies and the government as the search for energy resources in Burma is set to accelerate.
Woodside secures Burma permits
On the eve of its self-imposed deadline to finalise a company-defining farm-in into the Leviathan gas field off Israel, Woodside Petroleum appears to have had success on another frontier.
Reports out of Rangoon last night said that Woodside, in partnership with British giant BG Group, has been awarded several offshore blocks in Burma's latest round of exploration permit auctions.
Details of Woodside and BG's financial commitment to secure the shallow water blocks A-4 and A-7, as well as the deepwater permits AD-2 and AD-5, are not known.
Reports out of Rangoon last night said that Woodside, in partnership with British giant BG Group, has been awarded several offshore blocks in Burma's latest round of exploration permit auctions.
Details of Woodside and BG's financial commitment to secure the shallow water blocks A-4 and A-7, as well as the deepwater permits AD-2 and AD-5, are not known.
Air Safety to Be Tested as Burma Braces for Tourism Boom
RANGOON — As Burma’s economy grows and tourist arrivals rise, aviation safety will be increasingly put to the test in a country long ago described as Southeast Asia’s air travel hub, but which more recently acquired a reputation for having one of the region’s worst air safety records.
“We believe we can handle that,” said Win Swe Tun, deputy director general at the Department of Civil Aviation (DCA), when asked by The Irrawaddy if Burma’s air traffic infrastructure could safely manage a possible increase in tourist numbers from 2 million in 2013 to a projected 7 million foreign arrivals per year by 2020.
“We believe we can handle that,” said Win Swe Tun, deputy director general at the Department of Civil Aviation (DCA), when asked by The Irrawaddy if Burma’s air traffic infrastructure could safely manage a possible increase in tourist numbers from 2 million in 2013 to a projected 7 million foreign arrivals per year by 2020.
Myanmar Awards Block M07 in Moattama Basin to Tap Oil and its JV Partners
Tap Oil Limited reported Thursday that it has been notified by the Myanmar Ministry of Energy (MOE) of the successful award of a Production Sharing Contract (PSC) for shallow water Block M07 in the Moattama basin, offshore Myanmar.
The PSC award is subject to finalization of terms with the MOE; and Tap will hold a 35.625 percent interest with Roc Oil Company Limited operating the license on behalf of its Joint Venture (JV) participants.
The block award includes provisions for the JV to undertake an 18 month Environmental Impact Assessment and Study Period, following which it has an option to proceed into a three year exploration work program.
The PSC award is subject to finalization of terms with the MOE; and Tap will hold a 35.625 percent interest with Roc Oil Company Limited operating the license on behalf of its Joint Venture (JV) participants.
The block award includes provisions for the JV to undertake an 18 month Environmental Impact Assessment and Study Period, following which it has an option to proceed into a three year exploration work program.
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