YANGON -- The developer of Myanmar's Thilawa Special Economic Zone is on track to become the second company to go public on the nation's new stock exchange in late May.
Myanmar Thilawa SEZ Holdings was established in 2013 by nine local companies, including real estate developers. It is building a roughly 400-hectare industrial park in Thilawa, southeast of Yangon, with Japanese trading houses Mitsubishi Corp., Marubeni and Sumitomo Corp.
The company has completed preparations to list, and the Yangon Stock Exchange is expected to give it the green light. It does not plan to issue any new shares when going public but will have the option of doing so to raise funds in the future. Listing will also improve its name recognition.
Trading began on the Yangon Stock Exchange about a month ago, with real estate developer First Myanmar Investment as its first and only company being traded there. The total trading value since the bourse's launch has reached about 30 billion kyat ($25.6 million). Major banks and construction companies are preparing to go public, with a securities regulator expressing hopes that 10 or so enterprises will list this year.