Apart from 61 public listed companies, any business entities have no right to sell shares to the public, according to a statement by Directorate of Investment and Company Administration (DICA). According to DICA’s statement dated October 1, AMATA Holding Public Co., Ltd and Telecom Public Co., Ltd are able to sell shares to the public.

The DICA will also later release the list of additional public companies which have earned rights for public offerings. On August 8, 2017, the DICA announced the names of 55 public companies which can take part in share trading and which are formed in accord with the Myanmar Companies Act. Four additional public companies were also announced on September 17 via the State-owned Mirror Daily.

U Htay Chun, a member of the Security Exchange Supervisory Commission has warned that some companies are enticing the public to buy shares via online mediums with the high-return honeypot. Authorities and others in the industry had issued warning about such suspicious and illegal businesses in the past.

U Aung Naing Oo, Secretary of Myanmar Investment Commission said that under the Myanmar Companies Act, non-public companies have no rights to sell shares to the public. Even public companies which get the nod for the public offering from the MIC can sell shares. There are neatly 300 public companies in Myanmar. Of them, more than 60 can sell shares. The remaining companies are not allowed to sell shares.

Source: Daily Eleven

3405total visits,1visits today