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Trading on Stock Exchange Opened-Up to Non-Locals

Foreign nationals and overseas entities – including locally-registered wholly foreign-owned enterprises as well as joint-ventures with local businesses – are to be permitted to buy shares on the Yangon Stock Exchange (YSX).  Although the change has been approved by the country’s market regulator, the Securities and Exchange Commission of Myanmar (SECM), formal approval from the YSX is required before the proposal can move forward. The change is in line amendments to the Companies Law of 2017, which allow overseas investors to own a 35% stake in a Myanmar-registered business without prior government approval.  Under the terms of the latest SECM…

Overseas Businesses Approved to export rice and other commodities

The Ministry of Commerce (MOC) will now allow foreign and joint venture companies to export specific food and commodity items, according to Notification 24/2019 released on 6 June. Overseas investors in the country can now open wholly foreign-owned companies or form joint ventures with local companies for the purpose of exporting goods across seven product categories - rice (including value-added rice and broken rice); other agricultural items (including beans, pulses, corn and processed and semi-processed fruits); meat and fish; paper and paper pulp; seeds; purified metals; and wood-based furniture.  In order to identify approved local producers and suppliers, overseas-owned businesses…

Corporate Governance Code (CGC) to be ready in 2020

Myanmar is aiming to publish a Corporate Governance Code, said U Aung Naing Oo, permanent secretary of Ministry of Investment and Foreign Economic Relation. In a bid to improve corporate governance and transparency in Myanmar, the government is planning to introduce a Corporate Governance Code (CGC) by 2020.  Once implemented, the CGC is expected to boost investor confidence and draw more foreign direct investment (FDI) into the country.  A draft report on the code by the Directorate of Investment and Company Administration (DICA), Securities and Exchange Commission of Myanmar (SECM) and Organisation for Economic Co-operative and Development (OECD) is expected to be ready this year.…

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