Business
Yangon Stock Exchange opens to foreign investors on March 20
YANGON – International investors will be able to invest in stocks listed on the Yangon Stock Exchange from March 20, but the question arises whether the low liquidity of the Myanmar stock exchange alone will increase given the small pool of stocks listed.
On Friday, the country's Securities and Exchange Commission gave official green light to foreigners, including non-residents, to participate in trades in listed shares on a daily basis. Individual and institutional investors can now open accounts at local brokerages.
The exchange, known as YSX, is a joint venture between Myanma Economic Bank, the Daiwa Institute of Research of Japan and Japan Exchange Group, the operator of large exchanges, including the Tokyo Stock Exchange. It opened in March 2016 for trade only with citizens of Myanmar.
Myanmar hopes that the lifting of the ban will lead to an influx of foreign capital and boost activity on the YSX, which has been dismal – the trade of its five listed companies reaching only 29 million kyat ( $ 21,000) Friday.
There are signs of change. A sixth company, the main logistics provider Ever Flow River Group, is expected to debut the same day that the stock market opens to foreign investors, the first listing since TMH Telecom in January 2018.
"We have strong confidence in this market, and it's time to see the development of the financial market," said Aung Min Han, CEO of Ever Flow River Group, on Friday.
Founded in 1996, Ever Flow River operates a ground transportation business and operates logistics centers. It is developing a distribution hub in Yangon and Mandalay, respectively the largest and the second largest city in the country, with the aim of offering services to improve the efficiency of import and export movements.
Ever Flow River seeks to set up logistics infrastructure to "facilitate and support the development of our country," said the CEO, adding "we want to raise funds systematically." The company will avoid issuing new shares this time, but plans to use the listing process to set up a governance system ensuring transparency so that it is ready to attract international investors a once trading resumes on the stock exchange.
But not all six listed companies can be available for negotiation by foreign investors. Two of them belong to the banking sector and the country's central bank is not in favor of local lenders belonging to foreigners.
International investors will be able to own up to only 35% of each listed company. This limit does not tell whether these investors will be able to invest in First Myanmar Investment – a member of the Yoma group with the largest market capitalization of the stock market – since it sold a 20% stake to the Filipino partner Ayala the year last. Myanmar will first have to decide whether to make the remaining 15% available to foreign trade or to set it aside for future connection to capital.
Listed companies have yet to indicate the level of foreign ownership they seek to have, according to the YSX.
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