Thilawa shares to go on market this year

Thilawa shares to go on market this year

Shares of the Thilawa Special Economic Zone in Rangoon Division will be sold through an over-the-counter stock market, according to a project official.

Win Aung, chairman of the Myanmar Thilawa SEZ Holdings Public Ltd (MTSH), said that the shares will be available later this year, pre-empting the stock exchange launch set for 2015.

Stock-selling counters will be established in locations easily accessible to the public, he said.

Priced at US$10 each, buyers will be limited to 500 shares as demand is more than double the amount of stocks available.

Eighteen foreign companies from countries including China, Hong Kong, Japan, Singapore and the United States have already made investment proposals for phase one of the project.

The MTSH also announced a plan to provide yearly salaries of $110,000 for the chairman and two chief executives. The director of the board will earn $60,000, Win Aung said.

Board members will also each be awarded five percent of shares in the development.

Win Aung also serves as the chairman of the Union of Myanmar Federation of Chambers of Commerce and Industry.

 

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