Off the wire
• Malawi gov't trims foreign missions staff  • Three Dutch nationals killed in Brussels attacks  • Urgent: IS militants withdraw from Syria's old city of Palmyra  • Weather forecast for world cities -- March 25  • Zambia invites bids for fuel supply  • Weather forecast for major Chinese cities, regions -- March 25  • Another terror attacks suspect arrested in Brussels, report  • Chinese vice premier to visit Egypt, Israel, Palestine  • Roundup: Afghan conflicts claim 16 lives including army general in 24 hours  • Iranian president arrives in Pakistan on two-day visit  
You are here: 　 Home

Myanmar to watch on securities trading on stock exchange against money laundering: commission

Xinhua, March 25, 2016 Adjust font size:

The Securities Exchange Commission of Myanmar(SECM) will keep an eye on any securities trading on Yangon Stock Exchange (YSX) worth about 10,000 U.S. dollars as a measure against money laundering, Dr.Maung MaungThein, President of SECM, told Xinhua on Friday.

"We will monitor for securities trading worth about 10,000 U.S. dollars by anyone else on YSX and report to Financial Investigating Unit of Myanmar Police everyday. We will follow the country's anti-money laundering law," he explained.

The YSX began trading Friday with the first listed company -- First Myanmar Investment Company (FMI). The company hit the highest value of 31,000 kyats (25.83 U.S. dollars). YSX closed on the day with total trading volume of 112,845 shares worth 3.49 billion kyats (2.908 million U.S. dollars).

Myanmar's new Company Act is the key issue to allow foreign investors on YSX. If the law can be submitted in this new parliament and YSX's presence is at a larger stage, they can trade on YSX, he said.

Myanmar Thilawa SEZ Holdings Public Limited (MTSH), the biggest public company in Myanmar, would be listed as the second one in later April although it was expected to be listed later this month, he said.

The YSX was launched last December with six listed companies, two securities companies and one fund settlement bank, although it was not ready for trading by then.

"It is very historic day for us. We will cooperate with two securities companies, KBZ Stiriling Coleman and Myanmar Securities Exchange Center," Serge Pun, chairman of FMI said.

Under an agreement signed in December 2014, the YSX is jointly owned by the state-owned Myanmar Economic Bank (MEB) with 51 percent and Tokyo Stock Exchange and Daiwa Securities Group with 49 percent. Endit