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Myanmar vows to take action against local companies making IPO without approval

Xinhua, July 11, 2016 Adjust font size:

The Securities Exchange Commission of Myanmar (SECM) has vowed to take action against some local public companies for making initial public offering (IPO) without approval.

According to its announcement Monday, the SECM will take action against those companies in accordance with the country's securities exchange law in order to protect the investors.

According to the law, public companies need to submit their prospectus to SECM before the initial public offering process goes on.

The procedure sets 60 days' period for approval.

Securities Exchange Law of Myanmar was enacted in 2013 to govern the establishment of Yangon Stock Exchange (YSX) and the SECM was later formed to regulate the YSX in 2014.

Yangon Stock Exchange officially began trading on March 25 with only one listed company -- FMI available for transactions.

At present,there are two listed companies -- FMI and MTSH, with five securities companies trading on YSX. As a follow-up, local Myanmar Citizen Bank will be the third listed company while another three selected public companies are still at preliminary stage.

The indexMYANPIXof YSX has been descending since late June although YSX drew attention from investors in early stage.

It may be an impact of the announcement of two listed companies for providing dividends to shareholders for the first time after listing on YSX later in June.

YSX closed at the index MYANPIX of 728.54 which was 4.22 points or 0.58 percent lower on Monday. Endit