Myanmar Citizens Bank Announces Share Prices on Yangon Stock Exchange
By Kyaw Hsu Mon 25 August 2016
RANGOON — Myanmar Citizens Bank’s (MCB) basic share prices were announced on Thursday, one day ahead of its August 26 start date for trading on the Yangon Stock Exchange (YSX).
The YSX announced on Thursday that the base price for MCB shares would be 6,800 kyats (US$5.60) with an upper limit of 7,800 kyats and a lower limit of 5,800 kyats.
Thet Tun Oo, senior manager of the YSX told the Irrawaddy that a third party consultant typically suggests the price range, and that it was calculated based on MCB’s recent activities.
According to the YSX, investors may place a “limit order” on shares at any price between the upper and lower limit prices, or a “market order” in which the purchase or sale of stock is carried out as quickly as possible, with price acting as a secondary concern.
“MCB’s shares can be traded. If shareholders want to trade, the shares will be ready to buy,” Thet Tun Oo said.
The MCB has recently sold 10.7 million shares, according to the YSX.
The bank has been listed since December, when the YSX opened. MCB’s authorized share capital is now 75 billion kyats ($63 million), with 52 billion kyats ($43.7 million) in paid-up capital. According to MCB’s website, just over 5 billion kyats are from the Ministry of Commerce and nearly 47 billion kyats are from the public.
There are five listed companies on the YSX—First Myanmar Investment (FMI), Myanmar Citizens Bank, Myanmar Thilawa SEZ Holdings Public Limited (MTSH), First Private Bank and Great Hor Kham. Of these, First Private Bank and Great Hor Kham have not yet begun trading.
YSX’s market capitalization is now well over 630 billion kyats (over $519 million), according to its website.