RANGOON — Locally-owned First Private Bank will become the fourth firm to trade on the Yangon Stock Exchange (YSX) on Jan. 20, more than a year after it was initially listed.
First Private Bank (FPB)—founded in 1991 as a public company and led by Dr. Sein Maung—was cleared for listing on Dec. 30 2016 to trade in accordance with Section 41 (c) of the Securities Exchange Law and section 7 and 8 of the Securities Listing Business Regulations, according to the YSX website.
The initial share price will be announced on Jan. 19, according to senior manager of YSX U Thet Tun Oo.
“FPB has 2.4 million shares but it will not sell new shares on the stock exchange—only trade existing shares,” he told The Irrawaddy.
According to the YSX, FPB’s authorized capital was 100 billion kyats and its paid-up capital was 24.47 billion kyats as of August 2016.
FPB has 32 branches across the country and is a member of the Society for Worldwide Interbank financial Telecommunication (SWFT).
It has established a correspondence bank relationship with more than 10 banks in Asia.
FPB joins First Myanmar Investment (FMI), Myanmar Citizens Bank (MCB), Myanmar Thilawa SEZ Holdings Public Limited (MTSH) on Rangoon’s fledgling stock exchange.
On Jan. 3 FMI’s shares were trading on YSX at 14,000 kyats, MCB’s at 9,300 kyats, and MTSH’s at 4,500 kyats. A total of 8,148 shares had a market value of 600,630 million kyats.
