• Burmese
Friday, December 1, 2023
No Result
View All Result
NEWSLETTER
The Irrawaddy
4 °c
Ashburn
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Letters
  • Junta Watch
  • Ethnic Issues
  • Features
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Letters
  • Junta Watch
  • Ethnic Issues
  • Features
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home Business

Thilawa SEZ Shares Sold Out Following Strong Demand

by Kyaw Hsu Mon
April 28, 2014
in Uncategorized
Reading Time: 2 mins read
A A
Thilawa SEZ Shares Sold Out Following Strong Demand

The Thilawa port is located less than 20 miles southeast of Rangoon and is a key part of the Thilawa SEZ project’s infrastructure.. (Photo: Simon Roughneen / The Irrawaddy)

11.1k
VIEWS
Share on FacebookShare on Twitter

RANGOON — Demand for shares in Myanmar Thilawa SEZ Holdings Public Limited has been higher than expected and the firm has reached its goal of raising US $21 million in capital after shares went on sale in March, a government official said.

Thilawa SEZ Management Committee Chairman Sett Aung told reporters during a press conference on Friday that the company had received requests to buy shares worth about $40 million—almost twice the amount of capital it had sought to fund initial development of the Thilawa SEZ.

RelatedPosts

Drone Attack at Myanmar-China Border Gate Causes Over $14m in Losses

Drone Attack at Myanmar-China Border Gate Causes Over $14m in Losses

November 27, 2023
29.2k
Russia and Myanmar Junta Look to Bypass International Payment Sanctions

Russia and Myanmar Junta Look to Bypass International Payment Sanctions

November 8, 2023
1.5k
Myanmar Junta Invites Bids for Kyaukphyu Port Construction

Myanmar Junta Invites Bids for Kyaukphyu Port Construction

November 7, 2023
973

“We just aimed to sell out 21 billion kyat [$21 million] in shares, now demand has been greater than 40 billion kyat, about 19 billion kyat more demand than [there are] shares. That’s why we can’t sell shares in accordance with demand right now,” he said.

The shares are being sold at $10 and each buyer can acquire no more than 500 shares. Sett Aung, who is also deputy governor of the Central Bank of Myanmar, said about 9 percent of all interested buyers had, nonetheless, attempted to buy more than 500 shares.

Shares had been available for sale at the Myanmar Thilawa SEZ Holdings’ office and at Ayeyarwady Bank Ltd, Myanmar Apex Bank Ltd, Co-Operative Bank Ltd, Yoma Bank Ltd and Kanbawza Bank Ltd.

Sett Aung said in February that funds raised by share sales would be used to finance construction of part of the first 400-hectare phase of the SEZ project, which would cost about $180 million to complete.

Thilawa SEZ is being planned by the Burmese and Japanese governments, together with a consortium of Japanese firms and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The industrial complex, located about 20 km south of Rangoon, will include a deep sea port, Japanese factories, and large housing projects.

The Burmese side owns 51 percent of the project and is responsible for developing a 2,400-hectare core zone. The Myanmar Thilawa SEZ Holdings Public Limited was formed by nine Burmese companies and owns 41 percent of the project, while the Burmese government owns the remaining 10 percent.

Win Aung, who chairs the UMFCCI and Myanmar Thilawa SEZ Holdings Public Limited, said last month that he expected sales of plots in the first phase of the industrial zone to begin in May, adding that the first factories might open within a year after plots are procured. Construction work on the ground began in Thilawa in December last year.

The Thilawa project is the most advanced of several huge, foreign investment-driven SEZ projects around the country, which are part of Naypyidaw’s strategy for attracting investment in Burma and increase industrial productivity in the impoverished nation.

It remains unclear how much money the owners of Myanmar Thilawa SEZ Public Company will invest in the development of Thilawa, or how much has been spent on the initial ground work.

Myanmar Thilawa SEZ Holdings Public’s is owned by Golden Land East Asia Development Ltd, Myanmar Sugar Development Company Ltd, Myanmar Edible Oil Industrial Public Corporation, First Myanmar Investment Company Ltd, Myanmar Agricultural & General Development Public Ltd, National Development Company Group Ltd, New City Development Public Company Ltd, Myanmar Technologies and Investment Corporation Ltd, and Myanmar Agribusiness Public Corporation Ltd.

Your Thoughts …
Tags: Tourism
Previous Post

Obama Travels to Asia, But Future of Trade Pact Is Uncertain

Next Post

Burma Govt Denies Report of Former Dictator’s Generous Pension

Kyaw Hsu Mon

Kyaw Hsu Mon

The Irrawaddy

Similar Picks:

Myanmar Travel Sector Mocks Junta Tourist Claim

Myanmar Travel Sector Mocks Junta Tourist Claim

September 30, 2023
7.4k
War-Torn Myanmar to Entice Tourists With Visas on Arrival

War-Torn Myanmar to Entice Tourists With Visas on Arrival

September 14, 2023
5.6k
Myanmar Will Start Accepting Russian ‘Peace’ Bank Cards Next Month

Myanmar Will Start Accepting Russian ‘Peace’ Bank Cards Next Month

September 12, 2023
2.8k
Junta Watch: Belarus Seals Bloody Alliance With Regime; Resistance-Hit Naypyitaw Touted as Top Tourism Destination; and More

Junta Watch: Belarus Seals Bloody Alliance With Regime; Resistance-Hit Naypyitaw Touted as Top Tourism Destination; and More

September 23, 2023
1.2k
Junta Watch: ‘Happy Yet?’ Citizens Polled on 3 Years of Rule By Gun; Dictator Fetes Failed National Truce; and More   

Junta Watch: ‘Happy Yet?’ Citizens Polled on 3 Years of Rule By Gun; Dictator Fetes Failed National Truce; and More   

September 30, 2023
1.1k
Myanmar Boat Festival’s Return Brings Joy and Sorrow

Myanmar Boat Festival’s Return Brings Joy and Sorrow

October 20, 2023
871
Load More
Next Post
Burma Govt Denies Report of Former Dictator’s Generous Pension

Burma Govt Denies Report of Former Dictator’s Generous Pension

Chinese Nationals Caught With Illegal Weapons in Northwest Burma

Chinese Nationals Caught With Illegal Weapons in Northwest Burma

No Result
View All Result

Recommended

Illusion of Myanmar Military’s Indispensability Has Been Shattered

Illusion of Myanmar Military’s Indispensability Has Been Shattered

3 days ago
5k
Operation 1111 ‘Close to Securing All of Kayah State for Myanmar Resistance’

Operation 1111 ‘Close to Securing All of Kayah State for Myanmar Resistance’

3 days ago
2.7k

Most Read

  • Another Entire Junta Battalion Raises the White Flag in Myanmar’s Northern Shan State

    Another Entire Junta Battalion Raises the White Flag in Myanmar’s Northern Shan State

    shares
    Share 0 Tweet 0
  • Exodus: Tens of Thousands Flee as Myanmar Junta Troops Face Last Stand in Kokang

    shares
    Share 0 Tweet 0
  • Myanmar Junta Chief Says ‘Foreign Experts’ Helping in Offensive Against Military

    shares
    Share 0 Tweet 0
  • Myanmar Junta Plays Up ‘Strong’ China Ties a Week After Anti-Beijing Protests

    shares
    Share 0 Tweet 0
  • Myanmar IDPs Stranded by Junta Troops in Northern Shan State Face a Long Walk Home

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Letters
  • Ethnic Issues
  • Features
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.