We have just received information that the opening of the Yangon Stock Exchange (“YSX”) has been deferred until December 2015. This is to enable the opening to take place after the general election to be held in November this year.
The YSX has also officially announced that, in conjunction with the finalization of the 17 listing criteria on 14 August 2015, the YSX will begin to accept applications for listing. The list of the licensees for the securities exchange license (i.e. underwriters, brokers, dealers and advisers) will be announced in September 2015.
Currently, foreign companies and joint venture companies are not permitted to be listed, but this restriction is expected to be lifted after the new Companies Act comes into force.
Amongst the key listing criteria provisions, the three that stand out are as follows:
- The company must be a public company with minimum paid-up capital of 500 million Kyats;
- The company must have at least 2 years of profit-making track record; and
- The company must have at least more than 100 shareholders.
To download a copy of the unofficial translation of the 17 listing criteria, please click here