Monday, September 25, 2017

Public gold firm formed

The nation’s first public gold company – Myanmar Gold Development – was launched last week with the stated aim of protecting small- and medium-sized enterprises against foreign competition, the chairman of the new company said.

Chairman U Khin Maung Han said during its launch on June 27: “We are preparing ahead of new foreign direct investment by combining small- and medium-sized (SMEs) private companies into a public company.”

He said SMEs could be wiped out if wholly foreign-owned firms were allowed to operate in Myanmar if the amended Foreign Investment Law, which is currently being debated in parliament, were enacted.

U Khin Maung Han said other aims are to increase the public’s investment options, boost the economy and increase the opportunities to work with foreign companies in order to learn better mining techniques.

“We will emphasise on seeking investment from Myanmar citizens and will cooperate with other associations and organisations under current laws,” he said.

The company’s authorised capital is K1 trillion (about US$1.1 billion).

Shares will be sold for K100,000 each and those who buy at least 250 shares are eligible for selection to sit on the board of directors, said U Sein Win, a financial consultant from Myanmar Gold Development.