Duane Morris & Selvam Advises On First Listing On The Yangon Stock Exchange
Legal News & Analysis – Asia Pacific - Myanmar - Capital Markets
5 April, 2016
Duane Morris & Selvam advised First Myanmar Investment Co., Ltd. (“FMI”) on the historic listing of its shares on the newly established Yangon Stock Exchange (“YSX”). FMI’s shares began trading on 25 March 2016, three months after the YSX was officially opened. FMI’s shares were the first to be listed on the YSX.
FMI’s shares rose to close at 31,000 kyat (US$25.70), the upper limit for trading for the day after they were initially listed at 26,000 kyat. A total volume of 112,845 shares changed hands, for a trading value of 3.50 billion kyat (approximately US$2.90 million). Based on the closing price, FMI's share market capitalization is 727.88 billion kyat (approximately US$603.55 million).
“For 50 years there has not been a stock exchange; today is a historic day,” said FMI’s Executive Chairman Serge Pun in his speech on the opening day of trading.
FMI is an investment holding company that owns shares in companies engaged in a number of diverse businesses in Myanmar. Its core businesses are in the financial services, real estate and healthcare sectors. FMI also has investments in companies engaged in the retail and tourism sectors and a company developing the Thilawa Special Economic Zone.
Duane Morris & Selvam’s deal team was headed by Jamie Benson, who is based in the firm’s Singapore office. The deal team also included Mark D’Alelio, Rory Lang and Su Pyi Sone, who are based in the firm’s Yangon office, and Akanksha Gupta, who is based in the firm’s Singapore office.
“I am very proud to have advised FMI on the very first listing on the YSX,” said Jamie Benson. “It is not often in your career that you get to work on a truly historic deal. We began the process in late 2014 and it took a lot of hard work and dedication to get FMI’s shares listed.”