Amata Holding Pcl, a hotel and spa operator, is set to become the seventh company to list on Myanmar’s only stock exchange as the bourse seeks to lure more firms to the platform.
The company plans to offer an unspecified number of shares to domestic and foreign investors in a listing targeted before the end of this quarter, Amata Chairman Win Aung said in an interview. The operator of luxury hotel brands such as Amata and Awinka in tourist destinations including Ngapali Beach, Bagan and Inle Lake, Amata will use the proceeds from share sale to develop budget hotels, he said.
Amata, which has a paid-up capital of 3.5 billion kyat ($2.62 million) and 10.5 million shares, didn’t say how much it will raise from the listing, which has been cleared by the Securities and Exchange Commission of Myanmar. “We’ll use the proceeds from this listing in developing affordable hotels as we plan to open at least four hotels in the next three years,” Win Aung said.
Subscribe to Eastworld for weekly insight on what’s dominating business in Asia, delivered free to your inbox.
Amata will be the first of at least four companies set to list on the fledgling Yangon Stock Exchange this year, according to Thet Tun Oo, executive senior manager at the bourse. The COVID-19 outbreak has delayed plans to open a pre-listing board, he said.
The exchange is in discussions with about 30 companies that are keen to list on the platform and expects at least four securities on the board, Thet Tun Oo said.
More must-read finance coverage from Fortune:
- It’s officially a blue wave. What that historically means for stocks
- Democrats plan to use Senate win to pass $2,000 stimulus checks
- This calculator shows the “grim math” of how much leaving the workforce during COVID will cost you
- The fundamental flaw in cap-weighted index funds
- 2 U-turns in 2 days: Why the NYSE finally decided to delist 3 Chinese companies
Read More: https://www.kbcchannel.tv | For More Business Articles | Visit Our Facebook & Twitter @kbcchanneltv | Making The Invisible, Visible