MYANMAR WILL set up a security exchange with the help of the Tokyo Stock Exchange and Daiwa Securities Group as the resource-rich nation hunts for foreign investors after decades of isolation.
Daiwa and the TSE announced their plans to establish an exchange with Myanmar’s central bank in a statement. A Japanese source said they were aiming to launch the bourse in 2015.
News of the exchange follows historic by-elections on April 1st which saw Aung San Suu Kyi and her opposition party secure landslide victories, prompting moves to relax Western sanctions amid intense investor interest.
Myanmar, the TSE and Daiwa Institute of Research (DIR) plan to sign a memorandum of understanding about the establishment of the bourse in mid-May.
The TSE and DIR said the memorandum with the Myanmar central bank would serve as the “first step” towards helping the country develop its capital markets.
It will not be the country’s first experiment with a stock market. Daiwa was also the joint venture partner in the tiny Myanmar Securities Exchange, which has only attracted two listings since its establishment in 1996. – (Reuters)
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