Myanmar News Updated
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Yoma Strategic Acquires Majority Stake in YKKO
AUTHOR: ZIN THU TUN YOMA STRATEGIC HOLDINGS LTD. (“YOMA STRATEGIC”) HAS ACQUIRED A 65% STAKE IN YANKIN KYAY OH GROUP OF COMPANIES LIMITED (“YKKO”). YKKO WAS FOUNDED IN YANGON IN 1988 AND HAS SINCE GROWN TO BECOME ONE OF MYANMAR’S LARGEST RESTAURANT CHAINS WITH 37 OUTLETS IN YANGON, MANDALAY, NAY PYI TAW, BAGO AND MAWLAMYINE.
Liquor Licenses for Hotels Under Consideration
AUTHOR: SWE LEI MON THE MINISTRY OF HOTELS AND TOURISM HAS REPEATEDLY SUBMITTED PROPOSALS TO ISSUE LIQUOR LICENSE FOR HOTELS AND MOTELS, BUT BECAUSE OF OPPOSING VIEWS OF LAW MAKERS, CHANGE IS SLOW.
Pyithu Hluttaw Rejects Proposal to Allow Motorbikes Outlying Yangon Townships
AUTHOR: EI THANDAR TUN U Aye Naing, a lawmaker from South Dagon constituency, submitted a proposal to the Pyithu Hluttaw to decide whether or not to allow motorbikes in six of Yangon’s outlying townships. However, parliament did not accept the proposal for discussion because the objection votes outnumbered the seconded votes on the proposal.
Yangon Bus App to Launch Within Three Months
Asia Starmar Transport Intelligent Co., Ltd is developing a mobile application called Yangon Bus, which will provide information of the entire bus system such as the location of a bus in real time, and expects to launch the new app in about three months.
CBM Allows up to 35 Percent Foreign Equity Investment in Local Banks
AUTHOR: TIN MG OO The Central Bank of Myanmar (CBM) will now allow local banks to have up to 35 percent of foreign equity investment from foreign banks or financial institutions, according to its directive released on January 29.
Myanmar Electricity Sector : A Sinking Ship
AUTHOR: TIN MG OO U Phyo Min Thein, the Chief Minister of Yangon Region, said that electricity consumption in Yangon will likely to surge in May and stressed that government needs to address the financial losses due to the low price of electricity. Electricity production and distribution is causing financial losses to the government of about K470 billion annually. The price of electricity in Yangon is K35 per unit for household consumers, and K75-K120 per unit for industrial use.
Hilton Expands Footprint in Myanmar with Signing of New Hotel in Yangon
AUTHOR: SWE LEI MON Hilton has officially announced the signing of a management agreement with Myanmar partners Crown Advanced Construction Co., Ltd to operate a 308-key hotel near downtown Yangon, Myanmar. Set to launch under its flagship Hilton Hotels and Resorts brand, Hilton Times City Yangon marks the company’s continual expansion in Myanmar and will be its first hotel in the Myanmar city when it opens in 2022.
French Chamber of Commerce’s Human Resources Committee launches the first “Human Resources Guide to Myanmar”
AUTHOR: MYANMAR BUSINESS TODAY Yangon – CCI France Myanmar’s Human Resources Committee is launching the first Human Resources Guide to Myanmar, which aims at providing all the practical and updated information that companies need to know to manage their employees in Myanmar.
5 Key Potential Investment Sectors for Thai Investors
Author : Nattawin Phongsphetrarat, vice president of Thai Business Association of Myanmar (TBAM). " One of the very famous questions that has always been asked by the Thai investors for Myanmar is what the high potential business sectors are for Thai business. " There are many sectors that have high potential but TBAM committees have analyzed that these 5 sectors are the key potential
Telenor Holds Sustainable Business Briefing
AUTHOR: EI THANDAR TUN Telenor Myanmar hosted its 6th annual sustainability briefing to present an update on its ongoing and new sustainability initiatives within Myanmar. The presentation focused on key sustainability areas contributing to sustainable and responsible growth as Myanmar moves toward digital society. Key initiatives include Mobile Connectivity, Impact on Economy, Supply Chain Integrity, improving Safety, Operations in Ethnic Areas, Tackling Hate Speech and Empowering Society.
Telecom Operators Allowed to Sell Only 2 SIM Cards Per ID Card
AUTHOR: SWE LEI MON Telecom operators are not allowed to sell more than two SIM cards to an individual starting from April 1. The purpose of the change is to protect the privacy of users, according to the Department of Post and Telecommunications under Ministry of Transport and Communications. The Ministry has ordered all operators not to sell more than two SIM cards per identity card, and the Ministry will ban all other sim cards from that telecom from being registered under a single ID card. The reason is twofold.
Yangon Real Estate Only Seeing Demand for Rentals
AUTHOR: HTWAL SAN Due lack of investment in Yangon’s real estate sector, there is very little demand for real estate properties with exception of rental properties, according to local real estate agents. “Investment in real estate is very low and thus the real estate market is inactive. There is only demand for rental properties. Before, the prices were set based on location. But now there is no set price. If you like the price, you will sell it or buy it,” Daw Moh Moh Aung, Secretary of Myanmar Real Estate Services Association, said.
MDA Requests Government to Finalize Apartment Bill
AUTHOR: HMONE LAY Myanmar Developer Association (MDA) has made a request for government to prepare the Apartment Bill as soon as possible in order to protect apartment buyers. The law will allow for two things. First it enables apartment owners to legally register, sell or sub-lease their apartments in accordance with law, and secondly, the government will be able to legally collect tax on the sale of the apartment.