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First Private Bank to Sell 35 Percent Stake to Foreign Banks
Myo Sandar/Myanmar Business Today
First Private Bank, the only listed bank in Myanmar, will take on foreign partners, which by law can own up to 35 percent of its shares, the bank revealed at its November 24 annual general shareholders’ meeting. It has not yet named any potential partner.
The meeting resolved to sell up to 35 percent of shares listed on the Yangon Stock Exchange.
Three new directors were appointed, namely U Tun Sai, U Myint Lwin and U Htin Aung Kyaw Oo, following the resignation of Daw Hla Hla Yi and dismissal of U Phyo Hla Wai from the board.
Dividend payment of K2,500 per share for a total of over K6.18 billion was approved for the 18-month period from April 2018 to September 2019.