YANGON, Aug.12 (Xinhua) -- Myanmar's Yangon Stock Exchange (YSX) has approved Myanmar Citizens Bank (MCB) which is a semi-government bank as a third listed company after scrutiny, according to an announcement of YSX Friday.
"The bank will launch for listing and start trading securities on Aug.26 .The base price of MCB's per share will be announced prior to the listing day," U Myint Win, managing director of Myanmar Citizens Bank, told Xinhua.
The bank will be the first local bank which is listed on YSX. The Myanmar Securities Exchange Center (MSEC), a joint venture between Myanmar Economic Bank and Daiwa Securities Group, is the lead securities company to the bank.
Actually, the bank postponed the starting date to August due to unreadiness although it was expected to start in late July.
Founded in 1992 as a semi-government owned bank, the Myanmar Citizen Bank has a paid-up capital of about 52 billion kyats (about 44 million U.S. dollars ). The Ministry of Commerce of Myanmar has paid up to 5.12 billion kyats and the public paid up to 46.88 billion kyats.
MCB has 1, 700 shareholders and sold its shares in March to raise its capital.
The YSX officially began trading on March 25, with only one listed company, First Myanmar Investment (FMI), available for transactions. At present, there are two listed companies - FMI and Myanmar Thilawa SEZ Holdings Public Limited (MTSH) and five securities companies which are providing services as underwriters on YSX.
