Amata Holding Pcl, a hotel and spa operator, is set to become the seventh company to be listed on Myanmar’s only stock exchange as the exchange seeks to attract more businesses to the platform.
The company plans to offer an unspecified number of shares to domestic and foreign investors in a targeted list 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 such as Ngapali Beach, Bagan and Inle Lake, Amata will use the proceeds from the sale of shares to develop budget hotels, he said. he declares.
Amata, which has paid-in capital of 3.5 billion kyat ($ 2.62 million) and 10.5 million shares, has not indicated how much it will raise on the listing, which has been authorized. speak Myanmar Securities Commission. “We will use the proceeds from this list to develop affordable hotels as we plan to open at least four hotels in the next three years,” said Win Aung.
Subscribe to Eastworld for a weekly snapshot of what’s dominating business in Asia, delivered to your inbox for free.
Amata will be the first of at least four companies to list this year on the young Yangon Stock Exchange, according to Thet Tun Oo, chief executive of the exchange. The COVID-19 outbreak has delayed plans to open a pre-registration board, he said.
The exchange is in talks with around 30 companies that want to list on the platform and are expecting at least four titles on the board, Thet Tun Oo said.
More to read absolutely financial cover of Fortune:
- It’s officially a blue wave. What this historically means for stocks
- Democrats plan to use Senate victory spend $ 2,000 stimulus checks
- This calculator shows the “sinister calculations” of how much it will cost you to leave the workforce during COVID
- the fundamental fault in capitalization-weighted index funds
- 2 U-turns in 2 days: why the NYSE finally decided to deregister 3 Chinese companies