Entrance rules for Yangon Stock Exchange published

Publicly owned companies which want to float on the Yangon Stock Exchange have to provide evidence of business profits for two years before the application, the Myanmar Exchange Certificate Supervision Board has announced.

They must be registered in accordance with the Myanmar Companies Act, must operate under the rules and regulations with at least 100 shareholders and have in excess of Ks500 million in capital.

Firms must have been in profit for two years with evidence of a stable income.

The board of directors and leaders must have integrity, no criminal records and face no outstanding legal proceedings. They cannot be on the government’s blacklist.

They must comply with the nation’s tax laws and auditing standards. Before floating they must publish all necessary information in a prospectus.

Firms must employ a compliance officer to implement a business plan and establish a system to prevent insider trading.

There are more than 45,000 companies in Myanmar but only about 200 are publicly owned. They have until October 16 to apply.

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