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Yoma Strategic
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YOMA
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Entropy72
Master |
21-Jan-2021 21:26
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This is an embarrasing episode when the company prides itself on high ESG standards.
Hope BYMA learns a good lesson from it on labour mgt relations and Yoma should also clarify whether there is any impact on Yoma Central schedule. Yoma issues statement on recent worker protest 
Workers gather outside a construction site as they protest to demand recognition of their labour rights at the downtown area in Yangon, Myanmar, 19 January 2021. Photo: Lynn Bo Bo/EPA The following is the full Company statement on the recent Yoma Central Workers Protest. &lsquo On Tuesday 19 January 2021, construction workers working at the Yoma Central site in downtown Yangon took to the streets to protest salary and compensation-related grievances. We would like to apologise for any inconvenience caused to the community as a result of the disruption. Yoma Central is a project invested and developed by Yoma Group and its partners, and they have engaged BYMA-Taisei Joint Venture as the Main Contractor for the construction of the project. The labour dispute between BYMA Myanmar Limited (&ldquo BYMA&rdquo ) and BYMA&rsquo s construction workers arose due to a one-time adjustment on BYMA&rsquo s pay cycle. The new pay cycle calculates wages based on actual working days whereas the old pay cycle had calculated and paid wages in advance. This adjustment was not adequately communicated to the workers. In response to the workers&rsquo concerns, BYMA had reacted immediately by paying out in full the wage discrepancy on the morning of the protest. Separate issues regarding social security benefits (&ldquo SSB&rdquo ) payments were clarified in a meeting between BYMA, their workers, SSB officials and government officials, and the procedural delays of the SSB refunds have also been resolved with a payment timeline in the coming days agreed between respective parties. We regret that the issues raised by the workers were not addressed in a timely manner through the labour grievance mechanisms in place in BYMA. These serious lapses are being investigated and we will work to ensure better communication, understanding and alignment with local practices between ourselves, our contractors and their workers. Media reports that BYMA had cut the salaries of the workers are incorrect. We would also like to clarify that shareholders of the Yoma Central project have fully paid up all capital commitments to date. The developers have also kept current payments due to the project&rsquo s contractors. We take the welfare and well-being of our workers and staffs seriously, and expect our contractors to do the same. During these difficult times, particularly since the disruptions caused by COVID-19 since March 2020, the project has put in place a number of safety measures while continuing to employ as many as 4,000 workers on site. Additional steps were taken to provide welfare subsidy during the government mandated stop-work period in October 2020 to support the workers&rsquo livelihood. We will take active steps to engage our contractors to continuously place importance in the welfare and well-being of all workers.&rsquo |
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Entropy72
Master |
14-Jan-2021 23:07
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Yoma AGM on 29 Jan.
Hoping to get more updates on WaveMoney/Ant, Yoma Central, Ayala 2nd tranche and City Loft projects. Shareholders will press Serge for dividends as usual ... |
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Entropy72
Master |
14-Jan-2021 23:03
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Wave Money Doubled Its Transaction Volume Last Year at US$ 8.7 Billion
Fintechnews Singapore Wave Money Doubled Its Transaction Volume Last Year at US$ 8.7 Billion Wave Money, a Myanmar-based mobile financial services provider, recorded a total of 12 trillion Myanmar kyat (US$ 8.7 billion) in transactions last year as the country rapidly embraced digital financial services in the face of the COVID-19 pandemic. The firm reported that the figure was doubled from 6.4 trillion kyat (US$ 4.3 billion) and is equivalent to 11.5% of Myanmar?s estimated 2020 gross domestic product (GDP) of US$ 75.5 billion. Wave Money said that last year it had over 1.5 million monthly active users (MAU) on its WavePay app and more than 3.9 million MAUs for its agent-led money transfer services. ?Wave Money?s commitment to create a fairer future for Myanmar proved stronger than ever amid this year of disruption and adversity. Through all the challenges, we continue to focus on driving impact, innovation and inclusion as we provide an essential service to millions of customers, businesses, government and humanitarian organisations,? said Brad Jones, Chief Executive Officer of Wave Money. Of the 2020 transactions, donation and disbursements to those severely affected by the COVID-19 pandemic reached 32 billion kyat (US$ 24 million), peaking during the first wave of the crisis from April to June 2020. To date, relief efforts facilitated by Wave Money have reportedly reached more than 300,000 people. When the Myanmar government released its COVID-19 Economic Relief Plan, Wave Money announced that it would make all COVID-19 related disbursements free-of-charge to help organisations delivering aid to vulnerable sectors. Wave Money is currently supporting 37 projects, including social security payments under the Ministry of Labour, Immigration and Population loan disbursements for farmers from the Myanmar Agricultural Development Bank cash transfers to pregnant women and children under the Maternal and Child Cash Transfer program of the Department of Social Welfare. It is also involved in the emergency funds for laid off garment workers from the Myan Ku Fund project of the European Union which is financed through the European Union?s Humanitarian Development Peace Nexus Response Mechanism managed by the United Nations Office for Project?s Services. Wave Money also disburses donations in partnership with various corporates, individuals, and social impact organisations for the National Level Central Committee on Prevention, Control and Treatment of COVID-19 under its kindness initiative ?WavePay it Forward.? |
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trader1970
Elite |
11-Jan-2021 11:22
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Watch Yoma.... turning up...:)
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Entropy72
Master |
02-Jan-2021 22:22
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Myanmar?s Leading FinTech Giant Welcomes A Returnee from Silicon Valley
As the dominant mobile financial services provider in Myanmar, Wave Money is expanding its digital offering to enable and empower the country?s large unbanked population. Wave Money announced the appointment of Chief Technology Officer (CTO) who is Myanmar-born and raised, U Htin Hlaing combines (25) years of experience with rising technology startups in Silicon Valley and an in-depth understanding of local market needs. In the exclusive interview with the Myanmar Times, U Htin Hlaing, Chief Technology Officer (CTO), he is set to accelerate innovation at Wave Money as the Myanmar fintech leader continues to expand its products and services in the country. First, could you please tell us about your professional journey? What led you to this point? Thank you for having me. Before going into my professional journey, I would like to share my background with you. I moved to Hong Kong with my family from Myanmar in 1989 and finished my second-high school there. I went to the Canadian International School there. I moved to the United States for my undergraduate studies in 1991. Back then, technology was a luxury that not everyone had access to. I imagined how people's lives could be transformed for the better with technology. That led me to pursue a Bachelor of Science in Computer Science at the University of California, and later, a Master of Science degree in Software Management from Carnegie Mellon University. I then worked at Silicon Valley companies for the next 21 years before returning to Asia in 2017. What makes you inspired by joining Wave Money? I've always been impressed by the FinTech industry's development in Myanmar, especially when it comes to digital financial services and mobile wallets. I believe that this space is an interesting one and is full of opportunities. As the country's market leader, Wave Money stood out for me because of its commitment to financial and digital inclusion, as well as community development and gender equality, among others. We are a business with a mission to serve the Myanmar community and improve people's lives using technology's power. It is very much in line with my passion and goals, and I'm proud to play a role as a core member of this leading FinTech company. Along with your concrete international experiences in Silicon Valley and other global markets, what value would you bring here to Myanmar? Technical expertise aside, I believe my experience working in international markets will help bring a fresh perspective as we serve the people of Myanmar. But while having a global approach is beneficial, it is also essential to keep in mind the traditional and cultural values that are so important to the Myanmar people. Having been born and raised in this country, I am fortunate to have the best of both worlds because I would be able to listen and understand the local community's needs while bringing forth the knowledge gained from abroad. It has always been in my heart to improve Myanmar people's lives, especially the underserved communities, so I firmly believe that I'm in the right place to do that. How do you see the Fintech Landscape of Myanmar comparing to the countries in the Asia region? Take internet penetration in Myanmar as an example. We leapfrogged the adoption of this technology because our people see this digital transformation as leveraging their lives. FinTech is the same way that the power of financial inclusion has helped millions of people in a very positive way. We now see the benefits of a cashless society through FinTech, bringing down the barriers, especially in unbanked or under banked populations. This is quite similar to what has happened in our neighboring countries like Thailand, Cambodia, and China. In those countries, FinTech plays a crucial role as the digital ecosystem builds up. I have seen this in Thailand personally, and I do see the same way in Myanmar. Tell us your contributions to the development of the FinTech industry of Myanmar? How is the role of Wave Money that do you tend to present in this journey? My responsibility is to ensure that we maintain Wave Money's market leadership position, providing reliable, secure, and widespread financial services that can be conveniently accessed via mobile phones and through its extensive agent network. Servicing the unbanked and underserved communities, strengthening digital literacy, and creating income opportunities for community resilience are critical areas in our pipeline that we are continually working on to create a fairer future for Myanmar. I'm very excited to carry out these ambitious missions with our Wave Money team. As a CTO of Wave Money, digital transformation is also an essential aspect for me. I see Wave Money as not only a leading FinTech company but also a leading Technology company. We are the pioneers in FinTech of Myanmar, and we continue to be this way through digital transformation continuously. This is also my passion for building great technology teams and empowering young generations of Myanmar tech talents. I believe financial inclusion as Wave Money's ambitious mission, Wave Money itself, has driven the journey to a certain level. What are your long terms and short terms plans for it? Indeed, we have seen a massive increase in domestic remittances, money transfers, and unique customers. We now have around 24 million customers, proving our enormous contribution to financial inclusion over the past four years. Moreover, during this recent COVID-19 period, Wave Money's digital platform has been the trusted channel for social security payments, loans for farmers, emergency funds for garment workers, and cash relief for street vendors. To help businesses during these difficult times, we waived all our service fees for the disbursement of funds to at-risk and affected sectors. Our long- and short-term plans include promoting digital literacy, building our interoperable services, and expanding our network coverage. All of this comes down to our vision to create a fairer future for Myanmar. We do all these while building local talents and empowering our Myanmar youth to play significant roles in our vision. As there has been an unexpected surge in digital technologies in various aspects and digital literacy plays a crucial role in cybersecurity, is Wave Money being part of accelerating digital literacy and how? Being at the forefront of Myanmar's fintech industry, Wave Money plays an active role in ensuring our customers are protected from unwanted cyber threats while improving financial inclusion in the country. We believe education is the foundation of good cyber security, so we invest heavily in digital literacy. As of being Wave Money as the official partner of Myanmar Cyber security Month (MCM) 2020, we have seen a lot of potential in spreading digital literacy awareness to public by teaming up with MoTC, MCF, Myanmar Police Force, and other partnered organizations. We conducted a series of webinars - highlighting the importance of being cyber-aware and cyber-mart. Millions of Myanmar citizens leverage technology for social connection, information, entertainment, and e-commerce. To date, we've conducted a series of initiatives such as workshops and masterclasses to raise cybersecurity awareness among our customers, agents, media practitioners, and members of the public. Wave Money is glad to see inclusive participation, especially women agent participation in our digital literacy initiative programs. Moreover, masterclasses for media practitioners have received a lot of positive feedback and nationwide involvement of journalists in significant cities and Shan State, Rakhine State, etc. These are initiative action plans, and we will keep this momentum with strategic objectives in the future. What do people in Myanmar want when it comes to digital wallet application like WavePay? And please share how much it can make easier their daily lives. There has been an acceleration of digital transformation in the country, primarily through mobile. To ensure our customers "Live Life [Their] Way", Wave Money launched an integrated digital wallet in the form of an app. With just a few taps, users can transfer money, top-up their mobile phone credit, pay utility bills, repay loans, even buy tickets and gaming items for mobile games. We've also partnered with different causes where users can make donations through the app. Since COVID-19, we?ve seen a 306 percent year-on-year growth in mobile wallet registration, which we believe is a sign that we're helping people meet their everyday needs digitally. What kind of innovative digital offering WavePay will bring in the future? We are always working hard to ensure that our intuitive user interface provides smartphone users with the best experience when accessing the wide variety of financial services and solutions. The WavePay app's interoperability also means that every Yoma SMART account holder can seamlessly link their WavePay account to transfer and receive cash from each other online, without charges. Users can also make cash deposits for free through Yoma Bank, KBZ, and CB mBanking, apart from our instant money transfer services offered by our extensive agent network. We are currently working to expand our list of services by increasing our merchants' network, ensuring that everyone can "Live Life [Their] Way" with WavePay. Is there anything you would like to share with us? As the largest money transfer platform in Myanmar, we currently have a network of 64,000 agents at nearly 300 out of 330 townships throughout the country. Our goal is to create a fairer future for Myanmar, which is demonstrated through a series of commitments, innovation, and creativity in the area of financial inclusion, digital inclusion, and community development. We're proud to have taken the lead in encouraging digital literacy in the country through multiple programs tailored to different stakeholders such as agents, the media, our customers, and the public. As much as possible, we will continue to share essential security practices to digital users to make digital payments and use mobile money services safely. Always ahead of the curve, Wave Money is currently investing in research and development around new technologies further secure and enrich customer experience in the future. We will be more than happy to share our latest results with you soon. Finally, I want to share how honored we are to support the people of Myanmar digitally with their everyday needs through our WavePay app, especially during COVID-19. I hope you will continue to stay strong, safe, and secure as we get through this pandemic together. |
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Entropy72
Master |
02-Jan-2021 22:18
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Myanmar?s Wave Money Clocks More Than a Million Monthly Users for Its Wavepay App
Fintechnews Singapore Wave Money, a Myanmar-based mobile financial services provider, announced that its WavePay application has crossed 1.1 million monthly active users in October. With a remittance value reportedly reaching 8 Trillion Myanmar Kyat (US$ 5.9 billion) from January to September 2020, Wave Money posted a daily average growth of 162% in new WavePay registrations by comparison to January 2020. The figures were reported in accordance with the internationally-recognised metrics of the GSM Association (GSMA), reflecting the strong market opportunity and rapid adoption of mobile money in Myanmar. ?This is a very exciting milestone because it?s a positive indicator not only of our performance but the health of the industry as a whole and how people are embracing digital. In line with our vision of creating a fairer future for Myanmar, we couldn?t be happier knowing that mobile money is now a big part of their daily lives,? said Brad Jones, CEO of Wave Money. An active mobile money account is a mobile money account which has been used to conduct at least one transaction during a certain period of time of either 30 days or 90 days, according to GSMA, the world?s largest industry organisation of mobile network operators. In its 2019 State of the Industry Report (SOTIR), GSMA noted that customers used their mobile money accounts more often and as part of their daily activities. At the end of last year, 35.8% of some 372 million accounts were active on a 90-day basis. The gap between activity on a 30-day and 90-day basis is narrowing, the report said, with 70% of 90-day active accounts now active on a monthly basis. GSMA predicts that by 2025, the number of monthly mobile money customer accounts would surpass 370 million, the level where 90-day accounts were at last year. Wave Money is said to have paid more than 62 billion Myanmar Kyat (US$46 million) in commissions to agents during the January to September 2020 period alone. Disbursements from the government and NGO sectors represented a substantial share of the total remittance value in 2020, driven largely by COVID-19 relief funds. As of the end of September, Wave Money said it transferred more than 17 billion Myanmar Kyat (US$13 million) as payment partner of governments and NGOs. Wave Money waived all service fees for the disbursement of funds to those hard-hit by the pandemic for the duration of the crisis. Since March, hundreds of thousands of vulnerable people have been digitally receiving emergency funds using WavePay. |
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Entropy72
Master |
02-Jan-2021 21:07
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Hope for breakthrough in the new civilian unity government that will give Myanmar peace for wider prosperity
https://www.mmtimes.com/news/two-biggest-ethnic-parties-join-nld-unity-talks.html |
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Entropy72
Master |
02-Jan-2021 19:24
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Dropped below 500 on 1 Jan. Pray it drops further to below 300 this week.
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Entropy72
Master |
31-Dec-2020 21:14
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With ANT likely out of the SEA picture for next 1-2 years, Wave Money will have to continue to rely on its own resources to expand its market share and service offerings. | ||||
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Entropy72
Master |
31-Dec-2020 21:11
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Commentary: Ant had such big ambitions. Then China authorities stepped inOccupied with regulatory challenges at home, Ant& rsquo s distraction may be an opportunity for Southeast Asian Fintech players, says Li Jianggan.
29 Dec 2020 06:07AM(Updated: 29 Dec 2020 06:54AM)
SINGAPORE: Ant Group has been through a roller-coaster year with the pandemic, the shelving of a much anticipated mega IPO in Hong Kong and Shanghai, and a digital bank licence in Singapore. If the IPO had gone through, Ant and its associated company Alibaba would have had a combined market cap 12 times that of SEA Group, the largest internet company in Southeast Asia - which counts Tencent, Alibaba& rsquo s major rival, as its largest shareholder. But Ant& rsquo s challenges are far from over.
CHALLENGES CONTINUE TO MOUNT IN CHINA Since the shelving of Ant& rsquo s IPO, regulators in China have not stopped tightening laws. New antitrust regulations were drafted for public review. On Dec 18, regulators issued a new set of rules limiting Internet companies from taking in deposits. Sun Tianqi, Director-General of Financial Stability Bureau of People& rsquo s Bank of China, explained in a speech just last week that local banks offering high interest rates to attract deposits nationally through Internet platforms have increased systemic risks in multiple ways. While this was aimed at all FinTech platforms, big players like Alipay, JD Finance and Lufax took down their internet deposit product offerings within 24 hours after the announcement. Other forms of FinTech with the potential for scale, such as insurance and wealth management, among others, might see greater scrutiny and attract more stringent rules from Chinese authorities in the years to come. Just this past week, while the Chinese central bank lambasted Ant for poor corporate governance on Sunday (Dec 27), it also set out specific remedial actions for Ant Group to take. This includes Ant returning to its limited role as a provider of payments services, establishing a separate financial holdings company (mainly for lending which generates most of Ant& rsquo s profits), and restructuring its credit, insurance and wealth management businesses. Implementation timetables are being set for these herculean tasks. The full impact of this wave of regulatory moves will take time to settle, and will keep the Ant leadership busy for a while. Ant& rsquo s other business plans, including international expansion, will probably be put on the back-burner. AN AGGRESSIVE PLAYER IN SOUTHEAST ASIA These developments could have a significant effect on the region. Over the past few years, Ant has been a major FinTech player in Southeast Asia. It has invested in mobile wallet joint ventures, paylater companies and vending machine operators. In addition to eMonkey in Vietnam, Ant is also a major shareholder or joint venture partner for Dana in Indonesia, Touch N Go Wallet in Malaysia, GCash in the Philippines, TrueMoney in Thailand and Wave Money in Myanmar. Ant has also bought over Lazada& rsquo s payment services helloPay. For some time, observers watched and anticipated for Ant to eventually buy over or squeeze out leading FinTech companies as Ant made strategic investments in Singapore-based M-daq and Indonesia& rsquo s Akulak Digital finance is the next frontier for Asia& rsquo s Big Tech firms. However, the market is saturated and competition is tough considering the hundreds of independent remittance service providers, P2P lending platforms, paylater and B2B digital finance solution providers in the region. It is rumoured that Ant is keen to invest in Grab& rsquo s financial arm for years, though such ambitions have been thwarted by Grab& rsquo s desire to stay independent of Ant& rsquo s control. TIME TO TAKE A PAUSE All that expansion in the region is slated to slow, not least given China& rsquo s shifting regulatory landscape. Ant& rsquo s leadership will focus on restructuring its business in the next year or more, meaning executives in regional offices may be more inclined to take a wait-and-see approach to any new strategic steps or big acquisitions. As countries are sensitised to the risks FinTech bring, Ant may also face some challenges with regulators in Southeast Asia, where scars from the Asian Financial Crisis remain. The shelving of Ant& rsquo s IPO has also prompted regulators in Southeast Asia to pay more attention to developments in China. OTHER ISSUES BEYOND REGULATION Even without the challenges posed by the recent regulatory changes in China, Ant has faced an uphill climb in Southeast Asia, given the lack of use cases for its e-wallets and digital lending products. For a payment service to be sticky, users need to be able to use it at multiple places and ideally with high frequency. For example, in Singapore, where one in two consumers have used contactless payments to pay in-store according to a Consultancy.asia survey in August, payWave has become one of the most popular and visible services because terminals were deployed to merchants. Dana, the mobile wallet joint venture in Indonesia, had to use discounted movie tickets to acquire users before COVID-19, but struggled with providing more places to use its wallet. The lower usage frequency of Lazada& rsquo s Alipay wallet - rebranded from helloPay - sent Ant executives scrambling for more partners to increase its use cases. WHAT DOES THIS MEAN FOR OTHER PLAYERS? Ant& rsquo s latest win of a wholesale digital bank licence in Singapore, allowing it to cater to small-and medium-sized enterprises does not significantly change Ant& rsquo s business strategy in Southeast Asia though it gives Ant& rsquo s regional offices more certainty. The license is, however, a reflection that Ant will probably hold onto its international ambitions but its window of opportunity in Southeast Asia is fast closing. Competing FinTech companies and their investors will be emboldened by Ant& rsquo s shelved IPO to grab more pieces of Southeast Asia& rsquo s growing digital payments and financial services pie. Grab is raising money separately for its Grab Financial Group, to consolidate its early lead in payment and digital financial services. It is also looking at a merger with GoJek that may provide users with use cases in Indonesia. Working with SingTel, Grab& rsquo s win of a digital full bank licence in Singapore allowing it to serve retail consumers may be another greenfield for the ride-hailing& rsquo s company pivot towards financial services. Sea is also expanding its SeaMoney subsidiary, lumping an array of payment and lending services under one umbrella, and has received the only other digital full bank licence in Singapore. SHIFTS IN ANT& rsquo S JOINT VENTURES The fate of Ant& rsquo s joint ventures in the region will probably diverge. Those with stronger local leadership with the know-how and autonomy to steer the company and grow localised products, where Ant& rsquo s role is limited to financing and technical expertise, are more likely to succeed compared to acquisitions that rely on Ant& rsquo s heavy lifting. A case in point is Pakistan& rsquo s EasyPaisa - an Ant joint venture with Telenor. After Ant stepped back from funding and staff support in 2019 and left the payments start-up to succeed on its own terms, the company continued growing. Expect many of Ant& rsquo s joint ventures in Southeast Asia to follow this path in 2021, as Ant focuses on managing its domestic stakeholders especially after Sunday& rsquo s move by the People& rsquo s Bank of China. Li Jianggan is founder and CEO of Momentum Works, a Singapore-based venture outfit. He was also previously MD Singapore of Foodpanda, co-founder and Regional MD of Easy Taxi.
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Entropy72
Master |
29-Dec-2020 09:51
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https://www.mmtimes.com/news/myanmar-relaxes-stay-home-restrictions-six-regions-and-states-today.html Daily new cases has dropped to 600+ now. Hope it goes below 500 by 1 Jan.
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Entropy72
Master |
25-Dec-2020 14:48
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Nine Firms Qualify to Challenge Chinese Proposal for Myanmar&rsquo s New Yangon City ProjectAn artist' s rendering of the New Yangon City project / NYDC 3.8k By NAN LWIN 24 November 2020 YANGON&mdash The Myanmar government has issued &ldquo request for proposal&rdquo (RFP) documents to nine companies&mdash including firms based in India, Singapore, France and Taiwan&mdash interested in competing against a Chinese company&rsquo s proposal to develop the initial phase of the New Yangon City project in Myanmar&rsquo s commercial capital, which is part of China&rsquo s ambitious Belt and Road Initiative (BRI). The nine firms are now qualified to submit rival plans to compete against the initial development proposal put forward by Beijing-based China Communications Construction Co. Ltd. (CCCC). Moreover, they will be granted access CCCC&rsquo s proposal for the industrial park, including such details as the scope of work for essential ancillary infrastructure. They will also receive documents to be submitted by applicants and a timeframe for the &ldquo Swiss Challenge&rdquo tender process. Chinese President Xi Jinping has branded New Yangon City as a pillar of the China-Myanmar Economic Corridor (CMEC), a key component of the BRI. Since his trip to Myanmar early this year, he has repeatedly called on the Myanmar government to cooperate on practical implementation of CMEC projects and called on both sides to deepen result-oriented BRI cooperation, particularly projects that are branded as pillars of the CMEC. The Ministry of Investment and Foreign Economic Relations (MIFER) said that of the 16 companies that submitted an expression of interest (EOI) to develop an industrial park and related infrastructure for the new city project, it invited 15 to purchase RFPs. A total of nine companies bought the RFPs before the final deadline of Nov. 6. Under the Swiss Challenge tender process overseen by German consulting firm Roland Berger, the details of CCCC&rsquo s development proposal are made available to the qualified firms to give them a chance to offer better terms. If a company successfully challenges with a lower bid and better terms, it will be required to reimburse CCCC for the costs incurred. According to the MIFER, the nine companies are Taiwan&rsquo s BES Engineering Corporation three French companies&mdash BYMA Myanmar Limited, EDF HQ Singapore Pte. Ltd and SUEZ Group&mdash India&rsquo s NTPC Limited Singapore&rsquo s Nylect Technology (Myanmar) Ltd and three local companies&mdash Dragon Power Company Limited Myanmar, Myanmar National Brotherhood Consortium and Southern Metal Industry Co. Ltd. The MIFER said these nine entities may bid either by themselves or as part of a consortium formed to cover the technical and financial scope of the project. The final deadline to submit proposals is Jan. 18, 2021. BYMA Myanmar Limited (BYMA) is a joint venture between Bouygues Batiment International, a subsidiary of Bouygues Construction, and Yoma Strategic Holdings (YSH), a Singapore-listed company. YSH is managed by property mogul Serge Pun, who is also CEO of the Yangon government-backed New Yangon Development Company (NYDC), which was formed to implement the New Yangon City project. BYMA&rsquo s status as an associated company of Yoma Strategic Holdings has given rise to conflict of interest concerns. In response to the concerns, Serge Pun said YSH is a minority shareholder and BYMA is managed by Bouygues and not by YSH. Serge Pun said that neither he nor YSH had been informed of BYMA&rsquo s interest in receiving the RFP documents, adding that BYMA&rsquo s interest in receiving the RFP documents is not to bid but to gain a better understanding of the urban development vision for the project. He stressed that during his tenure as CEO, he will not support any bids for any NYDC-related public works projects by the group of companies under his control. According to the rules and regulations, as the original proponent, CCCC will have the right to match or improve on the proposal of the winning challenger for up to 45 working days from the announcement of the superior challenger bid. In 2018, NYDC signed a framework agreement with CCCC to draw up a US$1.5-billon (1.96-trillion-kyat) proposal for the initial phase of the New Yangon City project. The entire project is expected to cover an area twice the size of Singapore. The project is embroiled in controversy due to its flood-prone location and the CCCC&rsquo s involvement. The Hong Kong-listed, Chinese state-owned company has been accused of engaging in corruption and bribery relating to development deals in at least 10 countries in Africa and Asia, from the Philippines to Bangladesh to Tanzania, according to international media reports. In July, Myanmar unbundled the project to reduce its budget to $800 million. The project&rsquo s size was reduced to encourage other firms to bid for a contract. |
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Entropy72
Master |
25-Dec-2020 11:59
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The re-elected NLD government is moving fast to attract foreign investment with the launch of 3 new industrial parks, in separate partnerships with S Korea, Thailand and Singapore. Lack of industrial land and infrastructure has been one of the key reasons manufacturing (read, jobs creation) has been slow in scaling up at Myanmar. The Thilawa industrial park, in partnership with Japan, has proven to be.a success. These developments bode well for Yoma' s property and consumer businesses. |
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Entropy72
Master |
25-Dec-2020 11:56
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Myanmar industrial parks offer precious infrastructure to investorsSouth Korean, Thai and Singaporean developers build business zones around Yangon  YUICHI NITTA, Nikkei staff writerDecember 24, 2020 15:24 JST
YANGON -- South Korean state-linked Korea Land and Housing broke ground on an industrial park near Yangon on Thursday, becoming the latest foreign company to develop such a project in the country, a move that the Myanmar government hopes will help to draw in overseas manufacturers. Also in the pipeline are similar projects by Thailand' s Amata and Singapore' s Sembcorp Industries. Together with its local partner Myanmar' s Ministry of Construction, Korea Land and Housing (LH) held a groundbreaking ceremony for the Korea-Myanmar Industrial Complex in the township of Hlegu, which is just 25 km north of Yangon International Airport and 40 km from the city center. The 225-hectare project is being developed at a cost of around $110 million. The developers are hoping to open around half of the zone in the first phase in 2023. The KMIC will be managed by a joint venture 40% owned by LH, 20% by South Korean apparel maker Global SAE-A and 40% by the ministry. Myanmar' s only industrial park now is the special economic zone in Thilawa on the outskirts of Yangon that was developed by Japan and opened in 2015. The government hopes that by building more such areas with utilities and infrastructure that meet international standards, foreign manufacturers will start to invest in Myanmar. " Around Yangon, with the exception of Thilawa SEZ, it has been difficult to secure land for large-scale factories. It is highly likely that opportunities to attract investment have been lost to Vietnam and other countries," said Kazufumi Tanaka, head of Japan External Trade Organization in Yangon. " The development of new industrial parks will attract investment."  Korea Land and Housing held a groundbreaking ceremony for the KMIC on Dec. 24. The South Korean government is supporting the project. (Photo courtesy of KMIC Development)
Myanmar has lined up two other such projects that it has also marked as priority to help the economy emerge from the coronavirus pandemic and as domestic consumption grows. Amata, a Thai company that develops industrial estates, is holding a groundbreaking ceremony for its Yangon Amata Smart and Eco City project on Sunday. Sembcorp Industries, a Singapore government-linked conglomerate, is also planning to build an industrial complex in a Yangon suburb. If all goes according to plan, three new industrial parks near Yangon, built by foreign companies, will be completed within a few years. 
To support the KMIC, the South Korean government will extend concessional loans from its Economic Development Cooperation Fund, set up in 1987 to promote economic cooperation with developing countries, to Myanmar to finance the construction of an electric power substation, transmission lines from the national grid and water supply facilities. Seoul will also support a project to expand a road to four lanes from the current two that connects the complex to an express highway linking Yangon and Mandalay, the country' s second-largest city. KMIC rental will cost less than in the Thilawa zone, at $69.30 to $75.60 per sq. meter for a 50-year lease, according to the KMIC operator. Thilawa leases were around $80 per sq. meter in 2018, according to a survey conducted by Myanmar' s Directorate of Investment and Company Administration. LH is not concerned about competition with Thilawa and other projects because the potential for investment in Myanmar is huge, Lee Jung Wook, managing director of KMIC Development, told Nikkei Asia. " It will be a blue ocean rather than a red ocean," he said. Lee said KMIC is better connected than Thilawa. Despite its greater distance from a port, it is linked to the two top cities by the expressway. " If you want to provide your products to other cities, KMIC' s location might be much better than Thilawa," Lee said. Myanmar Japan Thilawa Development, which manages the industrial park, is 49% owned by a group of Japanese trading houses, the Japan International Cooperation Agency and other companies. It has already developed 583 hectares and will add 46 in April 2021. 
Preparatory work on the 800-hectare Yangon Amata Smart and Eco City project, northeast of the city, is also underway, with the operator optimistic about moving in clients soon. " We are advancing preparations so that clients, if they wish, can begin operating as early as in 2021," Yasuo Tsutsui, managing director of the venture, told Nikkei. In the first phase, 80 hectares will be developed and Amata -- which will hold 80% of the project and the government the rest -- said it was ready to begin work on 40 hectares. Amata expects to charge $75 or so per sq. meter for a 50-year lease. The construction of the industrial park is expected to cost $274 million. Including a power generation plant Amata plans to jointly build with state-owned Thai energy giant PTT to supply electricity to the industrial park on a priority basis, total costs are expected to reach $1 billion. The 436-hectare Sembcorp project is estimated to cost $230 million, although its launch date has yet to be announced. Sembcorp, which is experienced in building industrial parks in developing countries including Vietnam, will take a 67% stake in the project. Another 18% will be held by Pahtama Group, a leading wholesaler under the wing of Myanmar' s biggest consumer business company, City Holdings, and 15% by Myanmar Agribusiness, a major agricultural business operator. Kelvin Teo, CEO of Sembcorp Development, wrote in response to emailed questions by Nikkei that Myanmar faces " challenges of shifting from small-scale cottage industry manufacturing to large-scale manufacturing in a factory setting," but he added that " we think that foreign manufacturers can overcome this and bring modern systems and processes to raise local standards." |
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Entropy72
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21-Dec-2020 23:35
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Some progress in COVID situation in Myanmar. From 1500 cases per day to less than 1000 cases per day for past few days. Hope it reaches less than 500 cases per day later this week. | ||||
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DummyA
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19-Dec-2020 00:33
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I think i unload some first to switch to some others for now | ||||
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zandlery
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16-Dec-2020 12:42
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Daily volume low. No interest from BB yet. Investor gotta go mid-long term for this one.
Watching daily will only get u tickling sensation on the arshole only... 😂 |
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Andrew123
Master |
16-Dec-2020 12:02
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today rather a quiet day for most counters
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earthdragon
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16-Dec-2020 11:53
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With such big news, yet the volumns today so thin. disappointed. Hope there is great profit announced due to the online payment section.
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Joelton
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16-Dec-2020 09:21
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Yoma Strategic enters into joint venture to develop second city loft project as an interested person transaction
Yoma Strategic Holdings has, on Dec 15, entered into a joint venture agreement with First Myanmar Investment Public Company Limited and Jebsen & Jessen Property Holdings through its wholly-owned subsidiary Yoma Development Group.
First Myanmar Investment is a public company that conducts financial services, healthcare services, real estate development and services, and investment holding. The company is incorporated in Myanmar and listed on the Yangon Stock Exchange.
Jebsen & Jessen Property Holdings is part of the Jebsen & Jessen Group, an Asean-focused industrial conglomerate engaged in cable technology, ingredients, life sciences, packaging and technology.
The move is deemed an interested person transaction as Serge Pun, who is the executive chairman and controlling shareholder of Yoma Strategic, is also the executive chairman and controlling shareholder of First Myanmar Investment.
Accordingly, First Myanmar Investment is an interested person of Yoma Strategic.
The agreement will see the three parties participate in the co-development of part of the 21.31 acres of land situated in Hlaing Thar Yar Township into residential apartments.
The apartments, also known as the City Loft West Project, will replicate Yoma Strategic&rsquo s City Loft @ StarCity concept.
The development will take place in two phases the first phase will comprise 11.08 acres while the second phase will span across 10.23 acres.
Construction for phase one is expected to begin in 2021 and will consist of seven towers and about 1,800 units. It will have a total gross floor area (GFA) of about 1.4 million square feet, subject to the approvals from relevant authorities.
Under the agreement, the parties will also form a joint venture company known as CLW Development Limited. Jebsen & Jessen Property Holdings will hold a 50% stake, while Yoma Development Group and First Myanmar Investment Public Company will hold 25% interests respectively.
The initial investment in CLW Development amounts to some US$28 million ($37.3 million). Yoma&rsquo s pro rata share will amount to some US$7 million, which is to be funded through internal cash.
The site, on which City Loft West Project will be built, is currently owned by FMI Riverside Development Limited (FMIRDL).
The company is 47.5% owned by First Myanmar Investment and 52.5% owned by Yangon Land Company, an indirect wholly-owned subsidiary of Serge Pun & Associates (Myanmar) Limited (SPA).
As FMIRDL has been granted the land development rights of the Target Site by the relevant authorities, CLW Development would be a co-developer of phase one with FMIRDL.
FMIRDL, as co-developer, would be paid US$20 million by CLW Development.
CLW Development would also be granted a first right to participate in the development of phase two of City Loft West Project.
According to a statement via SGX, Yoma says the City Loft West Project represents an opportunity for the group to further expand its real estate activities to the west side of Yangon, following the success of its previous project City Lloft @ StarCity.
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