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YANGON, May 31 (Xinhua) -- Japan will provide technical aid to Myanmar for the development of capital market, official media reported Thursday.
A memorandum of understanding on the technical aid has been signed between the Central Bank of Myanmar and the Daiwa Research Institute and Tokyo Stock Exchange of Japan in Nay Pyi Taw over the last two days, said the New Light of Myanmar.
According to Myanmar Minister of Finance and Revenue U Hla Tun, who is also chairman of the Capital Market Development Committee, Myanmar would establish stock exchange by 2015 under a blue print set out by the committee.
Myanmar has allowed the set-up of public companies in a bid to shape the capital market in development of market economy.
The Directorate of Investment and Companies is encouraging the public to invest their savings and capitals in each business sector of the public companies.
Public company applicants are advised to have at least seven initial holders, to sell unlimited shares to the public, to be an economically sustainable business, to employ skilled labor and to submit the name list to the institutions concerned.
Besides, applicants are also notified to advertise in dailies and other media start-up capital, business priorities, share portfolio, membership in first board of directors and qualifications, share transfer and dealing, profit sharing, audit and electing board of directors.
According to the directorate, the seed capital for public companies is set to be at least 500 million and monetary issues and securities are to be dealt under existing laws.
Moreover, monetary information compiled to international standard are to be publicized in dailies, journals and internet websites for public notice, it added.