After reading that there would be an offering by Myanmar Thilawa SEZ Holdings Public Ltd offering $21 million worth of shares for sale through several banks in Yangon at $10 per share I asked my assistant to accompany me to see if we could buy any. We stopped by the Ayeyarwady Bank, Yoma Bank and Kanbawza Bank.
The news release published in local media stated there would be 2.1 million shares available which generated excitement the country. That news story placement was for the "appearance" of a tender system. What we were told was that the sales were wrapped up before they started within certain networks.
Zero shares ever circulated in any bank to the public, all sales were in-house among those with the proper connections. When we asked at the three mentioned banks we were met with blank stares and finally told by a reliable person that none of the banks received or will receive their supposed allotment.
Myanmar Business Today April 27, 2014 Edition with Thilawa Share Story