PwC MyanmarWeekly Business Intelligence

Issue 12905 October 2018

www.pwc.com/mm

PwC | October 2018

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PwC | October 2018

1. Weekly Key Financial & Business News

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PwC | October 2018

Weekly Key Financial & Business NewsHeadlines

Myanmar successfully renegotiates debt, ownership terms for Kyaukphyu

Midterm report card: Myanmar’s economy is not working

Myanmar’s private sector should be at the driving seat for reform

Yoma Bank and Myanmar CP Livestock Introduce Their Joint Innovative Financing Program

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Fixed broadband next phase of growth in Myanmar telecomms: ZTE

PwC | October 2018

Weekly Key Financial & Business NewsHeadlines

Fitch Solutions downgrades Myanmar’s construction outlook on Rakhine and reform inertia

YSX-listed FMI units acquire 70% stake in SEIN Hospital for $4.9m

Only 61 companies are entitled to public offering: DICA

Govt, JICA sign agreement worth 6,033 million yen to implement Mandalay port project

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'Window is closing': business leaders vent frustrations over govt’s economic performance

PwC | October 2018

Weekly Key Financial & Business NewsHeadlines

Manufacturing key to Myanmar’s growth

Yangon Gov’t Abused Its Power by Investing in Controversial New City Project: Lawmaker

MTSH’s share price falls in the wake of boardroom row

Yangon govt accused of unauthorised use of funds to buy buses

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EU trade privileges move alarms garment sector

PwC | October 2018 7

Midterm report card: Myanmar’s economy is not working

As the National League for Democracy-ledgovernment is half-way through its five-yearterm, the empty hotel rooms, plight of smallbusinesses and falling investor confidence paint ableak economic picture.In another 2.5 years’ time, many voters will beasking what the first NLD-led administration hasdelivered. The current numbers are hardlyencouraging.Between April and August this year, approvedFDI totalled US$1.4 billion, less than half of theUS$3 billion forecast by the government for theApril-September six-month period between thetwo fiscal years. Meanwhile, the averageinternational load factor, the country’sinternational flights, was a mere 60 percent in2017, as visitor numbers inched up by only 2pc inthe first half of this year. Just last week, FitchSolutions Macro Research downgradedMyanmar's construction industry growth forecast,citing political factors and the slowing of reformmomentum.First of all, inertia is to be blamed. Let’s take alook at the energy sector as an example. The

national electrification plan aims to achieveuniversal electrification by 2030, but statesubsidies are standing in the way of attractinginvestments for power projects and hencebringing electricity to the population. Despiteclaiming that electrification is a top priority, NayPyi Taw fails to change the tariffs in spite of 2.5years of deliberation. Myanmar’s electricity pricefor businesses remains financially unsustainable,with the lowest rates in ASEAN. The residentialrate is even lower. Currently, the wealthiestresidents in Yangon purchase subsidisedelectricity below cost.Small wonder that leading tycoon Serge Punweighed into the debate last month andremarked, with energy and electricity minister UWin Khaing present, that the government's policyof subsidising all users “has always been wrong”.

Source: Myanmar Timeshttps://www.mmtimes.com/news/midterm-report-card-myanmars-economy-not-working.html

NewspapersMyanmar Times

01 Oct 2018

PwC | October 2018 8

Myanmar successfully renegotiates debt, ownership terms for Kyaukphyu

Myanmar and China are on the cusp of signing aframework agreement on the development ofKyaukphyu Special Economic Zone (SEZ) inRakhine State, U Than Myint, Minister ofCommerce and chair of the Myanmar SEZ CentralCommittee, told The Myanmar Times.The agreement, which is expected to be signedbefore the end of the year, will see the Chinesetaking up a 70 percent stake in a strategic deepsea port at the SEZ. The remaining 30pc will betaken up by the Myanmar government and localpublic firms, U Than Myint said.The Chinese have also agreed to newarrangements that will help Myanmar lighten itsfinancial burden as it takes on a larger stake in theproject. Construction of the port will commenceafter the terms are finalised and the frameworkagreement has been signed.The development comes after months of difficultnegotiations between China state investmentvehicle CITIC Group and the NLD-government toreduce the Chinese consortium’s stake in the portfrom 85pc to 70pc. Under the previousgovernment, CITIC had won the original tender to

build the port based on an 85:15 ratio.A draft framework agreement on the newownership structure and port development planwas submitted to the SEZ Central Committee inAugust, after U Set Aung, deputy ministry ofplanning and finance, was appointed as chair ofthe Kyaukphyu SEZ Management Committee.New termsAccording to confidential information received byThe Myanmar Times, the Kyaukphyu SEZManagement Committee will incorporate a localcompany and capitalise it through grants ofleasehold interest on land earmarked for theproject and concessions valued at US$300 millionin total.CITIC will acquire 70pc of the shares of thecompany at $210 million, while the managementcommittee will sell shares to raise the remaining30pc from the government and a separategovernment designated entity (GDE).Source: Myanmar Timeshttps://www.mmtimes.com/news/myanmar-successfully-renegotiates-debt-ownership-terms-kyaukphyu.html

NewspapersMyanmar Times

01 Oct 2018

PwC | October 2018 9

Myanmar’s private sector should be at the driving seat for reform

Businesses in the country are best-placed to be atthe driving seat for reform, an expert said at aconference in Yangon. On a broader level, thehuman capital and capacity of employees whichthe private sector is well-positioned to developare vital for Myanmar’s transition as a country.Vicky Bowman, director of Yangon-basedMyanmar Centre for Responsible Business(MCRB), stressed that human resourcesmanagers played an essential role in ensuring thattheir companies did business responsibly, sincecorporate governance is about what people do andwhy. Each element of what makes a responsiblebusiness - treating customers responsibly, notpaying bribes etc – involves choices, informed orotherwise, by employees.She was speaking at the ProfessionalDevelopment Conference, organised by Yangon-based LEARN Myanmar and Singaporeantraining firm Professionals SupremacyCorporation Pte Ltd on September 29 and 30. Atthe event, Myanmar’s lack of human capital wasdiscussed by U Maung Maung Lay, Vice Presidentof the UMFCCI, emphasising the need to address

the problem urgently.The MCRB director outlined the importance ofhaving corporate governance systems, policiesand training in place to ensure responsiblebusiness conduct. The Pwint ThitSa/Transparency in Myanmar Enterprisesbenchmarking initiative rates company websitesfor the corporate governance information theypublish, and was increasingly recognised byleading Myanmar companies as an important toolfor them to be recognised for their efforts byactual/ potential business partners and investors.Ms Bowman explained that this Pwint Thit Sainitiative to encourage disclosure and goodcorporate governance was aligned to the currentdirection of regulatory reform, particularly thenew Investment Law, new Companies Act and the2015 Law protecting the Rights of People withDisabilities.

Source: Myanmar Timeshttps://www.mmtimes.com/news/myanmars-private-sector-should-be-driving-seat-reform.html

NewspapersMyanmar Times

02 Oct 2018

PwC | October 2018 10

Yoma Bank and Myanmar CP Livestock Introduce Their Joint Innovative Financing Program

Yangon, Myanmar – September 28, 2018 - YomaBank signed an innovative loan agreement withthe authorized dealers of Myanmar CP Livestock(MCPL), the leading agro-industry and foodbusiness in Myanmar. The purpose of the loan isto facilitate livestock dealers, and farmers withworking capital to buy animal feed from MyanmarCP Livestock. Myanmar CP Livestock is currentlyoperating three feed mills, located in Yangon,Taunggyi, and Mandalay, with a total capacity ofaround 750,000 tons a year.As one of Myanmar’s largest banks with over3,000 employees and 75 branches nationwide,Yoma Bank is proud to be supporting local dealers& farmers with this new program.This Agribusiness Finance Program is YomaBank’s new innovative SME financing product,and shares its benefits to all the stakeholdersinvolved. With this program, individual farmersand dealers will have access to the formalfinancial system to grow their livestockbusinesses. At the same time, MCPL will besupported to grow their sales on the back of theirclients’ increased purchasing power. To apply for

this program, applicants are not – as usuallyrequested by Myanmar Banks - required to availany physical collateral, but instead need to provea positive track record. “Yoma Bank is very proudto launch this innovative financial solution, inorder to address collateral challenges facingsmallholder livestock farmers. Working withMCPL has allowed us, to provide credit using acredit scoring system. Smallholder farmers aresupported through our Agribusiness FinanceProgram. Through this program we renew ourcommitment to improving financial inclusion, andaccess to credit for those who are seldomly servedby Myanmar’s financial institutions.” said theAdvisor to the Chairman and CEO of Yoma Bank,Mr. Hal Bosher. Yoma Bank’s AgribusinessFinance Program (AFP), is striving to addressimpediments of the development of the poultrysector.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/yoma-bank-and-myanmar-cp-livestock-introduce-their-joint-innovative-financing-program

NewspapersMyanmar Business Today

02 Oct 2018

PwC | October 2018 11

Fixed broadband next phase of growth in Myanmar telecomms: ZTE

Yan Xiao, CEO of ZTE Myanmar, is convinced thenext big area of growth in the Myanmartelecommunications sector lies in high-speed,fixed broadband internet. With competition in themobile space getting more intense, now is a goodtime for internet service providers (ISPs) toconsider offering high-speed, fixed broadband(FBB) services to retain customers and capturemarket share.With demand rising for high-quality video ondemand (VOD), “it’s a good time for Myanmar’sISPs to transition from providing mobile internetaccess to FBB,” Mr Yan said at the ZTE MyanmarBroadband Forum on September 28. He addedthat local ISPs must anticipate and capture theupswing in demand now, “otherwise, you maynever catch up.”In Myanmar, the majority of users purchasemobile data. This is line with the government’s2015 Mobile First master plan to connect 90percent of the population and provide internetaccess to half at minimum speeds of 7.2 mbps by2020. In fact, the mobile penetration rate in thecountry was already 98pc in 2017 compared to

30pc in 2014, which is on par with the rest ofASEAN, according to data provided by ZTE.Lately though, demand is rising foruninterrupted, live access to popular realitytelevision programmes like Myanmar Idol.According to a recent ZTE survey, the majority ofthose polled are willing to pay for access to highquality VOD.Against that backdrop, mobile data is no longerthe most efficient option for users to access theinternet. As such, local stakeholders need to thinkahead. “While mobile has done well in the pastfew years, FBB networks have not developed asfast. Now is the time to invest in upgrading theinfrastructure and technology for FBB inMyanmar,” said Dr Francis Zhu, a seniorexecutive at ZTE.

Source: Myanmar Timeshttps://www.mmtimes.com/news/fixed-broadband-next-phase-growth-myanmar-telecomms-zte.html

NewspapersMyanmar Times

03 Oct 2018

PwC | October 2018 12

YSX-listed FMI units acquire 70% stake in SEIN Hospital for $4.9m

Pun Hlaing International Hospital Limited andYoma Siloam Hospital Pun Hlaing Limited(YSHPH), the subsidiaries of First MyanmarInvestment Co Ltd, have acquired a 70-per centstake in SEIN Hospital in Taunggyi for $4.9million. Following the deal, SEIN will berebranded as Pun Hlaing Siloam Hospital. Theacquisition was completed on September 28,according to an announcement on the YangonStock Exchange. SEIN Hospital is a 100-bedfacility offering primary to secondary medicalservices including surgical procedures, laboratory,imaging, general healthcare and diagnosticsservices. As the next step, a new joint venturecompany (JVCo) will be set up for the operationand management of SEIN Hospital, with YSHPHholding 70 per cent stake with the balance held byDr Tun Aye of SEIN. “Going forward, the JVCoplans to develop/transform SEIN Hospital into aPun Hlaing Siloam Hospital branded hospital byfurther expanding the bed capacity and improvingthe facilities,” the filing noted. The agreement forthe acquisition was undertaken with variousindividuals including Dr. Tun Aye from the side of

SEIN hospital, as per the filing. The acquisitionrepresents approximately 3.57 per cent of theGroup’s consolidated net assets. “The purchaseconsideration will be funded by YSHPHshareholders’ contribution and debt financing atYSHPH- level,” as per the filing. With theTaunggyi deal, Pun Hlaing Siloam Hospital willhave four facilities under its brand in Myanmar.PHSH’s flagship is a 170-bed general hospitallocated in Pun Hlaing Estate in the HlaingTharyar Township. PHSH also has a hospital inMandalay, the second largest city in population.Yoma Siloam Hospitals Pun Hlaing Limited is 60per cent owned by FMI and 40 per cent by LippoHolding Company which operates its hospitalsand clinics under the operating name of PunHlaing Siloam Hospitals (PHSH) in Myanmar.There are also two Pun Hlaing clinics indowntown Yangon and in Star City, Thanlyin.

Source: Deal Street Asiahttps://www.dealstreetasia.com/stories/ysx-listed-fmi-units-acquire-70-stake-in-sein-hospital-for-4-9m-107912/

NewspapersDeal Street Asia

03 Oct 2018

PwC | October 2018 13

Fitch Solutions downgrades Myanmar’s construction outlook on Rakhine and reform inertia

Consulting firm Fitch Solutions Macro Researchdowngraded the growth forecast for Myanmar’sconstruction industry, saying economic reformswhich would boost infrastructure developmenthad been knocked off course and the northernRakhine crisis would weigh on the economy.Fitch Solutions Macro Research, a unit of Londonand New York-headquartered Fitch Group, onFriday cut the expectations for constructiongrowth for 2017 from 18.5pc to 10.3pc year-on-year (y-o-y). The forecasts for 2018 and 2019 werealso revised down to 13.3pc y-o-y and 13.8pc y-o-y, respectively, from 16.5pc and 14.7pc.It said Myanmar remains a high-risk location forinvestment, with ongoing security and businessenvironment risks deterring foreign investors anddampening growth. In particular, the governmentis under fire from the international communitydue to the ongoing humanitarian crisis innorthern Rakhine, leading to concerns overreputational risks for Western firms. Other ethnicconflicts and armed clashes also “undermineinvestor sentiment”.However, politics are not the only key factors. The

company - formerly known as BMI Research -said the outlook for infrastructure had weakenedsignificantly as reforms to liberalise andencourage foreign investments have stalled.“On top of these [political] issues, investors areconcerned that required reforms to the businessenvironment, such as boosting bureaucraticefficiency, opening up the economy to foreignparticipation and improving governmentcoordination and capacity, will not move forwardas quickly as planned,” it said, warning that “anybacksliding on reform momentum would act as abarrier to foreign investment, which is crucial forinfrastructure development in the country.” Therevision was also based on new data releases andthe government’s decision to scale back theChina-backed Kyaukphyu Special Economic Zone(SEZ) at central Rakhine.

Source: Myanmar Timeshttps://www.mmtimes.com/news/fitch-solutions-downgrades-myanmars-construction-outlook-rakhine-and-reform-inertia.html

NewspapersMyanmar Times

03 Oct 2018

PwC | October 2018 14

Only 61 companies are entitled to public offering: DICA

Apart from 61 public listed companies, anybusiness entities have no right to sell shares to thepublic, according to a statement by Directorate ofInvestment and Company Administration (DICA).According to DICA’s statement dated October 1,AMATA Holding Public Co., Ltd and TelecomPublic Co., Ltd are able to sell shares to thepublic.The DICA will also later release the list ofadditional public companies which have earnedrights for public offerings.On August 8, 2017, the DICA announced thenames of 55 public companies which can take partin share trading and which are formed in accordwith the Myanmar Companies Act. Fouradditional public companies were also announcedon September 17 via the State-owned MirrorDaily.Htay Chun, a member of the Security ExchangeSupervisory Commission has warned that somecompanies are enticing the public to buy sharesvia online mediums with the high-returnhoneypot. Authorities and others in the industryhad issued warning about such suspicious and

illegal businesses in the past.Aung Naing Oo, Secretary of MyanmarInvestment Commission said, “Under theMyanmar Companies Act, non-public companieshave no rights to sell shares to the public. Evenpublic companies which get the nod for the publicoffering from the MIC can sell shares. There areneatly 300 public companies in Myanmar. Ofthem, more than 60 can sell shares. Theremaining companies are not allowed to sellshares.”

Source: Eleven Myanmarhttp://www.elevenmyanmar.com/business/15325

NewspapersEleven Myanmar

03 Oct 2018

PwC | October 2018 15

Govt, JICA sign agreement worth 6,033 million yen to implement Mandalay port project

The Directorate of Water Resources andImprovement of River Systems and JapanInternational Cooperation Agency signed anagreement worth 6,033 million yen in grant aidfor a Mandalay port construction project onWednesday.The agreement signing ceremony was attended byDirector General Tun Lwin Oo and officials fromthe directorate and JICA officials.The Mandalay port construction project will beimplemented this month under the programme.Plans are also underway to pay landcompensations. The port project area will coverarea from Shwe Hlan Bo Monastery betweenAmarapura and Mahaaungmyay townships to thebank of the Ayeyawady River.The project will include construction of a 300foot-long three-land approach road, a 180-metre-long jetty, a container yard, warehouses and portoffices and installation of machinery andequipment for handling of goods.The Mandalay port project is aimed at shippinggoods from Yangon to Mandalay and then toupper Myanmar.

"We are implementing this port project to be ableto transport goods from Yangon to Mandalay andthen to upper Myanmar. Later, our departmentwill install necessary equipment in the river sothat container ships can go from Yangon toMandalay around the clock," said Aung MyoKhaing, director of the Directorate of WaterResources and Improvement of River Systems.

Source: Eleven Myanmarhttp://www.elevenmyanmar.com/business/15350

NewspapersEleven Myanmar

04 Oct 2018

PwC | October 2018 16

'Window is closing': business leaders vent frustrations over govt’s economic performance

Business leaders in Myanmar have cast seriousdoubts on the government’s management of theeconomy for the last 2.5 years, with one domesticinvestor warning that “the window is closing” onreforms and a leader of an Asian business groupcriticising Nay Pyi Taw as working “in silos” andhaving “no urgency to get things done”.As the National League for Democracy-ledadministration approaches midpoint of their five-year term, it is presiding over falling approvedFDI, stagnant tourism numbers and reformsstifled by incompetence and protectionism.The Myanmar Times has spoken to a number ofbusiness chiefs on their assessment.For American investor Robert Walsh from S&SProject Management, Myanmar will find it toughto turn things around within the government’sremaining term.“I really don’t know if the NLD has a few kegs ofmagic brew hidden away somewhere, an elixirthat can ameliorate the effects of cronycapitalism, while at the same time renderingthose who imbibe to see conditions on the groundin a much rosier light,” he commented. In other

words, “beer goggles, but for an economy”.“My guess is that Kool-aid drinkers have all prettymuch left Myanmar, with or without Rev JimJones’ help. Those of us remaining in Myanmarare pretty much gluttons for punishment, becausebeating your head against the wall feels goodwhen you finally stop.” (The American phrase“drinking the Kool-aid” is a cultural reference,referring to followership at its worse and coinedafter Jim Jones who led his cult to mass suicide.)The government has prioritised encouragingforeign investments into remote regions, butdoing business in those areas is difficult. This, MrWalsh said, stops investors from coming in. “Theimpact on the wider economy is that the slowerthings go, the more foreign investors will fall preyto exhaustion of patience, get fed up, strike theirtents and go the hell home. Or go to Bangladesh,where FDI into electrical power projects isbooming…Source: Myanmar Timeshttps://www.mmtimes.com/news/window-closing-business-leaders-vent-frustrations-over-govts-economic-performance.html

NewspapersMyanmar Times

04 Oct 2018

PwC | October 2018 17

Yangon Gov’t Abused Its Power by Investing in Controversial New City Project: Lawmaker

YANGON—The Yangon Regional government wasaccused of abusing its power by investing 10billion kyats ($6.5 million) in a controversial newcity project on the western bank of the YangonRiver without the parliament’s prior approval.In March, the Yangon government launched NewYangon Development Company (NYDC) which isto be the developer of the New Yangon Cityproject to be built on 20,000 acres of farmlandacross the Yangon River from downtown Yangon.At the launching ceremony in Yangon in March,Chief Minister U Phyo Min Thein said “it isexpected that the new city will create two millionjobs” while claiming that NYDC is fully owned bythe government.NYDC is headed by the Yangon government’sElectricity, Industry, and Roads andCommunications Minister Daw Nilar Kyaw, alongwith property mogul Serge Pun of Yoma StrategicHoldings, a Singapore-listed outfit with realestate holdings in Myanmar. Former SingaporeanForeign Minister George Yoe is “IndependentInternational Director” of the NYDC.It was revealed in the auditor general’s report on

the Yangon government’s budget for the 2016-17fiscal year that the government transferred 10billion kyats to NYDC from Yangon MetropolitanDevelopment Public Company Limited’s 64-billion-kyat ($41.6 million)fund without theparliament’s knowledge. The public company wasfounded by the Yangon government last year topromote development in the region. The Yangongovernment owns 51 percent of shares in thecompany and the 64-billion-kyats spent in shareswas approved by the parliament. The company’sboard of directors includes Daw Nilar Kyaw andYangon’s Planning and Finance Minister U MyintThaung. During a discussion among lawmakersabout the auditor general’s report at the Yangonparliament on Tuesday, an NLD lawmaker DawSandar Min pointed out that the parliament hadno idea about the 10 billion kyats transfer toNYDC and it has never been discussed in theparliament.Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/yangon-govt-abused-power-investing-controversial-new-city-project-lawmaker.html

NewspapersThe Irrawaddy

04 Oct 2018

PwC | October 2018 18

Manufacturing key to Myanmar’s growth

Myanmar has been transitioning to a more openand market-oriented economy over the past fewyears. While progress has been made throughoutthe economy, manufacturing has witnessed rapidexpansion, accounting for 15 percent of GDP in2007 but growing to 24pc in 2017. Garmentmanufacturing, in particular, has grown rapidly,with exports expected to surpass US$3 billion(K4.55 trillion) this year, from less than $1 billionin 2015.This remarkable expansion in manufacturing canbe attributed to Myanmar’s comparativeadvantage in terms of low labour costs and thefavourable external trade environment. Whilethere are opportunities for Myanmar to expandthis sector further, there are several challengesthat need to be overcome.With a young and large population, Myanmar willenjoy a demographic dividend for the next fewdecades. While wages in Myanmar increased withthe minimum wage hike earlier this year, they arestill among the lowest in the region.Preferential trade treatment is another key factorthat contributes to the growth in export-oriented

manufacturing. Myanmar enjoys preferentialtrade treatment in the US and the EU. In the EU,for example, the “Everything but Arms” initiativegives Myanmar tariff- and quota-free marketaccess.There have also been concerted efforts by thegovernment to develop the private sector andpromote exports as outlined in its nationalstrategy. These efforts have helped boostmanufacturing. Also, once the New CompaniesLaw is fully implemented, the improved legalframework will likely attract more manufacturinginvestment. Under the law, the redefinition of“foreign company” allows companies to optimisecorporate ownership and more foreignparticipation in local firms. This will enable moreaccess to foreign capital, which is otherwiserestricted.

Source: Myanmar Timeshttps://www.mmtimes.com/news/manufacturing-key-myanmars-growth.html

NewspapersMyanmar Times

05 Oct 2018

PwC | October 2018 19

MTSH’s share price falls in the wake of boardroom row

Yangon-listed Thilawa SEZ Holding Ltd’s (MTSH)stock has seen a drop in share price as a rowwhich engulfed its board directors brewed,leading to a resignation of its chief operatingofficer.U Thein Han, a director of the company’s board,and chair U Win Aung argued openly amongother directors at the fifth MTSH annual meetingat Myanmar Event Park on September 29.The day before, the share was at K2,950 droppingto K2,900 on October 2. “Such dispute at theannual general meeting shouldn’t havehappened,” said one of the board member whospoke on condition of anonymity.The reason behind the internal dispute came fromthe chair’s reluctance to answer questions raisedby shareholders at the annual meeting.Myanmar Edible Oil Industrial PublicCorporation Ltd (MEICO) asked about DagonInternational Company Limited, which alsohappens to be owned by U Win Aung, aboutwithdrawing more than K100 million fromMTSH’s account in the fiscal year of 2013-14.The money went to finance the cost of feasibility

study to start the Thilawa Special Economic Zone(SEZ) which was previously financed by JapanThilawa Development Company (MJTD). Bothcompanies are collaborating on a joint ventureproject to operate the SEZ in southern Yangon.The first study, however, didn’t satisfied MJTDwhich refused to pay for a second one, leavingMTSH to assume the costs.This problem was brought to light on an auditcarried at that year. But only years later, in 2017-18, they were requested to solve it, said one ofMTSH external audit team, describing thesituation as “strange”.Law Teck Wee, formerly CEO at MTSH, took theoffice computers that contained related factsabout this deal out of the company area. Thesituation escalated and the board decided to opena case at Lanmadaw police station.

Source: Myanmar Timeshttps://www.mmtimes.com/news/mtshs-share-price-falls-wake-boardroom-row.html

NewspapersMyanmar Times

05 Oct 2018

PwC | October 2018 20

Yangon govt accused of unauthorised use of funds to buy buses

Members of the Yangon parliament accused thegovernment of abusing its authority by usingpublic funds without legislative approval.According to a report by the regional auditorgeneral, the government took loans of K8 billion(US$5.20 million) from Ayeyarwady Bank andK5.5 billion from Kanbawza Bank for thepurchase of 200 school buses and 1000 publicbuses.Daw Sandar Min, MP for Seikgyi Kanaungtotownship, said that based on the 2008Constitution, the regional government must getpermission from parliament if they need to takeloans from other sources when the approvedbudget is not enough.The Yangon government took the loans withoutinforming parliament, Daw Sandar Min said.“We (in parliament) are going to agree to repaythese loans as they were borrowed withoutfollowing financing rules,” she told parliament onTuesday. She added that Yangon UrbanTransportation Public Company, which has beenapproved by parliament to make investments, isnot responsible for the loans.

Daw Sandar Min also said the regionalgovernment failed to provide details toparliament about the establishment of the NgwePinlal Industrial Zone which has yet to getlegislative approval.She said the regional government has alreadygiven 20 percent of the money to the internationaltender winners to establish the zone, althoughthere are still compensation disputes and otherissues.Daw Sandar Min said the Myanmar InvestmentCommission has not yet issued a land permit forthe zone.“The regional government is spending publicmoney as they wish and has gone beyond theauthority mandated by law,” she said.

Source: Myanmar Timeshttps://www.mmtimes.com/news/yangon-govt-accused-unauthorised-use-funds-buy-buses.html

NewspapersMyanmar Times

05 Oct 2018

PwC | October 2018 21

EU trade privileges move alarms garment sector

YANGON — A European Union announcementthat it is considering suspending trade privilegesfor Myanmar because of alleged Tatmadawatrocities in Rakhine State has alarmed garmentfirms, which say hundreds of thousands of jobsare at risk.The move has also puzzled human rights activistsand campaign groups, few of whom have lobbiedfor broad economic sanctions.EU trade commissioner Ms Cecilia Malmströmtold a meeting of European trade ministers inAustria on October 5 that the EU is imminentlysending a mission to Myanmar to determinewhether to begin a withdrawal process, whichwould include a six-month review window forMyanmar to demonstrate progress.“There is a clear possibility that a withdrawalcould be the outcome,” she said.Malmström cited the report of a United NationsFact-Finding Mission, which outlined the “gravestcrimes under international law” in Rakhine, astheir motive for reviewing the trade privileges.This is despite the FFM report advising against“general economic sanctions” that could hurt

ordinary working people.Companies claim that blocking Myanmar’s accessto the Everything But Arms programme, whichallows the world’s least developed countries dutyand quota free access to the European marketunder the EU’s Generalised Scheme ofPreferences, would pose an existential threat toMyanmar’s burgeoning garment sector. In 2017,garments comprised 72.2 percent of the €1.56billion (US$1.8 billion) in exports to Europe, oneof the few regions with which Myanmar enjoys atrade surplus.Earnings from Europe have increased almosttenfold from 2012, the year before Myanmar’sGSP membership was reinstated. Overall,garments are Myanmar’s largest source of foreignexchange after oil and gas.

Source: Frontier Myanmarhttps://frontiermyanmar.net/en/eu-trade-privileges-move-alarms-garment-sector

NewspapersFrontier Myanmar

06 Oct 2018

PwC | October 2018

2. Weekly Key Policy News

22

PwC | October 2018

Weekly Key Policy NewsHeadlines

MP criticizes YCDC’s unprofitable factories

Myanmar land management encounters challenges such as lack of following rules & regulations & corruption

Unanticipated regulations hit Yangon’s already-struggling construction firms

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Retailers hit with liquor import ban

Legislation in the works to regulate multi-level marketing

PwC | October 2018 24

MP criticizes YCDC’s unprofitable factories

A total of 14 businesses under the productiondepartments of Yangon City DevelopmentCommittee (YCDC) are suffering more than Ks-1,000 million in losses for five consecutive years,said Regional MP Than Naing Oo representingPabedan Township Constituency-1 in the sessionof Yangon region parliament on October 1.MP Than Naing Oo discussed the public accountcommittee’s findings and report over YangonRegion Auditor-General Audit Report for 2016-2017 fiscal year.“From 2012 to 2017, the YCDC’s productiondepartment operated at a loss of Ks1069.822million consecutively. There are 14 branchesunder the production department,” he added.Htaukkyant poultry farm made Ks340.862million in losses and U-to agriculture andbreeding camp, Ks175.650 million. Due to thepoor management at the beginning of economicreform, the country has lost economic andemployment opportunities and wasted valuabletime of investors, he said.Regional MP Thet Htar Nwe Win from TakaytaTownship Constituency-2 said: “The loss-making

factories and businesses should be closed. Or else,the YCDC should think about other plan for thesebusinesses. The continued operation of loss-making businesses is the sheer waste of Statefunds even though they are operating at a loss.”“I would like to know the fact whether the budgetspending for staff salaries from headquarters is inaccord with the fiscal regulations or not. On July2 this year, I raised the question about the profitand loss of production departments under theYCDC. Yangon Mayor replied that the productiondepartment and factories spent Ks89923.28million for the capital investments, untilDecember, 2017 of the 2017-2018 FY and repaidKs68521.229 million. The capital balance isKs20402.051 million. The values of fixed assetssuch as building, road, bridge and machineryamount to Ks33,399.260 million. The remainingbalance is Ks456.072 million. There is an excessof Ks12453.281 million. So the productiondepartment makes profits,” he added.

Source: Eleven Myanmarhttp://www.elevenmyanmar.com/local/15307

NewspapersEleven Myanmar

02 Oct 2018

PwC | October 2018 25

Myanmar land management encounters challenges such as lack of following rules & regulations & corruption

Myanmar land management is coming acrossdifferent forms of challenges such as lack ofabiding by rules and regulations and corruptions,said Vice President U Henry Van Thio.The remarks came from the National Land UsePolicy Forum at the Myanmar InternationalConvention Center-2 in Nay Pyi Taw on October2. “Land management in Myanmar faceslimitations and challenges, such as being facedwith land disputes after settling and living in landmanaged by the government, inability to grantpermission for investments in large land areas,requirement to amend the prevailing laws andprocesses that are not in accord with the currenttimes, weaknesses in abiding by work processes,presence of corruption, requirement to provideinformation, weakness in drawing up programsthat has the most economic benefit and the leastnatural environmental impact, weaknesses amongbusinesses in taking up CSR (Corporate SocialResponsibility) and weaknesses in implementingnatural environment conservation works, andbeing at odds with the local people, need fordrawing up land use projects, people’s

participation required in establishing andapproving land use rights, incorrect andincomplete record of land resources, difficulty ofmanagement at the ground level and coordinationrequired among related organizations. Toovercome these challenges and to implement theaims of national land use policy, laws related toland management are to be reviewed and anational land law that encompasses policy, laws,work procedures and management formatbeneficial to the people need to be drawn up andenacted,” said Vice President U Henry Van Thio.“In order to use and manage the land resources inthe country sustainably, a national land use policywas drawn up with the participation of the peopleand was enacted and announced in January 2016.The enacting of this policy that was not inexistence before is a progress in land sectorreform and development, but to establishsystematic land management, the enactednational land use policy is required to beimplemented practically.Source: Eleven Myanmarhttp://www.elevenmyanmar.com/local/15334

NewspapersEleven Myanmar

03 Oct 2018

PwC | October 2018 26

Unanticipated regulations hit Yangon’s already-struggling construction firms

The Yangon authorities failed to consult industryplayers on a new regulation restricting theirconstruction work early this year. Now, therecently imposed restriction has chomped thesector hard, causing businesses further difficultiesin an industry which is already struggling.On April 1, the Yangon Development Committee(YCDC) introduced restrictions that limit theheight of the ground floor of new buildings to 12feet, from 17ft previously. The new regulationsalso prohibit the building of penthouses on thetop floor of buildings.U Myo Myint, working committee member of theMyanmar Licensed Contractors Association, saidthe government needs to notify and consultstakeholders and the public before putting newpolicies and regulations in place, but there was noearly notification about the April 1 regulations. Asa result, construction work around the city wasdisrupted.“Previously, there were regulations for the upperfloors of buildings. Now, these new restrictionswere imposed without any prior warning.Everything turned topsy-turvy,” he said.

U Myo Myint explained that construction of abuilding does not immediately start after acontract between a land owner and a builder hasbeen signed because construction approvalinvolves a step-by-step process of submissions ofthings such as designs, mapping, and landmeasurements to the authorities.Submissions for a construction permit can takeanywhere from six months to a year, so, if thegovernment wants to make changes toregulations, notification should be given sixmonths or one year ahead, said U Myo Myint.“Even if the maximum height of the ground floorsof buildings is limited next year, Yangon will notchange that much,” he said, adding that hewondered if the new regulation is worth thedisruption the building industry is suffering from.

Source: Myanmar Timeshttps://www.mmtimes.com/news/unanticipated-regulations-hit-yangons-already-struggling-construction-firms.html

NewspapersMyanmar Times

03 Oct 2018

PwC | October 2018 27

Retailers hit with liquor import ban

Liquor retailers are no longer allowed to sellimported brands, as it is a violation of Ministry ofCommerce regulations.The ministry hasn’t allowed the import of alcohol,beer and cigarettes, except by duty-free shops anda few high-end hotels, since the days of themilitary government.However, the General AdministrationDepartment under the Ministry of Home Affairshas been issuing FL-12 licences to sell importedalcohol since 1996.“I got an FL-12 to sell imported alcohol for K5000in 1996, but now the licence costs K1.5 million ayear,” liquor store owner U Muang Lone said onMonday.He said he has been selling imported liquor sincethe military government and pays nearly K10million a year in taxes.“I think they are doing this to protect locallyproduced alcohol. That shouldn’t be the case in ademocratic country. Market demand shouldn’t bethe government’s business. Their focus should beon collecting taxes,” he said.All FL-12 licence holders are required to pay

profit, income, and commercial taxes, as well aslicence fees yearly to the Yangon regionalgovernment.“All we want is to get the proper permission to sellforeign alcohol so the government will get moreincome,” he added.Besides the FL-12, the department issues the FL-9licence for the sale of local beer and FL-17 forbars, nightclubs and restaurants.Bars, nightclubs, restaurants and hoteliers whodo not have permits for imported alcohol usuallybuy their supplies from retailers with FL-12licences.According to the department, 2285 FL-12 licencesare issued in Yangon Region, bringing in K3.4billion in fees, each year. The authorities said theyare taking the action because the Department ofConsumer Affairs had received two complaintsregarding FL-12 holders selling counterfeitalcohol that endangered customers.

Source: Myanmar Timeshttps://www.mmtimes.com/news/retailers-hit-liquor-import-ban.html

NewspapersMyanmar Times

04 Oct 2018

PwC | October 2018 28

Legislation in the works to regulate multi-level marketing

Following the government’s prohibition of multi-level marketing via a notification datedSeptember 18, consumer rights advocates andother experts have come out to say more must bedone to educate the public about the drawbacks ofthe system.The notification from the Ministry of Commercesays those found operating MLM-type businesseswill face legal action under the Essential Suppliesand Services Law. The law states that if foundguilty, the person will face imprisonment betweensix months and three years and shall also be liablefor a fine not exceeding K500,000.Unlike ordinary businesses, MLM businesses tendto rely on participants recruiting others to workbeneath them for a cut of their profits. This canresult in something resembling a pyramid schemewhere the early participants reap the most whilethose lower down struggle to recruit more peoplefor the scheme.The United States has investigated some thebiggest names in the business such as Amway,Herbalife, and Nu Skin, resulting in fines andsettlements amounting to hundreds of millions of

US dollars.Myanmar currently has no specific laws to dealwith MLM-type businesses. “We are dealing thissituation by using the Essential Supplies andServices Law so we can take action,” said U KhinMaung Lwin, assistant secretary of the Ministry ofCommerce.Prior to the government’s ban in September, newsof the effects MLM businesses on the public wasspreading, causing the issue to be raised by MPsin the Pyithu Hluttaw at the end of 2016.“MLM businesses in the country were causingproblems mostly by claiming their products couldcure illnesses or saying participants could becomerich by joining,” said U Zin Zay Lwin, one of theleading critics of MLMs in the country.Previously, although no direct action had beentaken against MLM businesses, some firms hadbeen punished for violating various regulations.

Source: Myanmar Timeshttps://www.mmtimes.com/news/legislation-works-regulate-multi-level-marketing.html

NewspapersMyanmar Times

05 Oct 2018

PwC | October 2018

3. Weekly Investment News

29

PwC | October 2018

Weekly Key Investment NewsHeadlines

Swiss company acquires MyJobs.com.mm

Myanmar’s Chate Sat raises six-digit USD funding from SG angels, eyes expansion

Gov’t Seeks Investors for Economic Zones on Chinese Border

30

Military terminates $500 million Chinese-backed Yangon development

Fifteen Austrian companies look for opportunities in Myanmar

PwC | October 2018 31

Swiss company acquires MyJobs.com.mm

Ringier AG, a media group based in Switzerland,has acquired Pyramid Solutions Co. Ltd., whichoperates Myanmar´s classified job online portal,MyJobs.com.mm.In cooperation with its local partner InformationMatrix Co., the Swiss company has plans tocontinue expanding in Myanmar after a string oflocal acquisitions like Duwun.com.mm,Marry.com.mm and Kalay.com.mm.Robin Lingg, Head of International Marketplacesof Ringier AG says that the acquisition of MyJobsfits in with the company's portfolio. The group'scurrent strategy is aimed at growing itspublishing, directories and classifieds in theregion.With a presence across sixteen countries, RingierAG specializes both in print and digitalpublications but also in digital businesses, mainlymobile and e-commerce services.MyJobs.com.mm was one of the pioneers inMyanmar, opening in 2012 when internetpenetration was below 1pc. Since then, it has beenorganizing the biggest jobs fair in Yangon andMandalay four times a year, with more than 4300

active job listings as of today.

Source: Myanmar Timeshttps://www.mmtimes.com/news/swiss-company-acquires-myjobscommm.html

NewspapersMyanmar Times

30 Sep 2018

PwC | October 2018 32

Myanmar’s Chate Sat raises six-digit USD funding from SG angels, eyes expansion

Chate Sat, a freelancer platform, has raised six-digit USD funding in a pre-Series A round led bySingapore angel investors Willy Ballmann andKeizo Fujitake. The announcement, made byChate Sat parent Technoholic Pte Ltd, stated thatthe financing will help the startup increase itsinternal resources and accelerate talentrecruitment. The company is expected to close theround this year. Chate Sat was founded in 2016 byHoney and Shwe Yee Mya Win to disrupt thefreelance marketplace in Myanmar. “We arethrilled that our vision, enthusiasm and prospectshave been highly recognized by the internationalinvestment community. As a pioneer indeveloping the freelance community in Myanmar,Chate Sat has undergone phenomenal growth in avery short period, which validates our uniquepositioning and the associated first-moveradvantages we have gained as a result,” saidTechnoholic CEO Honey Mya Win. The financingcomes at a time when the founders are gettingready to expand the platform to other Mekongcountries. “We are trying to get more projectsoutside Myanmar, then will onboard local

freelancers from Mekong countries,” said MyaWin. The startup aims to target Myanmarstudents studying or working in other countries tokick off its expansion plans. The platform now hasover 14,000 freelancers such as web and mobiledevelopers, designers, digital marketers, contentwriters, animators, photographers, promotersavailable on a single platform. “I believe investingin Chate Sat presents a great opportunity to boostMyanmar’s tech startup ecosystem. Chate Sat’scurrent market leading position firmly establishesthe company to be the future centre and hub forMyanmar’s gig economy,” said Willy Ballmann.Ballmann formerly worked as a portfolio managerat Singapore wealth fund GIC and as managingpartner & COO at Dymon Asia Capital. Fujitake isa former investment banker. Chate Sat was bornout of Phandeeyar Accelerator’s first cohort andPhandeeyar was its first investor.

Source: Deal Street Asiahttps://www.dealstreetasia.com/stories/myanmar-chate-sat-funding-108016/

NewspapersDeal Street Asia

03 Oct 2018

PwC | October 2018 33

Gov’t Seeks Investors for Economic Zones on Chinese Border

YANGON—The Ministry of Commerce will invitelocal investors to back “economic cooperationzones” on the China-Myanmar border in Shan andKachin states as part of Beijing’s ambitious Beltand Road Initiative (BRI).“The invitation to local investors will be done in atransparent manner,” the ministry’s assistantsecretary, U Khin Maung Lwin, told TheIrrawaddy.“We expect to conclude our final discussions withChina regarding the exact locations very soon.After that we will invite local investors,” U KhinMaung Lwin said.According to Kachin State Chief Minister U KhetAung, Myanmar in July approved three economiccooperation zones on the Myanmar-China border.The zones are in Kanpiketi town, in Kachin State’sSpecial Region 1 (currently under the control ofthe New Democratic Army-Kachin militia, aborder guard force allied with the Myanmarmilitary; Chinshwehaw, in Shan State’s LaukkaiTownship (part of the Kokang Self-AdministeredZone); and in Shan State’s Muse Township.U Khin Maung Lwin said the discussions are

ongoing and that China has the right to give finalapproval for the locations.Each economic cooperation zone will include ataxation center, trade procedure office andcurrency exchange center, he added.The two countries plan to construct industrialzones near the economic cooperation zones. Theindustrial zones will house trade and processingareas, small and medium-sized industrialfacilities, a trade logistics center and a qualitypacking center, according to the ministry.According to Union Minister of Commerce UThan Myint, the government also plans to build arepackaging factory for agricultural productsbound for export to China.The zones would create local jobs, boost small andmedium-sized businesses and support the peaceprocess by promoting stability, he said.

Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/govt-seeks-investors-for-economic-zones-on-chinese-border.html

NewspapersThe Irrawaddy

04 Oct 2018

PwC | October 2018 34

Military terminates $500 million Chinese-backed Yangon development

YANGON – The Office of the Quartermaster-General in Yangon has cancelled the leaseagreement for a US$500 million mixed-useproject in Yangon, because it said developerZaykabar had breached the terms of the deal,including by signing a joint venture agreementwith a Chinese company.The company owned by construction tycoon UKhin Shwe intended to build 12 high-rise towerson 13 acres (five hectares) of military-owned land,on a prime hill-top site in Yangon’s BahanTownship.The project has been on hold since early this yeardue to objections from residents. The height ofthe buildings (ranging from 382 to 412 feet)would have been within zoning guidelines, butresidents complained it would obscure their viewof Shwedagon Pagoda and said that it threatenedhistoric buildings, including the former Mayor’sResidence and Mayor’s Guest House. There werealso fears that it would damage the adjoiningKokkine reservoir, which distributes water toeight townships.Members of the Yangon Cantonment Board which

manages military-owned land in Yangon held apress conference Wednesday, announcing thetermination of the lease agreement for theproject.The board’s secretary U Moe Min Win said theagreement was cancelled was because thecompany did not follow the terms of amemorandum of agreement signed on January 16,2014. “Under the memorandum of agreement thecompany had to pay $41.328 million for the landlease in five payments within two years. Thecompany has made just two payments, worth$16.552 million, and the balance is outstanding,”he said.He said the company had demolished twobuildings included on the Yangon City HeritageList, even though the agreement stipulated thatZaykabar could do no more than conduct soiltesting.

Source: Frontier Myanmarhttps://frontiermyanmar.net/en/military-terminates-500-million-chinese-backed-yangon-development

NewspapersFrontier Myanmar

04 Oct 2018

PwC | October 2018 35

Fifteen Austrian companies look for opportunities in Myanmar

An Austrian trade mission comprised of 15leading Austrian companies visited Yangon andNay Pyi Taw on Wednesday to explore businessopportunities and promote bilateral trade andinvestment.The luncheon, which was hosted by the HonoraryConsul of Austria, was attended by the executivesof 15 companies, and executives and officials ofthe local business community at Ikon Mart inYangon.The companies are global pioneers in healthcare,waste management, renewable energy,engineering, machinery and mining, furnitureproduction, safety and security, financial servicesand consulting.Their aim was to deepen existing relationships aswell as establish new partnerships in the country,the Austrian Embassy said in a statement.The event gave participants the chance tointroduce their businesses and current areas offocus, and extol their business capabilities in thehope of developing long-term mutually beneficialrelationships.The visit was a follow-up to a very successful

trade mission to Myanmar in 2017 by Austria’stop companies, including Baucon, an engineeringconsulting firm with expertise in cable car, road,bridge and power plant construction; the BauerGroup of 17 companies, specialising in irrigationtechnology and waste and energy management;and Geppert Hydropower, which plans,manufactures, installs and commissions electro-mechanical equipment for hydropower plants.

Source: Myanmar Timeshttps://www.mmtimes.com/news/fifteen-austrian-companies-look-opportunities-myanmar.html

NewspapersMyanmar Times

04 Oct 2018

PwC | October 2018

3. Weekly New Tenders

36

PwC | October 2018

Tenders (Myanmar)List

Note: tenders information are collected from http://www.mmtimes.com/, https://tender.yangon.gove.mm, http://consult-myanmar.com/, and http://www.myanmar-opportunities.org/mm/tenders http://www.buildersguide.com.mm/en/ .

37

Ministry of Agriculture, Livestock and Irrigation: Invitation for technical and financial proposals, DRD, selection of a consulting firm for the Audit of the Italian contributions to the National community driven development project, Closing Date: 14 November 2018

PwC | October 2018

Tenders (Multilateral organizations) List

Note: tenders information are collected from https://wbgeconsult2.worldbank.org, www.devex.com, www.adb.org, https://www.ungm.org

38

WB: Hydromet Modernization, Disaster EWS and Climate Services in EAP, Closing Date: 18 October 2018

ADB: SC 111566 REG: Project Implementation Specialist (National), Closing Date: 5 October 2018

ADB: TA 52014-001 REG: Strengthening Integrated Flood Risk Management - International Firm, Closing Date: 21 October 2018

PwC | October 2018

4. MIC Permitted Projects

39

PwC | October 2018

MIC Permitted Projects (Meeting 16, 2018)

40

No. Name of Company Type of Investment Form of Investment

1 Dawei Shrimp Farming Co., Ltd Production and sales of shrimp Joint Venture

2 Best Eternity Recycle Pulp and Paper Co., LtdManufacturing and sale of wet pulp boards and bamboo pulp boards

Joint Venture

3 Yatanarpon Aviation Support Co., Ltd Air transport services by helicopters Myanmar Investment

4 NSKRE Residence Myanmar Co., LtdConstruction, leasing and management of service apartment

Joint Venture

Source: DICA

PwC | October 2018

5. Upcoming Events

41

PwC | October 2018

Upcoming Events (October 2018) List

Date Location Name of Event Sector Price Focus Points

11-13 Oct 2018 Yangon Mining Myanmar Mining Free

“showcases product from Minerals, Metals & Ores industry. This event showcases product from Minerals, Metals & Ores industry. like will provide companies with opportunities to see first-hand the potential in Myanmar's Mining sector”

11-13 Oct 2018 YangonBuilding & Construction Myanmar

Construction Free

“showcases product from Building Construction industry. This show will meet the need and demand of the construction industry”

26-28 Oct 2018 Yangon Myanmar Water Water Free

“This event will provide a platform to Meet and connect with over 5,000 quality visitors including water and wastewater industry's professionals, trade buyers, distributors, government representatives, Small and Medium Enterprises, thought leaders and visionaries for building new partnerships and proactive business opportunities”

42

Note: Events information are collected from https://www.go-myanmar.com/events-and-conferences and https://10times.com/myanmar .

© 2018 PricewaterhouseCoopers Myanmar Co Ltd. All rights reserved. In this

document, “PwC” refers to PricewaterhouseCoopers Myanmar Co Ltd, which is

part of the network of member firms of PricewaterhouseCoopers International

Limited, each of which is a separate and independent legal entity.

www.pwc.com/mm

PwC Myanmar Weekly Business Intelligence Publication

For further information please contact:

Jovi SeetSenior Executive Directorjovi.seet@sg.pwc.com

Brandon LyeDirectorbrandon.ys.lye@sg.pwc.com

43