New Yan­gon con­trac­tors as­so­ci­a­tion aims to one day be­come a YSX-listed com­pany

The Myanmar Times - - Business - MYAT NYEIN AYE my­at­nyeinaye@mm­times.com

A NEW as­so­ci­a­tion of li­censed con­trac­tors in Yan­gon elected a cen­tral com­mit­tee last week, with the in­dus­try body’s long-term goal to es­tab­lish a pub­lic com­pany, a spokesper­son said yes­ter­day.

Since 2011, the num­ber of con­trac­tors li­censed by Yan­gon City Devel­op­ment Com­mit­tee has shot up, and now ex­ceeds 500. A spokesper­son said in Au­gust that the in­dus­try had evolved to the point where con­trac­tors should come to­gether to rep­re­sent the in­dus­try col­lec­tively, the aim of which is to en­sure that build­ing projects were con­structed to in­ter­na­tional stan­dards and con­trac­tors can work to­gether as a group to solve is­sues.

Newly elected gen­eral sec­re­tary of the yet-to-be-named as­so­ci­a­tion U Lar Zal said yes­ter­day they would reg­is­ter Yan­gon Re­gion gov­ern­ment this week, with the fu­ture plans to turn the as­so­ci­a­tion into a pub­lic com­pany.

“As first step, we will of­fi­cially reg­is­ter the as­so­ci­a­tion and then we want to form and reg­is­ter a pub­lic com­pany as sec­ond step,” he told The Myan­mar Times. “After we form a pub­lic com­pany we will do many projects, such as high-end, af­ford­able hous­ing and low-cost hous­ing project.”

The ex­ec­u­tive com­mit­tee is made up of 15 mem­bers, he said, adding that the as­so­ci­a­tion al­ready had 671 mem­bers, over 500 of which were paid up, bring­ing in about K100,000 for the as­so­ci­a­tion al­ready. U Lar Zal said its mem­bers wanted to in­vest in pri­vate projects, but also to part­ner with the gov­ern­ment on state-backed ini­tia­tives.

“Our vi­sion is that we want to form a pub­lic com­pany that can en­ter into joint in­vest­ments with the gov­ern­ment and in­vest in devel­op­ment projects,” he said. “When our mem­ber­ship base has grown quite large, we could have a lot of po­ten­tial to in­vest in large projects,” he said.

U Lar Zal said the cen­tral com­mit­tee hoped to grow the pub­lic com­pany to the point where it might one day be reg­is­tered on the Yan­gon Stock Ex­change.

“Now, there are many prob­lems with the con­struc­tion in­dus­try and the YCDC rules and reg­u­la­tions, so this as­so­ci­a­tion would seek to solve all those kind of prob­lems,” he said. “We will sub­mit to the gov­ern­ment col­lec­tively our prob­lems as an as­so­ci­a­tion of YCDC-li­censed con­trac­tors,” said U Lar Zal.

U Tin Maung Win, vicechair of the new as­so­ci­a­tion, said they had al­ready held talks with the chief min­is­ter of Yan­gon, U Phyo Min Thein who he said had wel­comed their plans.

“We will come to­gether with all if our mem­bers to look at in­vest­ment in gov­ern­ment con­struc­tion projects,” he said. “We want to form this pub­lic com­pany that is a strong com­pany that can in­vest in devel­op­ment projects.”

Photo: EPA

Cranes stand out against early-morn­ing cloud in Yan­gon in June.

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