New Yangon contractors association aims to one day become a YSX-listed company
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.”
Cranes stand out against early-morning cloud in Yangon in June.