Yangon public bus company to kick off
The Yangon Bus Line Public Company will run with Ks 25 billion (US$25 million) capital.
The government raises Ks 10 billion and the private sector is to put in Ks 15 billion. Shwethanlwin, Shwetaung Group, Diamond Star, Zeya & Associates, and Fishery and Marine Products 2000 companies will own Ks 2 billion of share each, and the remaining Ks 5 billion worth of shares will be sold to public.
Among the founding companies, the Shwethanlwin, Shwetaung Group and Diamond Star are close to the President.
“We allow them to own eight per cent (Ks 2 billion) of shares each because they don’t care much about profits; they just pour their cash to make the company work. But we will make sure people profit from the shares we sell,” said Dr Maung Aung, the chairperson of the committee to realise the company.
The company is now presented to Directorate of Investment and Companies Administration for registration.
Dr Maung Aung confirmed that they are trying to run the Bus Rapid Transit system (BRT-Lite) within six months.
The capital will be increased up to Ks 100 billion in future.
“We’re searching for the place to accommodate the buses. We also modify the vehicle code to include the room for the expressway the company-owned buses drive on. The thing is not to let other vehicles disturb the way of the company’s buses. The rapid bus lines are supposed to shrink the time taken in commuting to half of the current rate.”
The BRT-Lite will connect with Pyay Road, Kabaraye Pagoda Road, Hlaingthaya Township, Dagon University, and Thilawa Special Economic Zone.