Livestock bank to change its name, double capital
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Myanmar's Livestock and Fisheries Development Bank is planning to increase its capital investment to 70 billion kyats (Bt2.3 billion), double the current capital, director Kyaw Lwin said.
“The bank is increasing the capital to sell more shares,” he said. The bank will also change its name to Myanmar Yadana Bank officially on June 25. In 1999-2000 it had total cash deposits of 2.36 billion kyats. This had risen to 36.75 billion kyat in 2012-13.
“Critics say our bank is showing a loss, which is not true and actually we share revenue with our shareholders more than other banks did. We are expecting an increase of 25 per cent in
revenue for our shareholders this fiscal year,” the director told Eleven Media.
The bank was established in 1994 and it is now operating 60 branch offices around the country. It is planning to open more offices as well.
Asean workshop in Mawlamying
A workshop on preparations for the Asean Economic Community will be held in Mawlamying, capital of Mon state, on May 18.
It aims to prepare the business community for the AEC, which is due to start in 2015.
Mon state chief minister and members of the Mon state government committee, MPs, business experts and locals will attend, it was reported.
Germany to open chamber office in Yangon
Germany is preparing to open a chamber of commerce in Yangon, according to the Republic of the Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI).
A delegation led by Dr Volker Treler from the Association of German CCI visited Yangon last Friday. On his three-day visit to Yangon, he studied locations for opening an association office.
Low cost housing project planned in Hlaing Tharyar
Yangon City Development Committee (YCDC) is preparing basic infrastructure to construct a low cost housing project in Hlaing Tharyar township, an official from the Human Settlement and Housing Development Department under the YCDC said at an Urban Develop-ment Conference held at Traders Hotel on Monday.
The housing project does not include high-rise buildings but they will be constructed with at least five or six floors.
There will be about 3,000 or 4000 apartments in the project and one apartment will cost around 10 million kyats.
Mi Mi Tin, director of the Human Settlement and Housing Development Department, said: “We are start preparing infrastructure for the low cost housing.
“The project will be implemented in this coming open season and the infrastructure will be constructed before the rainy season.
“We are arranging to sell the apartments for about 10 million kyats but we won’t construct high-rise buildings,” he said.
