FMI intends to list on Yangon Stock Exchange

 

He told FMI’s 22nd annual meeting on Sunday that the firm will list on the YSE with assistance from the Myanmar Securities Exchange Centre and Japan’s Daiwa Securities Group.

“We believe our listing on the Yangon Stock Exchange will provide considerable value to shareholders and we are happy to support this important national project,” said Serge Pun.

“We were able to once again report strong financial results this year, and we expect to do even better in the coming years as some of our newer ventures begin to flourish,” he added.

During the meeting, Serge Pun unveiled the firm’s new four-pillar strategy that will focus on financial services, real estate, healthcare and aviation, as part of its preparations for the YSE.

He said that these four sectors have tremendous potential, and FMI aimed to become a market leader in each one thanks to its strong experience and professional management team.

“The strategy will see us transform into an even more focused and dynamic public company. We see a very bright future ahead as we continue to be the local partner of choice for international corporations,” he said.

At the annual meeting, the firm announced that it had recorded Ks 3.648 billion in total revenue for fiscal year 2013-14, up 78 per cent from the previous year. Net income increased 107 per cent to Ks 3.016 billion, marking the highest figures ever recorded by the company.

Continuing its unbroken record of paying dividends for over two decades, the firm also declared a cash dividend of Ks 200 per share along with a 10 for 1 bonus share issue, effectively representing a total dividend of Ks 1,300 per share for the year.

According to the firm’s new strategy, the firm will increase its shareholding in Yoma Bank to 51 per cent. Yoma Bank is one of the nation’s oldest and most responsible banks, and has been on the rise over the past two years. The bank has forged a partnership with the International Finance Corporation, with the aim to become the leading SME bank in the country. 

In the real estate sector, the firm announced several new projects including Krisplaza, a condominium development in Nay Pyi Taw, and FMI City Gates, a 90-unit development at the entrance of FMI City. The firm’s Star City development will see a new phase called Galaxy Towers, which will be launched at the end of 2014. The new phase comprises six elegant buildings and will raise the bar for high-quality apartments in Myanmar. 

In healthcare, the firm announced a partnership with the Lippo Group and its healthcare arm Siloam Hospitals, an Indonesian healthcare provider with a market cap of more than US$1 billion. The partnership will see Siloam and FMI jointly develop a nationwide network of hospitals that will significantly upgrade the quality of healthcare in the country. 

In aviation, the firm has received preliminary approval from the Myanmar Investment Commission to operate a full airline. FMI Air has acquired three Bombardier CRJ-200 aircraft. 

Established in 1992, FMI currently has more than 6,000 shareholders, and boasts an unbroken record of profitability and dividend payments since inception. 

So far, three firms have announced their intention to be listed on the YSE – Asia Green Development Bank, Myanmar Agribusiness Public Corp, and FMI.