PwC MyanmarWeekly Business Intelligence

Issue 14815 February 2019

www.pwc.com/mm

PwC | February 2019

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PwC | February 2019

1. Weekly Key Financial & Business News

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PwC | February 2019

Weekly Key Financial & Business NewsHeadlines

Why permitting settlements in yen, yuan may not boost trade and investments

People Digest: Ooredoo Myanmar, Yoma Bank chiefs take on new roles

Vietnamese firm makes steel products in Thilawa

Bankers seek clarity over foreign equity in Myanmar banks

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Education Sector and Economic Sector Collaborate to Nurture Skilled Labor

PwC | February 2019

Weekly Key Financial & Business NewsHeadlines

Eco Green City to commence by year end

Yangon Bus App to Launch Within Three Months

Opium cultivation business squeezed by market shift towards meth

QR code payment system set to launch this year

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Myanma Investment Forum held in Tokyo

PwC | February 2019

Weekly Key Financial & Business NewsHeadlines

EME Myanmar, Nest Tech invest in HR services startup Mote Poh

Grab to launch three new ride-hailing services in Myanmar this year

NYDC – Development of an Environment and Social Management Framework

Myanmar revamps to woo more tourists

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Ministry to brief MPs on power rate hikes

PwC | February 2019 7

People Digest: Ooredoo Myanmar, Yoma Bank chiefs take on new roles

Ooredoo Myanmar and Yoma Bank CEOs havebeen appointed to new positions within theirorganisations. Vikram Sinha, the current CEO ofOoredoo Myanmar, will become advisor to theCEO of Indosat Ooredoo in Indonesia while HalBosher, CEO of Yoma Bank, will take on a newrole as director of financial services in the YomaGroup. Ooredoo Myanmar CEO redesignated asadvisor to CEO of Indosat Ooredoo Vikram Sinha,Ooredoo Myanmar’s current CEO has beenredesignated as advisor to the CEO of IndosatOoredoo in Indonesia, the company announced.At the same time, Sinha will also be joining theboard of Ooredoo Myanmar as a director. AlokVerma, the current chief commercial officer ofOoredoo Myanmar, will be the acting CEO ofOoredoo Myanmar. Sheikh Saud bin Nasser AlThani, Ooredoo Group CEO, said, Vikram’sexperience will contribute to drive growth anddevelopment in Indosat. “The company (OoredooMyanmar) is in good shape with a strongmanagement team ready to pursue our goals in2019,” said Sinha. Sinha joined Ooredoo in 2014as the CEO of Ooredoo Maldives before leading

the Myanmar operations as CEO in May 2017. Hewas earlier vice president of sales and distributionat Bharti Airtel Limited. Yoma Bank CEOappointed as director of financial services at YomaGroup Yoma Bank CEO Hal Bosher will beassuming a new role as director of financialservices in the Yoma Group’s CEO office and willsit on the board of Yoma Bank, according to anannouncement. The new position will take effecton 1 October 2019. Bosher has been the CEO andexecutive director of Yoma Bank since 2013 andhas been responsible for the strategic directionand day-to-day operations of the Yangon-headquartered bank. In his new role, Bosher willreport to Melvyn Pun, CEO of Yoma Group. As adirector on Yoma Bank’s board, Bosher will focuson developing and managing strategicpartnerships for the bank.

Source: Deal Street Asiahttps://www.dealstreetasia.com/stories/people-digest-ooredoo-myanmar-yoma-bank-chiefs-take-on-new-roles-120552/

NewspapersDeal Street Asia

11 Feb 2019

PwC | February 2019 8

Why permitting settlements in yen, yuan may not boost trade and investments

Despite the benefits of gradually reducingMyanmar’s US dollar dependency in trade,experts and traders foresee a slew ofshortcomings and challenges in permitting theuse of the Japanese yen and Chinese yuan ininternational settlements.According to a notification released by the CentralBank of Myanmar (CBM) last week, local bankswith authorised dealer licences are now allowedto conduct international settlements in yen andyuan denominations in addition to the US dollarand Singapore dollar.On the face of it, the option to use more foreigncurrencies in Myanmar is a good move at a timewhen the country is aiming to attract moreforeign investments and raise exports. China andJapan are also among Myanmar’s top investorsand trade partners, so it makes sense to permitthe yen and yuan in trade finance and fundtransfers, traders said.“The use of multiple foreign currencies in thecourse of business will be good for trade andinvestments, especially since the economy is in adownturn right now,” said U Hnin Oo, vice chair

of the Myanmar Fisheries Federation. It will alsoreduce Myanmar’s reliance on the US dollar inconducting trade and settling internationalpayments.However, there remains a long list of loose endsto tie up before the benefits of using the yen andyuan can be fully enjoyed by the economy.One-sided agreementOne of the biggest problems is the lack of abilateral trade agreement between Myanmar andChina. Even though Myanmar exports agricultureproduce like rice, pulses, maize and sugar toChina at the border, the latter does not legallyrecognise this form of trade.“Even if the yuan can be used by Myanmarnationals to trade with the Chinese, the currencywill not flow into the economy via legal andformal routes,” said U Chan Thar Oo, chair of theMuse Rice Trading Centre.

Source: Myanmar Timeshttps://www.mmtimes.com/news/why-permitting-settlements-yen-yuan-may-not-boost-trade-and-investments.html

NewspapersMyanmar Times

11 Feb 2019

PwC | February 2019 9

Vietnamese firm makes steel products in Thilawa

With Myanmar rapidly opening up todevelopment, steel is becoming increasinglyimportant to various industries in the country.Steel structures can be seen springing up acrossYangon. As such, a Vietnamese steel importer isoperating a manufacturing unit in Myanmar.Despite being one of the essential materials forconstruction, Myanmar relies heavily on importsrather than local production as only 5pc of theconsumption is produced locally and the rest 95pcis imported according to the Myanmar Iron andSteel Association.Finished steel products have mainly beenimported into the country for decades. However,starting in 2017, changes have been taking placein the local steel market and steel factories beganto be set up in Myanmar with foreign investment.Today, due to market demand, steel is still beingimported but local factories are also trying tosupply the requirement.At present there is one factory set up with foreigninvestment in the Thilawa Special Economic Zonespecialising in producing steel components forbridge building and structures for pre-engineered

buildings. The local arm of Vietnam-based PEBSteel Co is manufacturing finished steel productsfrom imported raw materials at its factory in theSEZ. The company provides a one-stop shop forthe designing and making of structures for pre-engineered buildings such as factories andworkshops using its own steel structures and theproduction and assembly of those structures.The company is believed to the first and only steelmanufacturer which provides one-stop servicesfor production and assembly of pre-engineeredbuildings with its own factory in Myanmar.“No one was providing professional services forsteel-structured buildings in Myanmar. That iswhy we decided to establish a factory here,” saidNandakumar, general manager of PEB SteelMyanmar. Companies seeking to set up pre-engineered buildings for factories or workshopsprovide designs to PEB Steel which thenmanufactures the steel components that arerequired for the construction of the design.Source: Myanmar Timeshttps://www.mmtimes.com/news/vietnamese-firm-makes-steel-products-thilawa.html

NewspapersMyanmar Times

12 Feb 2019

PwC | February 2019 10

Bankers seek clarity over foreign equity in Myanmar banks

The latest regulation by the Central Bank ofMyanmar (CBM) permitting foreign institutionsto invest up to 35 percent in local banks has beenwell-received by the banking and financialindustry. However, experts have flagged the needfor further clarity in its provisions.U Than Lwin, senior advisor to KBZ Bank, saidthe CBM should further clarify if foreign banksare allowed to invest solely in public banks or ifthey are free to invest in private banks or family-owned banks.“The new regulation by the CBM is good for theindustry as weaker banks will enjoy strongerfinancing and improve their services. But theyshould be more specific about the types of banksforeign investors can invest in,” he said.U Pe Myint, senior advisor to Cooperative Bank,added that “if foreigners are now allowed to buyequity stakes in the local banks, then the next stepis for the private banks to convert their status topublic banks.”There are currently very few public banks inMyanmar as meeting the requirements forconverting is not easy. Of the 27 local banks, only

a handful are public and just two - MyanmarCitizens Bank and First Private Bank - are listedon the Yangon Stock Exchange.One way to achieve public status is for theindustry to consolidate as small banks merge intolarger entities. This will also help the CBMachieve its goal of improving the local bankingsector, as weaker banks can strengthen theircapital reserves and services.The experts were speaking after the CBM onJanuary 29 issued Regulation No 1/2019, formallyallowing foreign equity ownership of up to 35pc inlicensed banking institutions in Myanmar withoutthe local firms changing in their nature.The regulation implements the provisions of theMyanmar Companies Law, which came into forceon August 1, 2018.“Foreign firms can now invest up to 35pc in localfirms and it will be the same in the banking andfinancial industry,” said U Bo Bo Nge, vicegovernor of the CBM.Source: Myanmar Timeshttps://www.mmtimes.com/news/bankers-seek-clarity-over-foreign-equity-myanmar-banks.html

NewspapersMyanmar Times

12 Feb 2019

PwC | February 2019 11

Education Sector and Economic Sector Collaborate to Nurture Skilled Labor

The Minister of the Ministry of Education said hisministry will work with the economic sector inorder to nurture skilled labor for local and foreigninvestments.The meeting was held on February 2 at UMFCCIbetween members, experts, and localbusinessmen. The Minister said, “Only when wecan effectively connect the two sectors together,will our pool of available workers improve into askillful and qualified workforce. I believe thatprivate sector will collaborate with us on thismatter.”The two sectors will collaborate on educatingyoung people, from primary education to highereducation, and work together towards a skillfuland qualified labor force. by creatingtechnological and vocational training schools aswell as providing non-formal education. Oneexample of non-formal education is a mobileschool like myMe Myanmar Mobile EducationProject. This is a project that has a bus outfittedwith a classroom, and brings the school directly towhere children work and live.The President of UMFCCI, U Zaw Min Win, said:

“We need competent vocational training, and weare trying to produce skilled workers. That’s whyour association is providing the necessary trainingfor the work environment such as degrees like theMBA or electrical training. We welcome the moveto collaborate with the education sector andprivate sector organizations.”In order to collaborate between the two sectors,Professor Dr. Aung Tun Thet, consultant ofUMFCCI, said that government needs to adopt apolicy such as school-industry partnership, andthen implement the policy in the most effectiveway. He suggested forming a government andprivate sector working committee, becausecollaborating between the education sector andindustrial sector is the characteristics of PrivatePublic Partnership.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/education-sector-and-economic-sector-collaborate-nurture-skilled-labor

NewspapersMyanmar Business Today

13 Feb 2019

PwC | February 2019 12

Yangon Bus App to Launch Within Three Months

Asia Starmar Transport Intelligent Co., Ltd isdeveloping a mobile application called YangonBus, which will provide information of the entirebus system such as the location of a bus in realtime, and expects to launch the new app in aboutthree months.“This application will provide information such aswhich bus to take for your destination, or theestimated time of arrival (ETA) of the bus you arewaiting for your particular bus stop,’’ said U ThanHtike Soe, Chief Information Officer of AsiaStarmar Transport Intelligent Co., Ltd.In addition to the information of the buses inYangon, the application will also provide otherinformation on health and education.Asia Starmar Transport Intelligent Co., Ltd, whohas won the bid for a card payment system to beinstalled in all of YBS buses. They are currentlytesting the card payment system in select busses,and is preparing to launch the new card paymentsystem in the next six months.It has been almost two years after YangonRegional Government has implemented YBSsystem and it has tried to implement cashless

payment system since last year, but the systemhas not happened yet.Yangon Regional Government invited tender forthe project on August 9, 2017, promising that thecard system will be available not only for YBSbuses but also for other services.There are 2.8 million commuters in Yangon usingbuses, taxies, cars, trains, and water buseseveryday, according to Yangon Region TransportAuthority.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/yangon-bus-app-launch-within-three-months

NewspapersMyanmar Business Today

13 Feb 2019

PwC | February 2019 13

Eco Green City to commence by year end

A final agreement giving the go ahead fordevelopment of the Eco Green City project isexpected to be inked before the end of this month,Deputy Construction Minister U Kyaw Lin said.Eco Green City is next in line in a series of fourprojects slated for development by the Urban andHousing Development Department in jointventures with the private sector.The project aims to meet expectations set outunder the Yangon 2040 Master Plan to build anew smart city providing low-cost housing andrental homes for low-income earners as wellproviding jobs to improve social standards.Since the first week of this month, landscapingand construction of the main office building forthe project have commenced. However, thedepartment is still making arrangements tosubmit the project details to the MyanmarInvestment Commission (MIC), said Daw MoeThida, deputy director at the Urban and HousingDevelopment Department.The project is near Yangon’s ring road, whichconnects Yangon with Upper Myanmar. It issituated at the point where Hantharwadi Airport,

No.1, 3, 7 roads and the Yangon-Mandalayhighway meet.The Ministry of Construction and Alliance StarCompany expect to start the project this year andcomplete it by 2029.The Eco-Green City project will be implementedin three phases. Residential buildings, servicezones, administrative offices, roads and otherinfrastructure will be implemented across a667.8-acre-wide land under Phase 1.In Phase 2, housing units, an internationalhospital and school, parks, hotel zones, golfcourses and a media circle will be implementedacross 785.32 acres of land.“Development of the project needs to be done incompliance with the rules and regulations,” saidU Han Zaw, Minister of Construction. Theministry is now drafting a detailed for plan theproject together with calculations and estimateson the benefits of the project to the state.

Source: Myanmar Timeshttps://www.mmtimes.com/news/eco-green-city-commence-year-end.html

NewspapersMyanmar Times

14 Feb 2019

PwC | February 2019 14

Opium cultivation business squeezed by market shift towards meth

Myanmar’s opium business has shrunk by morethan 3000 hectares (ha) over the last 12 monthsas the market shifted towards synthetic drugs, aUN study stated.A report from the UN Office on Drugs and Crime(UNODC) published recently said that theregional market demand experienced a dramaticchange for alternative products such asmethamphetamine.The area of opium poppy cultivation has droppedfor the fourth year in a row to 37,300 ha in 2018,down by 10 percent, compared to 41,000 ha in2017.The study - the Myanmar Opium Survey 2018 -also found that poppy cultivation has been indecline across all states/ regions of the countrybut it is the most significant in southern Shan andKachin State. The two areas saw a decline of 17pcand 15pc respectively. This is followed by easternand northern, dropping 8pc and 7pc respectively.With an average yield of 14kg per ha in 2018, totalopium production dropped from 550 to 520metric tonnes, equivalent to approximately 53tonnes of heroin, the survey stated.

As of 2017, Myanmar is the second largest opiumproducer in the world, behind Afghanistan,according to UNODC. In 1999, the governmentand local authorities launched a 15-year plan toeliminate illicit opium farming with productiondecreasing steadily from 2017.The reduction in opium cultivation was attributedto evolving market demand, with opium andheroin declining over the past years. East andSoutheast Asia countries have made a strong shifton synthetic drugs, primarily methamphetamine.UNODC country manager in Myanmar TroelVester said that poverty and planting opium arelinked closely. Better security and sustainableeconomic alternatives are therefore necessary forthe opium farming areas.The study reconfirmed the link between opiumand conflict in the nation, stating that the highestlevels of cultivation still take place in conflict-affected areas of Shan and Kachin states.Source: Myanmar Timeshttps://www.mmtimes.com/news/opium-cultivation-business-squeezed-market-shift-towards-meth.html

NewspapersMyanmar Times

14 Feb 2019

PwC | February 2019 15

QR code payment system set to launch this year

The Central Bank of Myanmar is set to implementa standardised national payment system by thisyear, says CBM Vice Governor U Bo Bo Nge.Daw Than Than Swe, director general of theCBM’s Financial Institutions RegulationDepartment, said to the Myanmar Times that thesystem will cover international payments, mobilewallets and all mobile network operators.“We are going to introduce an easy paymentsystem via mobile phones in Myanmar later thisyear and we are being as systematic as possiblewith the drafting of the regulations as the systemwill be used by the public to transfer funds fortransactions such as buying and selling,” said UBo Bo Nge.The system will be based on Quick ResponseCode, commonly referred to as QR codes. CBM isin talks with international payment firms like Visaand JCB, and local mobile wallet providers suchas Wave Money, M Pitesan, OK$, WeChat andAli-pay on the implementation of the system.“We are coordinating to use a national standardfor the whole country and not different QR codesfrom companies. Currently, we have confirmed

the technology and we are working onmanagement, prices, distribution,implementation and financial status of the entiresystem. It is expected that the system will greatlyimprove the retail payment sector, once it is inplace,” said Daw Than Than Swe.However, once the system emerges, card paymentsystem will continue to be used, MyanmarPayment Union CEO U Zaw Lin Htut told TheMyanmar Times.“Although QR system will be in used, bank cardswill continue to be a payment channel separately.Any payment platform can use it if the standardsare followed. So, any users of payment servicescan pay,” he said.National standard payment systems are already inplace in Thailand and Vietnam.

Source: Myanmar Timeshttps://www.mmtimes.com/news/qr-code-payment-system-set-launch-year.html

NewspapersMyanmar Times

14 Feb 2019

PwC | February 2019 16

Myanma Investment Forum held in Tokyo

Myanmar Investment Forum is being held inTokyo, Japan in a bid to promote investmentbetween Myanmar and Japan, according toDirectorate of Investment and CompanyAdministration (DICA).Myanmar delegation led by Nilar Kyaw, YangonRegion Minister for Electricity, Industry andTransport, member of Myanmar InvestmentCommission has been present at the forum inTokyo, Japan.Aung Naing Oo, Secretary of MyanmarInvestment Commission, explained the potentialfor foreign investment opportunities. Nilar Kyawand Advisor Mr MATSUI Yoichi clarifiedinvestment status and opportunities in ThilawaSpecial Economic Zone. Myint Lwin, DirectorGeneral of the Ministry of Commerce discussedrelaxation of Myanmar trade sector restrictionsand promotion in the trade sector.The talks on Myanmar investment atmospheredevelopment followed and Myanmar delegationparticipated in the discussions. Myanmardelegation replied to the queries raised by thebusinessmen from small-and-medium enterprises

of Japan. Those attending the forum were about150 in number.The statement released by the DICA showed thatJapan invested US$13.234 million in Myanmar.Thilawa SEZ is being implemented by Japan with49 percent and Myanmar with 51 percent in theinvestment.Foreign investment volume reached nearly US$ 1.6 billion and citizen investment volume, morethan Ks 725 billion including nearly US$ 250million in the first four months of this fiscal year,according to the MIC.From October 1 to February 4 in 2018-2019 FY,the MIC allowed 92 foreign investmentbusinesses with the foreign investment volume ofUS$ 1,032.215 million, according to the MIC.

Source: Eleven Myanmarhttps://elevenmyanmar.com/news/myanma-investment-forum-held-in-tokyo

NewspapersEleven Myanmar

14 Feb 2019

PwC | February 2019 17

Grab to launch three new ride-hailing services in Myanmar this year

Southeast Asia’s ride-hailing giant Grab hasannounced plans to introduce three new ride-hailing services in Myanmar this year afterposting “substantial growth” in the local marketin 2018, according to a company announcement.Grab Myanmar acting country manager Alvin Lohrevealed that the company will focus onexpanding three new ride-hailing services in thecapital Yangon this year. These services areGrabShuttle, a bus service that targets officeworkers and university students; GrabCall, whichwill offer bookings of taxi rides via call centreagents; and Grab Web Booking, which allowshotel guests and office workers to book ridesthrough an online portal.The introduction of the new ride-hailing servicescomes as the company claimed that it enjoyed a300% growth in terms of daily rides last year,from a year earlier, but it did not divulge anynumbers of the rides or it’s growing from a base ofhow many rides.“We are still not at a level where many people inYangon can use it on a regular basis,” Loh said ata meeting with local reporters.

Local competitionLoh expressed confidence that Grab will dominatethe local market, saying new services and featureswill drive the company’s growth this year.However, it will not be a smooth ride for Grab inMyanmar, especially with the entry of Vietnam-based ride-hailing company FastGo, which targetstwo million users and 100,000 drivers within itsfirst year of operations, according to a MyanmarTimes report.Aside from FastGo, Grab is also up against localride-hailing startups Oway Ride, OK Taxi, andGetRide.While Grab has become an established brand inMyanmar, it is having difficulties attracting moredrivers because local players are now doing theirpart in growing their market share, according to UAung Myint, operations head of the companybehind OK Taxi.

Source: Consult Myanmarhttps://consult-myanmar.com/2019/02/14/grab-to-launch-three-new-ride-hailing-services-in-myanmar-this-year/

NewspapersConsult Myanmar

15 Feb 2019

PwC | February 2019 18

EME Myanmar, Nest Tech invest in HR services startup Mote Poh

Emerging Markets Entrepreneurs (EME)Myanmar has led a six-digit US dollar seedinvestment in Mote Poh, a Yangon-basedemployee-benefits-as-a-service startup, accordingto an announcement. Vietnam-based venturecapital firm Nest Tech also participated in theseed round. “I spoke to dozens of companyowners, CEOs and HR Managers. I asked themwhy they didn’t provide better benefits to theiremployees. Their answers were nearly all thesame: they fear that implementing an employeebenefits program will be time consuming andexpensive – and that employees wouldn’tappreciate it,” said Mote Poh founder and CEOLoring Harkness. To solve this problem, Harknesssaid he developed Mote Poh, a small book of 100per cent free items and exclusive discounts atfavourite shops, restaurants and activities acrossMyanmar that companies can use to reward theiremployees. “Mote Poh makes employee benefitseasy – just great benefits employees love, with nohassle and no big price tag,” he said. Mote Pohnow boasts over 60 customers include YomaStrategic Holdings and MyJobs.com.mm. The

startup is now developing a mobile app andexpanding to other types of loyalty programs. “Asan investment firm, we’ve seen high employeechurn rates across many industries in Myanmar,and it’s exciting to see Mote Poh tackling theproblem head-on. We expect to help Mote Pohgrow by consulting on technology and finance, aswell as helping them partner with our mentorsand companies in our network,” EME said in astatement. Founded in May 2018, Mote Poh iscurrently based out of the Phandeeyar co-workingspace.

Source: Deal Street Asiahttps://www.dealstreetasia.com/stories/eme-nest-tech-mote-poh-121387/

NewspapersDeal Street Asia

15 Feb 2019

PwC | February 2019 19

NYDC – Development of an Environment and Social Management Framework

The New Yangon City team has kick-started theStrategic Environmental Assessment (SEA) andEnvironmental Impact Assessment (EIA) for theDevelopment of the New Yangon City ProjectMaster Plan. This is in collaboration with theconsultant Environmental ResourcesManagement (ERM), the world’s largestindependent sustainability company and theyhave been working in Myanmar since the 1990s.The objective of the SEA is to provide benchmarksfor guiding the overall planning, programmingand service provision of the New Yangon City,through the development of an Environmentaland Social Management Framework. We alsowant to make sure that on a national level, theMaster Plan is aligned with the objectives of theGovernment’s Myanmar SustainableDevelopment Plan and on an international level,it is aligned with the United Nations SustainableDevelopment Goals.The SEA covers the following components whichare part of the Phase 1 Development of the MasterPlan.• Resettling villages and households into five

new Resettlement Areas;• Building new Industrial Zones and new utility

systems;• Providing for green spaces, transport

infrastructure, and social facilities for at least1,200,000 people;

• New Commercial Zones;• New People Housing Zones;• Connecting infrastructures to adjacent

townships.As part of the EIA process, our Head of CityPlanning and Development, Alicia Khine, and herteam together with the ERM team had held a fewstakeholder engagement meetings to present theenvironmental study plan.On a regional level, both the New Yangon Cityteam and ERM had the opportunity to meet withgovernment officials.

Source: Consult Myanmarhttps://consult-myanmar.com/2019/02/15/nydc-development-of-an-environment-and-social-management-framework/

NewspapersConsult Myanmar

15 Feb 2019

PwC | February 2019 20

Myanmar revamps to woo more tourists

DESPITE the current decline in tourists comingfrom Europe and the Americas due tointernational media coverage of conflicts inRakhine state, Myanmar remains confident it canattract foreign visitors in the months to come,according to officials and industry leaders.The nation will promote its natural attractionsand traditions to raise tourists’ interest, May MyatMon Win, chairwoman of Myanmar TourismMarketing (MTM), said in an exclusive interview.“We have a lot of unexplored attractions acrossthe country. This does not mean that we are notyet ready [for a tourism boom]. With authenticityand commitment, everything is possible,” shesaid.According to her, it is now time to take anotherstep in the “Myanmar, be enchanted” rebrandingcampaign launched in late 2018. From this yearonwards, Myanmar will mainly focus on tourismmarketing by participating in international travelshows, maintaining its current attractions andcreating new destinations.As part of MTM’s efforts to promote Myanmar’stourism, it will have a booth at the ITB Berlin, the

world’s largest tourism trade fair to be held inGermany next month.The presence at such an international event wouldpave a way for promoting Myanmar’s tourism onthe international stage, said the executive.“We are now trying to improve our image. In themeanwhile, we are also targeting new markets.So, we need to raise visitors’ awareness aboutMyanmar. In this respect, promotion matters,”she said.Myanmar has adopted a “Look East” policy toattract visitors from Asia and develop its tourismsector. Yet, May Myat Mon Win insists Myanmarremains optimistic about increasing tourismvisitors from the West.“Definitely we look to the East but will alsomaintain the West on our radar. We are willing togrow simultaneously but need to be realistic insome cases,” she said.

Source: Eleven Myanmarhttps://elevenmyanmar.com/news/myanmar-revamps-to-woo-more-tourists

NewspapersEleven Myanmar

15 Feb 2019

PwC | February 2019 21

Ministry to brief MPs on power rate hikes

The government will explain to parliament theneed to raise electricity rates before implementingthe rate hike, U Soe Myint, deputy permanentsecretary of Electricity and Energy, said.“We will explain it to MPs first as they are therepresentatives of the people,” U Soe Myint told apress conference on Thursday.The Electricity and Energy Ministry has not saidhow much the rates will go up. It is believed thenew rates will take effect in April, though U SoeMyint declined to confirm this.“We want the new rates in place as soon aspossible, but we will announce them when we areready. The longer the old rates remain in place,the longer the government has to subsidise thecost of electricity,” he said.Power rate hikes were first planned in 2016, whenthe new government took office, but have beenstalled until now, said U Soe Myint.The rate hikes were determined after a five-stageprocess, he said. Discussions were held with theelectrification affairs committees in the PyithuHluttaw (Lower House) and Amyotha Hluttaw(Upper House). Also, state and regional officials

in charge of power and electricity were asked fortheir input.The third stage involved talks with the privatesector, represented by the Union of MyanmarFederation of Chambers of Commerce andIndustry.A comprehensive report on the rate hikes wasthen submitted to parliament. The final stageinvolved seeking the advice of internationalorganisations.

Source: Myanmar Timeshttps://www.mmtimes.com/news/ministry-brief-mps-power-rate-hikes.html

NewspapersMyanmar Times

15 Feb 2019

PwC | February 2019

2. Weekly Key Policy News

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PwC | February 2019

Weekly Key Policy NewsHeadlines

Govt asks companies to tighten anti-graft measures

CBM to Allow Foreign Owned Banks by the End of 2020

Central Bank Introduces Market-based Reference Exchange Rate

23

Yangon gearing up for March 31 municipal election

Infographic: The Suu Kyi Government’s Performance in Numbers

PwC | February 2019 24

Govt asks companies to tighten anti-graft measures

Companies in Myanmar are now required toestablish mechanisms for employees to reportsuspected corrupt practices, according to thelatest government announcement.Last month, the Directorate of Investment andCompanies Administration (DICA) updated theanti-corruption code of ethics for companies itfirst announced last August 3. Some companieshad criticised the original as creating confusion.Subsequently, last October 19, the Anti-Corruption Commission (ACC) issued Notification14/2018. On January 16, DICA announced thatcompanies should follow a notification from theACC.U Aung Naing Oo, DICA’s director general,confirmed with Myanmar Times that the ACCnotification supersedes the August 2018announcement.The ACC notification lays down “fundamentalprinciples for businesses to develop a strong codeof ethics and establish appropriate internalcontrols to prevent corruption.” These are similarto the eight principles adopted by the NationalAnti-Corruption Commission of Thailand.

The eight principles include assessment of briberyrisks, accurate books and accounting records andsetting up “trustworthy reporting mechanisms toreport suspect behaviour”.The requirement marks a key step forward forMyanmar’s corporate governance. So far, fewcompanies in the country have anti-corruptionmechanisms in place. For reporting mechanismsto be effective, they have to be trusted byemployees. Chris Hughes, partner from law firmSCM Legal, said that improving the investmentclimate in Myanmar by taking action againstcorrupt practices will help attract foreigninvestment as well as support domesticbusinesses The anti-corruption principlesreleased, however, are “short on detail, whichlimits their practical effect”. “Some more specificadvocacy, guidance, resources and even training –geared to Myanmar’s current conditions – isrequired to bring about the necessary changes inbehaviour.Source: Myanmar Timeshttps://www.mmtimes.com/news/govt-asks-companies-tighten-anti-graft-measures.html

NewspapersMyanmar Times

11 Feb 2019

PwC | February 2019 25

CBM to Allow Foreign Owned Banks by the End of 2020

Central Bank of Myanmar will allow fully ownedforeign banks by the end of 2020.“We will allow foreign bank as a subsidiary if theywant to operate here as a fully owned foreignbank. We have issued a statement on this and willannounce the details of the terms and conditionsfor them. In international practices, a subsidiarycan operate in the same way local banks do,’’ U BoBo Nge, Vice President of Myanmar, said.Central Bank is considering allowing subsidiariesbased in the country, but directly managed by themother bank instead of allowing foreign bankbranches.Last month, CBM issued an order in late Januarypromising that it will allow up to 35 percentforeign equity investments in local banks byforeign banks and other financial institutions.Now, they are working on rules and regulationsfor allowing foreign banks, they are not ready todisclose how many banks will be allowed.“This will offer people more options to save anddeposit,’’ he said.Central Bank recently started to open up thebanking sector to foreign banks allowing nine

foreign bank branches in 2014. Now there are 13foreign bank branches in Myanmar. They are alsogiving more space to foreign banks in providingfinancial services.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/cbm-allow-foreign-owned-banks-end-2020

NewspapersMyanmar Business Today

13 Feb 2019

PwC | February 2019 26

Central Bank Introduces Market-based Reference Exchange Rate

To compensate for sudden short term volatility offoreign exchange rates, the Central Bank ofMyanmar (CBM) has now introduced a market-based Reference Exchange Rate, which iscalculated based on the exchange rate of the spottrades by the banks during the day.Licensed banks must report the foreign exchangetrades four times a day between 9 a.m. to 3 p.m.to the Central Bank so that it can calculate therate. The new rate will be published at 4 p.m. eachday starting February 5, 2019.The trade deals include spot interbank tradesconducted between the authorized dealer licensedbanks (interbank trades), and spot tradesconducted between the authorized dealer licensedbanks and their customers (bank-customerstrades).“This will be in compliance with the presentsituation. Then Central Bank’s policy will not beblamed for the volatility of exchange rate,” said UBo Bo Nge, Vice President of Myanmar CentralBank.The Reference Exchange Rates of other foreigncurrencies of Myanmar Kyat (cross-exchange

rates) will be determined according to the rate oninternational markets or the issuer country’sdomestic interbank foreign exchange market.The Central Bank also cautioned that this is anindicative rate—not obligatory and participant inthe foreign exchange market are not necessarilyrequired to use it in foreign exchangetransactions.The reference exchange rate of the previous daycan be used for settling customs obligations andaccounting, and for statistical purposes and CBMwill update the new data on daily NominalEffective Exchange Rate (NEER) and monthlyReal Effective Exchange Rate (REER).This move is part of the effort of the CBM tostrengthen the foreign exchange marketdevelopment by introducing the market-basedreference exchange rate.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/central-bank-introduces-market-based-reference-exchange-rate

NewspapersMyanmar Business Today

13 Feb 2019

PwC | February 2019 27

Yangon gearing up for March 31 municipal election

The Yangon Region Election Commission willannounce on Monday the candidates qualified torun for election to the City DevelopmentCommittee (YCDC) on March 31.Since the new government took power in April2016, the YCDC has had only five committeemembers, including the committee chair (mayor)and secretary, appointed by the government.On March 31, people will vote for another sixmembers as stipulated in the new YCDC Law.People will also elect township developmentcommittee members.Observers said that according to the law, thetownship city development committee membershave little power.U Kyaw Kyaw Naing, an engineer fromMayangone township, said it is standard practicein big cities such as Yangon, Mandalay and NayPyi Taw for the regional development minister toalso take the position of mayor, even though it isnot required by law.Civil society groups and observers hope that thedeputy mayor will act as a check on the power ofthe mayor, he said.

According to the new law, every candidate shouldbe given a fair chance in the election, said U KhinHlaing, a former YCDC member who is runningagain in constituency 3 Zaw Ti Ka.“If someone does not belong to a party, they haveto do it alone, while party members can use theparty’s image and money, so how can this electionbe fair?” he asked.Among those who are running for election areformer YCDC members, business people, famousartists and members of political parties.“We need to elect representatives who can carryout municipal affairs honestly. This is the duty ofvoters,” said Daw Nyo Nyo Thin, founder ofYangon Watch. She frowned upon allowingmembers of political parties to be candidates inthe election. In other countries, powerful politicalparties contest in local elections to find out howmany supporters they have, so it is a tradition forthem, but Myanmar’s political parties should notcompete in local elections, she said.Source: Myanmar Timeshttps://www.mmtimes.com/news/yangon-gearing-march-31-municipal-election.html

NewspapersMyanmar Times

14 Feb 2019

PwC | February 2019 28

Infographic: The Suu Kyi Government’s Performance in Numbers

YANGON — Nearly three years after taking office,the National League for Democracy (NLD) hasgarnered mixed reviews for its efforts totransform the country into a democracy.While campaigning for the 2015 elections thatswept it to power, the NLD published a 20-pagemanifesto outlining its plans for economicdevelopment, constitutional reform and peace.The administration’s record on economic reformhas been mixed. The government has had somebig successes, including the release of theoverarching Myanmar Sustainable DevelopmentPlan, a new Companies Law and some financialand banking sector regulation reforms. However,reform efforts have also been slowed down bysome major setbacks, from a weakening currencyto high inflation, armed conflict and shiftingpolicies.Foreign direct investment (FDI) declinedsignificantly following news of the 2017 Rohingyacrisis, which badly tarnished the country’s image.Western investors have grown increasinglycautious of Myanmar.Overall trade volume has increased under the

NLD—exports especially—though the currentaccount deficit has hardly budged.Meanwhile, the peace process is faltering andefforts at constitutional reform are just beginning.Myanmar has also seen improvements ininternational measures of corruption, civilliberties and political rights, but the arrests ofseveral journalists have sent its press freedomranking tumbling.Here, The Irrawaddy illustrates the fluctuations inthe country’s GDP, FDI, current account, tradevolume, inflation and measures of civil liberty,political freedom and press freedom from theprevious administration to the present.The NLD’s economic team, its policies andstrategiesThe team is playing a major role in the economicpolicies, strategies and actions of the currentgovernment.

Source: The Irrawaddyhttps://www.irrawaddy.com/news/burma/infographic-suu-kyi-governments-performance-numbers.html

NewspapersThe Irrawaddy

15 Feb 2019

PwC | February 2019

3. Weekly Investment News

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PwC | February 2019

Weekly Key Investment NewsHeadlines

Yoma Strategic to buy 65% stake in restaurant chain operator YKKO for $12.6m

South Korean car maker opens first assembly plant in Myanmar

Myanmar Digest: Katapult injects $150k in RecyGlo; Phandeeyar to back five startups

30

Over 5 bln USD Foreign Investment Flows into Myanmar’s Central Region

PTTEP to raise investments in Myanmar offshore projects to maintain gas production

PwC | February 2019 31

Yoma Strategic to buy 65% stake in restaurant chain operator YKKO for $12.6m

SGX-listed Yoma Strategic Holdings hasannounced the acquisition of a 65 per cent stakein Yankin Kyay Oh Group of Companies (YKKO),one of Myanmar’s largest restaurant chains, forK19.4 billion ($12.6 million). YKKO, which ispopular for its ‘Kyay-Oh’ vermicelli and flat ricenoodle-based dish, operates 37 outlets across thecountry. The total consideration to be paid wasarrived on a willing-buyer, willing-seller basis,taking into consideration the current andprojected earnings of YKKO, among others.YKKO’s tangible asset value was considered atabout K6.22 billion ($4.09 million) as ofSeptember 2018, per an official statement. YomaStrategic said it will fund the purchase by internalresources and recent financing activities. “Thisacquisition doubles the footprint of our YomaF&B store count and complements theinternational concepts we have already brought toMyanmar. YKKO will immediately be earningsaccretive and will provide a tried and testedoffering with a healthy cash flow,” said YomaStrategic CEO Melvyn Pun. The all-cash deal isthe largest for a local food chain to date. YKKO

chairwoman Yu Yu Lwin will continue to hold theremaining 35 per cent stake. Her parents startedYKKO as a small, family-owned business inYangon in 1988 during the socialist regime andagainst the backdrop of the 8888 studentuprising. Its first shop was in Yankin township,from which its name YKKO was derived. YomaStrategic has been actively expanding its food andbeverages presence. Last year, it signed afranchise agreement to bring pretzel chain AuntieAnne to the Myanmar market. It operates 26 KFCoutlets across Myanmar and plans to launch LittleSheep Hotpot in the country soon.

Source: Deal Street Asiahttps://www.dealstreetasia.com/stories/yoma-strategic-ykko-120701/

NewspapersDeal Street Asia

11 Feb 2019

PwC | February 2019 32

South Korean car maker opens first assembly plant in Myanmar

As the government is pushing for car companiesto assemble their vehicles in Myanmar, moreinternational companies are setting up assemblyplants in the country.Among the latest is South Korea’s Hyundai. Thecompany launched its plant and its first semi-knocked-down (SKD) model on February 8.The local arm of Hyundai, Shwe Daehan MotorcarAssembly Co, will be the entity responsible forassembling Hyundai vehicles locally.International KLM Co is the authorised importerand dealer for Hyundai and has been operatingsince 2014. Now, KLM will also distribute locallyassembled Hyundai cars from the Shwe Daehanfactory.The factory is situated in the Thardukanindustrial zone of Shwe Pyi Thar Township andemploys nearly 200 local workers.“This is the next step for Hyundai Myanmar. Ihope that Hyundai can produce completely builtup (CBU) cars in Myanmar one day, just as isdone in South Korea. The cars assembled in thisplant will be allowed to carry Yangon licenceplates,” said Yangon Chief Minister U Phyo Min

Thein during the launch of the factory.The first model from the plant is the all newAccent sedan with a 1.4 litre four-cylinder engine.The company is offering a 100,000 kilometre orthree-year warranty for the model that is priced atK29.9 million before taxes.“Planning for the Shwe Daehan assembley plantbegan last year and it became operational thisJanuary. We will continue to import CBUHyundai cars besides selling the SKD carsassembled by the plant because there are buyerswho prefer cheaper models with Yangon licenceplates,” said International KLM’s sales andmarketing manager U Myo Win.According to the Ministry of Industry, the factoryhas a permit to assemble 40 units per month, butthe factory will assemble units based on customerdemand with the ministry’s permission shoulddemand increase.

Source: Myanmar Timeshttps://www.mmtimes.com/news/south-korean-car-maker-opens-first-assembly-plant-myanmar.html

NewspapersMyanmar Times

13 Feb 2019

PwC | February 2019 33

Myanmar Digest: Katapult injects $150k in RecyGlo; Phandeeyar to back five startups

RecyGlo, a Yangon-based recycling servicestartup, has received $150,000 from Norway’sKatapult Ocean accelerator programme whilePhandeeyar Accelerator has accepted five techstartups to join its third cohort. NorwagianKatapult Ocean accelerator injects $150k inMyanmar’s RecyGlo RecyGlo, a Yangon-basedrecycling service startup, has received a $150,000investment offer from Oslo-based Katapult Oceanaccelerator for an exchange of an 8 per cent stake,according to Okka Phyo Maung, co-founder andchief marketing officer of Recyglo. RecyGlohandles recyclable pickup services and promotesenvironmentally friendly and smart recyclingsolutions. H&M, World Bank, IFC and Uniteam inMyanmar are clients of Recyglo. The investmenthas put RecyGlo’s current valuation at $1.8million. The startup is currently going through athree-month accelerator programme in Norway.“Our biggest concern is that waste is not properlymanaged and eventually going to rivers andoceans, thus creating massive environmentalproblem,” said Shwe Yamin Oo, CEO and co-founder of RecyGlo. The funding from Katapult

Ocean will help the startup expand its grounds inother tourism cities outside Yangon such as inMandalay, Nyaung Shwe and Bagan. RecyGlo wasborn out of the Phandeeyar’s annual startupchallenge event in 2017. Later that year, RecyGlogot accepted to Phandeeyar’s Acceleratorprogramme and received a $25,000 as aconvertible note for a 12 per cent stake.Phandeeyar Accelerator investing up to $125kseed capital in five tech startups Yangon-basedPhandeeyar Accelerator has accepted five techstartups to join its third cohort and committed atotal of up to $125,000 to help boost the growthof the businesses, according to an announcement.The five startups – Asia Art Connect, Hivephing,Hydro Plant, Nay Yar and One Sett – will bringtechnological solutions to customers in sectorslike art, agriculture, construction, fashion and realestate.

Source: Deal Street Asiahttps://www.dealstreetasia.com/stories/myanmar-digest-katapult-injects-150k-in-recyglo-phandeeyar-to-back-five-startups-121088/

NewspapersDeal Street Asia

13 Feb 2019

PwC | February 2019 34

Over 5 bln USD Foreign Investment Flows into Myanmar’s Central Region

About 5.7 billion U.S. dollars of investment fromover 70 foreign enterprises have enteredMyanmar's Mandalay region so far since theregional investment committee was founded in2017, the official Global New Light of Myanmarreported on Monday.The investments flew into the manufacturing,tourism, power sectors and other services inMandalay region.Investors are invited to invest in the region'sculture-based tourism sector as it is a home forover 300 intangible cultural heritage assetsincluding the gold embroidery business andtraditional arts and crafts, Mandalay Region ChiefMinister U Zaw Myint Maung was quoted assaying.The Mandalay region investment committee wasformed in July 2017, entrusted with the power toapprove foreign direct investments with anamount not exceeding 5 million U.S. dollarsunder the new Myanmar Investment Lawintroduced on Aug. 1 last year.The Yangon region attracted 60 percent ofinvestments from both home and abroad,

followed by Mandalay with 30 percent and therest flowed into other regions and states.Meanwhile, the Myanmar Investment PromotionPlan (MIPP) was introduced by the MyanmarInvestment Commission (MIC) on Oct. 8 lastyear, to promote investments for betterdevelopment in economy, institutions,infrastructure, industries and human resources inthe country.Under the MIPP, Myanmar targets to attractmore than 200 billion U.S. dollars in the next 20years from the fiscal year 2016-2017 to 2035-2036.

Source: Myanmar Business Todayhttps://www.mmbiztoday.com/articles/over-5-bln-usd-foreign-investment-flows-myanmar-s-central-region

NewspapersMyanmar Business Today

13 Feb 2019

PwC | February 2019 35

PTTEP to raise investments in Myanmar offshore projects to maintain gas production

Since 2014, a total of 345 million cubic feet ofnatural gas for daily domestic consumption andexport to Thailand is channeled from the offshoreZawtika Project in the Gulf of Moattama to theZawtika Operation Center (ZOC) in KanpaukTownship, Tanintharyi, said Mr PiyaSukhumpanumet, general manager of PTTEPMyanmar Assets.Natural gas, which is produced at the Zawtikafield at Block M9, is being processed at theZawtika Platform Quarter Complex at the projectsite and transferred via a 230-km subsea pipelineto ZOC. Located approximately 300 kilometressouth of Yangon, the Zawtika gas fielddevelopment project is being developed byThailand’s PTT Exploration and ProductionPublic Company Ltd (PTTEP). The company alsoowns an 80 percent stake in the project, whilestate-owned Myanma Oil and Gas Enterprise(MOGE) owns the remaining 20pc. A production-sharing contract was signed in 2003 and gas wasdiscovered at M9 in 2007.Under that contract, around 70pc of the naturalgas channelled to ZOC is rerouted to

Kanchanaburi, Thailand. The remaining gas ischannelled to Myaing Kalay near Hpa-an, KayinState, and converted into electricity for domesticconsumption. To maintain the current volume inthe future, there are plans to raise PTTEP’sexploration and production efforts within theZawtika Project area, said Mr Sukhumpanumet.On January 22, PTTEP announced that it wouldinvest around US$3.3 billion globally and allocatearound US$1.2 million (K1.8 billion) to the S1Project, the Bongkot Project, the Arthit Project,and the MTJDA Project in Thailand as well as theZawtika Project in Myanmar.The company currently has five projects inMyanmar. The first is the Zawtika project in theM9 offshore block which has started producinggas. The second one is in the M3 block which is indevelopment stage. The remaining projects:MOGE-3, MD7 and M11 are in the explorationstage.Source: Myanmar Timeshttps://www.mmtimes.com/news/pttep-raise-investments-myanmar-offshore-projects-maintain-gas-production.html

NewspapersMyanmar Times

13 Feb 2019

PwC | February 2019

3. Weekly New Tenders

36

PwC | February 2019

Tenders (Myanmar)List

Note: tenders information are collected from http://www.mmtimes.com/, https://tender.yangon.gove.mm, http://consult-myanmar.com/, and http://www.myanmar-opportunities.org/mm/tenders http://www.buildersguide.com.mm/en/ .

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YCDC: EOI for National Social Safeguards Consultant, C4-CS6 (Myanmar Southeast Asia Disaster Risk Management Project). Closing Date: 27 Feb 2019 (Individual)

YCDC: EOI for National Environnemental Safeguards Consultant, C4-CS6 (Myanmar Southeast Asia Disaster Risk Management Project). Closing Date: 27 Feb 2019 (Individual)

PwC | February 2019

Tenders (Multilateral organizations) List

Note: tenders information are collected from https://wbgeconsult2.worldbank.org, www.devex.com, www.adb.org, https://www.ungm.org

38

ADB: Myanmar Resident Mission Staff Consultant. Closing Date: 20 Feb 2019 (Individual)

ADB: Mekong Business Initiative - 237 Regional Legal Advisor (48270-001).Closing Date: 20 Feb 2019 (Individual)

ADB: Integrated Resource Planning with Strategic Environmental Assessment for Sustainable Power Sector Development in the Greater Mekong Subregion - Firm 2 Clean Energy Pipeline Development in the Greater Meking Subregion (49208-001). Closing Date: 01 Mar 2019

ADB: Greater Mekong Subregion Health Security Project: Deputy Chief Technical Advisor - ICS2 Deputy Chief Technical Advisor (48118-002). Closing Date: 27 Feb 2019 (Individual)

PwC | February 2019

Tenders (Multilateral organizations) List (cont’d)

Note: tenders information are collected from https://wbgeconsult2.worldbank.org, www.devex.com, www.adb.org, https://www.ungm.org

39

WB: Program Evaluation for the Environmental and Social Standards in Water Resources Development (Hydro E&S Advisory). Closing Date: 07 Mar 2019

PwC | February 2019

4. MIC Permitted Projects

40

PwC | February 2019

MIC Permitted Projects (Meeting 2, 2019)

41

No. Name of Company Type of Investment Form of Investment

1 De Heus Myanmar LimitedProduction and distribution of aqua feed products

Wholly Foreign Owned

2Global Earth Agro & Aqua Industry Public Co., Ltd

Fish breeding, processing, cold storage and related products (fish feed, fish meal, fish oil)

Myanmar Citizen Investment

3 Asia Glory International Co., Ltd Manufacturing and sales of wet pulp Joint Venture

4 Myanmar Sinochem Industry Co., LtdManufacturing of 214-sulfonyl chloride (photosensitive powder)

Wholly Foreign Owned

5 Mon Petrol Co., LtdConstruction of jetty for storage, distribution and sales of diesel, gasoline and LPG

Wholly Myanmar Owned

Source: DICA

PwC | February 2019

5. Upcoming Events

42

PwC | February 2019

Upcoming Events (February 2019) List

Date Location Name of Event Sector Price Focus Points

26 Feb 2019 YangonAVPN Myanmar Social Investment Summit 2019

Conference USD 25

“AVPN Myanmar Social Investment Forumwill bring together a diverse group of fundersand resource providers from Myanmar andthe Asian region to discuss collaborative andoutcome-focused social investmentstrategies and opportunities.”

26-27 Feb 2019 YangonMobile Money & Financial Inclusion Summit

Banking and Finance

Free“A Special Focus on Myanmar plus EmergingOpportunities from the regional DigitalTransformation”

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Note: Events information are collected from https://www.go-myanmar.com/events-and-conferences and https://10times.com/myanmar .

© 2019 PricewaterhouseCoopers Myanmar Co Ltd. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers Myanmar Co Ltd, which is part of the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.

www.pwc.com/mm

PwC Myanmar Weekly Business Intelligence Publication

For further information please contact:

Jovi SeetSenior Executive Directorjovi.seet@sg.pwc.com

Brandon LyeDirectorbrandon.ys.lye@sg.pwc.com

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