Thu 14 Aug 2014
Filed under: Business / Trade,News
Prominent entrepreneur U Tay Za may not sell his controlling stake in Asia Green Development Bank (AGD) to investors including U Ne Win’s grandson after all, he said on August 12.
Officials announced in July that U Tay Za planned to sell 60 percent of the bank to investors including U Kyaw Ne Win, the grandson of the former head of the junta government U Ne Win.
“It’s true I decided to sell 60pc share, but later I reconsidered according to the situation,” he said, at the 23rd annual meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in Yangon.
“Although a commitment is a commitment, I am reconsidering.”
U Tay Za has submitted notice to the Central Bank of Myanmar to sell a smaller 15pc stake, though he has not yet received payment, he said.
“My bank is an official bank that can legally sell shares,” he said. “When we decided to sell shares, we submitted [information regarding the sale] to the Central Bank as stated in the law.”
U Tay Za and his associated companies, include AGD, are currently blacklisted by the United States. However, restrictions against doing business with AGD and three other prominent banks were relaxed by a United States general licence on February 22, 2013. AGD is also planning to list on the Yangon Stock Exchange, which is slated to start in October 2015. It is also one of two public companies, along with Myanmar Agribusiness Public Company, that have declared intentions to list at the stock exchange launch.