Asia

Yangon Stock Exchange formally opens for business

Associated Press
Published | Updated

Serge Pun, right, executive chairman of First Myanmar Investment joyfully hugs a bell pillar as electronic trading commence listing his company during the opening day of trading at Yangon Stock Exchange in Yangon, Myanmar, Friday, March 25, 2016. Myanmar’s new stock exchange, the Yangon Stock Exchange (YSX) officially opened for business on Friday more than three months after it was launched in December 2015.(AP Photo/ Gemunu Amarasinghe) (The Associated Press)

Serge Pun, far right executive chairman of First Myanmar Investment Maung Maung Thein, center Deputy Minister of Finance and Revenue applued after ringing the bell to commence electronic trading during the opening day of trading at Yangon Stock Exchange in Yangon, Myanmar, Friday, March 25, 2016. Myanmar’s new stock exchange, the Yangon Stock Exchange (YSX) officially opened for business on Friday more than three months after it was launched in December 2015.(AP Photo/Gemunu Amarasinghe) (The Associated Press)

Serge Pun executive chairman of First Myanmar Investment walks as electronic trading commences during the opening day of trading at Yangon Stock Exchange in Yangon, Myanmar, Friday, March 25, 2016. Myanmar’s new stock exchange, the Yangon Stock Exchange (YSX) officially opened for business on Friday more than three months after it was launched in December 2015.(AP Photo/ Gemunu Amarasinghe) (The Associated Press)

The Yangon Stock Exchange has officially opened for business, more than three months after its launch.

First Myanmar Investment Co. Ltd., became the first stock to be traded Friday after receiving listing approval for an opening price of 26,000 kyats ($22). It is one of Myanmar's biggest public companies, with over 6,700 shareholders. It is owned by real estate tycoon Surge Pun.

The company's share price put its value at around 610 trillion kyats or over $500 million.

Five other companies are due to list, including Myanmar Citizens Bank, First Private Bank and Thilawa SEZ holdings, which controls an industrial zone jointly run by the government and a Japanese consortium.

The Yangon exchange is a joint venture between Myanmar, Japan's Daiwa Institute of Research and the Japan Exchange Group.