FWP FWP RESEARCH RESEARCH Myanmar Companies Yearbook Vol.1 FWP Research & Alinsek (IR) Published on 1st November 2017 by FWP Research Co., Ltd. (1st edition) Copyright © 2017 by FWP Research Co., Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, scanning or otherwise, without the prior permission in writing of FWP Research Co., Ltd. or as expressly permitted by law, or under the terms agreed with the appropriate reprographics rights organization. You must not circulate this book in any other binding or cover and you must impose the same condition on any acquirer. FWP Research Co., Ltd. has obtained permission to use “TiME Ranking” from Myanmar Center for Responsible Business and “Government Map” from Myanmar Information Man- agement Unit (MIMU). In addition to that, “Tax Ranking” is publically announced information from Internal Revenue Department of Ministry of Planning and Finance. All of rights are be- longing to respective parties. Producer: FWP Research Co., Ltd. Writer: KINOSHITA Yokho , Alinsek (IR) @ Aye Min Soe , Samuel P. Britton Design: MUTO Takehiro DTP: EBUKURO Takayuki Proofreader: Zaw Lwin Than , TANAKA Masako Survey team: KINOSHITA Kensei , ISHIDA Junya , Myo Khant Swe , Nyein Su Zaw Htay , Shwe Cynn Ye Aung , Thandar Win Pyae Assistant: Hnin Phoo Wai , Hnin Zarchi Phwe , Hsu Myat Mon , May Thet Nwe , Nwet Darle Kyu Win , Nyein Thu Toe , Pan Ei Ei Soe Publisher FWP Research Co., Ltd. Email: [email protected] Web: http://fwpresearch.com (MYANMAR) Address: No.307, 3rd Floor, Hledan Center, Kamayut Tsp, YANGON Tel: +95-9-45210-2233 (JAPAN) Address: 1-2-2-7F, Botan, Koto-ku, TOKYO 135-0046 Tel: +81-3-3641-8998 Printing House SHINANO PRINTING CO., Ltd. Address: 4-32-8 Ikebukuro, Toshima-ku, TOKYO 171-0014 Tel: +81-3-5911-3355 Printed and bound in JAPAN ISBN: 978-4-909454-00-3 C0034 FWP FWP RESEARCH RESEARCH Myanmar Companies Yearbook Myanmar’s Tycoons ····················· 9 Data on Myanmar Companies ···· 51 Government Map ···················· 585 Myanmar Legal Summary ········ 607 Appendix ································ 647 Index ······································ 693 Vol.1 FWP Research & Alinsek (IR) Preface PREFACE About the book Myanmar Companies Yearbook is a valuable reference book for companies that are consid- ering investment in Myanmar, or who wish to make business alliances with local companies in Myanmar. This book helps companies to easily gather insights into Myanmar’s econo- my and investment prospects. According to sources at the Union of My- anmar Federation of Chambers of Commerce and Industry (UMFCCI) and Government, there has been high demand for publishing KINOSHITA, Yokho a Companies Yearbook but to date, this in- Executive Advisor itiative has not been realized. This book is the first Companies Yearbook to feature My- FWP Research Co., Ltd. anmar. This book features up-to-date data about a thousand companies from Myanmar’s “Top Income/Commercial Tax Payers 1000” and “Pwint Thit Sa/Transparency in Myanmar Enterprises (TiME) report”, along with data from some notable companies. The listed companies are all fulfilling their tax payment obligation and are in good financial standing. The Government of Myanmar started pub- lishing details of financial conditions from Financial Year 2015-16.; estimated Revenue and Net-Income is calculated from Commer- cial and Income Tax amount respectively. TiME Report is the ranking of companies which have high transparency and are willing to share their information. The report serves as an index for foreign companies to choose their local business partners. The sections on 2 Myanmar Companies Yearbook Vol.1 Preface Company Data, Tycoons, Government Map Managing Director. Financial Information and Myanmar Legal Summary are written by is especially difficult to acquire and, even specialists working in political, economic, where obtainable, may be far from accurate. survey and legal sectors. Investment analysts face challenges in ac- quiring financial information if they wish to To publish this book, phone interviews conduct their survey adhering to compliance and company visits have been conducted to guidelines. over two thousands of companies, very few of whom were willing to give their informa- Typically, infrastructure and land prices tion. The survey team also encountered prob- are perceived as primary obstacles to compa- lems in verifying identities. However, with nies wishing to make inroads into Myanmar; persistent negotiation and careful explana- lack of company data is a close second. tion of explaining the Yearbook’s purpose, Many foreign companies and Myanmar the survey team were able to gather enough companies are interested to start their busi- data to publish the first “Myanmar Compa- ness, however, there exists a gap between nies Yearbook”. foreign companies (who need information) A second volume of the Yearbook with and Myanmar companies (who do not have deeper insights and more information, is information, or do not wish to share it). This planned for release in 2018. Updated compa- book makes a significant contribution in fill- ny information is available online, as a com- ing these gaps. pany search service, even before publication of the second volume. Acknowledgments Investing in Myanmar’s growing I would like to show sincere appreciation economy to all involved in working together on the Yearbook and in particular to the companies Since the inauguration of President Thein which shared their information during our Sein (a former military man) on 30 March survey. I hope this book will be beneficial for 2011, Myanmar has been steadily developing all its readers and enable many future, lasting as a democracy. President Sein placed great business partnerships in Myanmar. emphasis on improving Myanmar’s relation- ships with other countries, holding confer- ences with leaders including then-President Barack Obama (US) and Toshihiko Noda, Prime Minister of Japan. Foreign company investments and interests in Myanmar have increased. On 10 March 2016, President Htin Kyaw was inaugurated following an over- whelming election victory by the National League for Democracy. Aung San Suu Kyi built her administration and Myanmar’s fully Democratic government has been established. In October 2016, the United States lifted all economic sanctions against Myanmar. While progress has been remarkable, for- eign companies still lack good information about local companies, creating challenges for those seeking local business partners. Family-owned businesses are common in Myanmar, including among its leading com- panies. In some cases, information such as capital, shareholders, number of employees are known only to a company’s Chairman or Myanmar Companies Yearbook Vol.1 3 Testimonial Testimonial “This book provides excellent insight into the business world of Myanmar by including basic information, financial situations and ranks of tax payment. So, this book makes a major contribution and will be essential reading for all those who wishing to know more about companies and investment in Myan- mar. This book represents a valuable hand book and should be on the read- ing list for those who wish to understand the present Myanmar business.” Soe Win Executive Director Renaissance Institute 6 Myanmar Companies Yearbook Vol.1 FWP RESEARCH Myanmar Companies Yearbook Vol.1 Myanmar’s Tycoons Aik Htun ········································· 10 Marlar Win ······································ 30 Aung Ko Win ··································· 12 Michael Moe Myint ··························· 32 Aung Thet Mann ······························· 14 Nay Aung ······································· 34 Chit Khine ······································· 16 Sai Sam Htum ································· 36 Htay Myint ······································ 18 Serge Pun aka U Theim Wai ················ 38 Htun Myint Naing aka Steven Law ········· 20 Tay Za ··········································· 40 Khin Maung Aye ······························· 22 Thadoe Hein ···································· 42 Khin Shwe ······································ 24 Win Aung ······································· 44 Ko Ko Gyi ······································· 26 Win Win Tint ···································· 46 Kyaw Win ······································· 28 Zaw Zaw ········································ 48 Myanmar’s Tycoons Aik Htun Birth: October 21, 1948 Source of wealth: Shwe Taung Group In 1970, Aik Htun founded one of Myanmar’s preeminent builders of infrastructure, Shwe Taung Group. The company leads key develop- ment projects such as highways and bridge construction, power grid construction, and landmark real estate projects and distributes building materials throughout Myanmar. The group’s success has made Aik Htun among the richest men in Myanmar. “We will continue to (build) the infrastructure. Infrastructure in Myan- mar has just started now. We need a lot of infrastructure right now for example, subways, highways. That’s our plan.” Aik Htun is the founder of Shwe Taung struction materials, infrastructure, hotels, Group and chairman of its Board of Directors. energy, trading and investment. He is the driving force behind the group’s Aik Htun was born in Mogok in the exponential growth, from a modest trading Southern Shan State and moved to Yangon house in 1970 to one of Myanmar’s largest in 1970. He set up a biscuit shop and