Myanmar will establish a first ever stock exchange in Yangon in joint venture with two Japanese firms, according to the Ministry of Finance on Wednesday.
Under an agreement signed in Nay Pyi Taw on Tuesday, the Yangon Stock Exchange Joint Venture Co. Ltd will be set up with Myanmar Economic Bank (MEB) sharing 51 percent, Japan's Daiwa Institute of Research Ltd 30.25 percent and Japan Exchange Group 18.75 percent.
Finance Minister U Win Shein said business firms listed on the Yangon Stock Exchange will be able to collect capital for long- term investment while people can buy and sell shares in those firms.
After establishment of the stock exchange, the Securities and Exchange Commission, like security companies, will issue underwriter, dealer, broker and consultant licenses, the sources added.
The Yangon Stock Exchange is expected to come into practice in 2015.
Myanmar has been making efforts to introduce capital market for economic growth of the country, joining the Financial Services Agency (FSA) and the Japan International Agency (JICA).
Myanmar enacted the Securities and Exchange Law in July, 2013 and related rules and regulations are being added.