Duane Morris & Selvam Advises on the Historic First Listing on the Yangon Stock Exchange

Shares in First Myanmar Investment Co., Ltd. began trading on 25 March 2016

Duane Morris & Selvam advised First Myanmar Investment Co., Ltd. (“FMI”) on the historic listing of its shares on the newly established Yangon Stock Exchange (“YSX”). FMI’s shares began trading on 25 March 2016, three months after the YSX was officially opened. FMI’s shares were the first to be listed on the YSX.

FMI’s shares rose to close at 31,000 kyat (US$25.70), the upper limit for trading for the day after they were initially listed at 26,000 kyat. A total volume of 112,845 shares changed hands, for a trading value of 3.50 billion kyat (approximately US$2.90 million). Based on the closing price, FMI's share market capitalization is 727.88 billion kyat (approximately US$603.55 million).

“For 50 years there has not been a stock exchange; today is a historic day,” said FMI’s Executive Chairman Serge Pun in his speech on the opening day of trading.

FMI is an investment holding company that owns shares in companies engaged in a number of diverse businesses in Myanmar. Its core businesses are in the financial services, real estate and healthcare sectors. FMI also has investments in companies engaged in the retail and tourism sectors and a company developing the Thilawa Special Economic Zone.
Duane Morris & Selvam’s deal team was headed by Jamie Benson, who is based in the firm’s Singapore office. The deal team also included Mark D’Alelio, Rory Lang and Su Pyi Sone, who are based in the firm’s Yangon office, and Akanksha Gupta, who is based in the firm’s Singapore office.
“I am very proud to have advised FMI on the very first listing on the YSX,” said Jamie Benson. “It is not often in your career that you get to work on a truly historic deal. We began the process in late 2014 and it took a lot of hard work and dedication to get FMI’s shares listed.”

About Duane Morris & Selvam LLP
Duane Morris & Selvam LLP is the joint law venture consisting of international law firm Duane Morris LLP and Singapore-based Selvam LLC, with headquarters in Singapore. It serves clients throughout Asia, as well as companies based in the Americas and Europe that are conducting business in Asia and Asian entities and individuals doing business in the Americas and the United Kingdom. Duane Morris LLP, a global law firm with more than 750 attorneys in 27 offices across the United States and internationally, is asked by a broad array of clients to provide innovative solutions to today’s legal and business challenges. Throughout its more than 110-year history, Duane Morris has fostered a collegial culture, where lawyers work with each other to best serve their clients.

About Jamie Benson
Mr. Benson is a U.S. corporate and securities lawyer with more than 19 years’ experience in international capital markets and cross-border M&A transactions. He has worked in New York, Sydney and London, and is now based in Singapore. Mr. Benson is the head of Duane Morris & Selvam’s U.S. securities law practice and head of the firm’s India practice desk. He has advised on more than 100 equity and debt offerings throughout the world with total proceeds of approximately US$18 billion.