The publicly listed company FMI traded its shares on the first day of Yangon Stock Exchange at the opening price of 26,000 kyat and closed at 31,000 kyat at the end of the day.
First Myanmar Investment Chief Financial Officer Tun Tun said that the price of company’s shares rose by 5,000 kyat at the close of the day’s trade.
“On the first day, the matching price was at 31,000 kyat at 11 a.m. and it remained unchanged for the day,” he on March 25.
FMI is the first company to trade on Myanmar’s new stock exchange.
FMI shares were traded at the price of around 36,000 kyat at the end of January 2016 before it was listed at the exchange. But the share price was fixed at 26,000 kyat as the opening price on the first day of the trading at stock exchange for the convenience of the shareholders, he said.
“Yangon Stock Exchange supervising committee examined the transactions of our shares and they examined also our assets and values and then they finally fixed our opening price on average,” he added.
Deputy Finance Minister Dr. Maung Maung Thein explained how the opening price was fixed at the opening of the bourse.
“FMI shares must be based on the realistic price on the opening day of the stock exchange. There are about four mathematical methods to calculate for a realistic price. But these methods are not yet appropriate in our country at the moment so we used the historical method instead. In this method, we take the prices at three points. Point means the time. I mean point of time. The first point of time is the time before being listed. The second point is the time of being announced to be listed. And the final third point is the latest price. We calculate the average of these three prices and got the 26,000 kyat roughly as the opening price. The fluctuations of the price of the share will be determined by the market,” he said.
FMI has nearly 6,800 shares with a total value of 600 billion kyat.
FMI is a diversified conglomerate and one of Myanmar's largest public companies, linked to Singapore Stock Exchange listed company Yoma Strategic Holdings. FMI has been actively investing in Myanmar for over 20 years and has formed joint ventures with some of the world's largest companies.
FMI Chief Financial Officer Tun Tun said that FMI would focus on financial services, healthcare services and the real estate business as their strategic programme.