Myanmar Agro Exchange Public Limited (MAEX) emerged three years ago with the purpose to develop the agricultural, fish and meat wholesale market throughout Myanmar.
And it was with fanfare that Win Aung, chairman of MAEX Limited, said at the official opening ceremony of the Danyin Gone fruits, flowers and vegetables wholesale market on 30 January that his company is set and qualified to list on the Yangon Stock Exchange (YSX) this year.
Speaking at the event, Win Aung said MAEX aimed to planned to list so that company stakeholders and shopkeepers in the market have the opportunity to trade shares, noting they are pressing to list as soon as possible in 2018.
Qualify for the stock market
Chairman Win Aung said the board of directors of MAEX is able to adhere to the 17 criteria of listing principals of the Security Exchange Commission of Myanmar (SECM).
These criteria include transparency on corporate governance and having profits for two consecutive years.
Thurane Aung, director of MAEX told Mizzima that they are not concerned about corporate governance because they have been carefully conducting it since the beginning and they gained profits for two consecutive years.
According to the MAEX prospectus, the company gained net profits of MMK 718 million at 2016-17 fiscal year and MMK 3832.9 million at 2017-18 fiscal year.
“According to my personal point of view, I believe that we are able to be listed in YSX within the next six months or eight months. So we are certainly about to achieve the goal in time with this period. Now we are in the process of being checked by the SECM and YSX,” Thurane Aung said.
MAEX signed agreement  
MAEX signed an agreement with Kanbawza Stirling Coleman Securities (KBZ SC) to be assigned as the lead manager at the first phase opening ceremony on January 30.
“According to our agreement, KBZ SC securities is responsible for helping us to be listed on the YSX and they will make sure all of our preparations for the listing process and they will deal with contacting the YSX. So KBZ SC securities will be the lead manager of MAEX,” Thurane Aung said.
Additionally, KBZ SC securities will serve as an underwriter company for MAEX.
Moreover, MAEX also signed agreements for MOU with the other securities houses entitled KBZ SC, Ayatrust Securities, CB Securities, KTZ Ruby Hill Securities and Amara Investment Securities.
Trading way to stock market
During the development period of the Danyin Gone wholesale market for the first phase, which costs MMK 25.18 billion, MAEX offered shares valued MMK 5 billion for 500,000 shares and the company was able to sell more than the targeted number of shares a year ago.
MAEX Director Thurane Aung told Mizzima that they are considering the appropriate way to trade on the YSX soon.
“Now we have been discussing with our board of directors regarding which way may be the best for us. We look at the best way to operate and we have been considering the technical listing or IPO when the company is going to be listed at YSX,” he said.
He continued that they are looking at the TMH Telecom Public Limited, which was listed on the YSX at the end of 2017 and it has been running with an IPO.
“By the time we will be at YSX, the way we run in YSX will be prepared in order to collect money. So we are looking at detail plan of projection of how much money will be made and how many shareholders will be offered. Therefore we are going to make a discussion by making detail calculation with our board of directors upon our position of business expansion,” he continued.
“We think that we have no financial difficulties for Danyin Gone wholesale market. And we see this market has been successful, but we will find more money when we create the next projects under MAEX Limited regarding the food processing and packaging business, transportation and so on,’’ he added.

Facts on the Danyin Gone wholesale market
In 2015, Myanmar Agro Exchange Public Limited was founded by Dagon International Private Limited in a leading role with the other public shares shortly after Dangon International won the tender for building Danyin Gone wholesale market from the Yangon City Development Committee (YCDC).
MAEX owns 45 percent of Dagon International Limited and the public owns 55 percent.
Since then, MAEX Limited has been developing in collaboration with YCDC the country’s first largest wholesale and exchange market in Insein township of Yangon region and the public company celebrated its official opening for the phase one project which contains three large shopping centres - vegetables ground market, farmers retail shopping centre and fruit wholesale market that are available for more than 5,500 shops on 30 January.
MAEX Limited has been implementing the Danyin Gone wholesale and exchange market partitioning four stages on 83 acres investing MMK 99.8 billion. The project includes a the Danyin Gone Hypermarket, cold storage and warehouse, restaurants and food stall, groceries, seafood and meat processing market as well as a hotel, all to be finished by 2020.
“In addition to the Danyin Gone wholesale market at Insein in the Yangon region, MAEX Limited plans to develop assembly markets which will be connected to Mandalay, Aungban and Heho from Shan State, Mawlamyine and Ayeyarwady,’’ Win Aung, Chairman of MAEX Limited said.