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Max Myanmar Holding Co. looking for partnerships in financial services

Max Myanmar Holding Co., a hotels-to-engineering conglomerate, said it is looking for partnerships in financial services and is in talks with France-based Accor SA to expand cooperation in hotel management.

The Yangon, Myanmar-based group expects legal changes in the country to encourage more investment, U Zaw Zaw, Max Myanmar chairman, said in an interview Thursday at the Bloomberg Invest Myanmar conference. U Zaw Zaw also said he “has a dream” to list the company in Hong Kong, Bangkok or Singapore, along with Yangon.

Myanmar is enacting laws to encourage foreign investment in one of Southeast Asia’s fastest growing economies. A revamped companies law to take effect by April will allow overseas investors to acquire as much as 35 per cent of the equity in local firms before they are considered foreign-owned. Foreigners will also be able to buy shares on the Yangon stock exchange. A separate proposed law would also make foreign companies eligible for tax incentives without first seeking approval from the Myanmar Investment Commission.

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