Myanmar tycoon open to foreign investment in wake of Ayala deal

YANGON - Myanmar tycoon Win Aung is open to foreign investment in the listed industrial-estate provider he oversees, following Ayala Corp's tie-up with a firm traded on the nation's fledgling stock exchange.

Myanmar is trying to expand a stunted bourse that currently has just five stocks by allowing overseas purchases of domestic equities from 2020. The Philippines' oldest conglomerate Ayala is investing in one of those five - First Myanmar Investment - via an US$82.5 million convertible loan that will become a 20 per cent shareholding when rules permit.

Win Aung is also the founder and chairman of conglomerate Dagon Group. He was on the US government's list of"specially designated nationals" until 2015, under a sanctions program that targeted individuals and entities when the country was run by a military junta.

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