Channel Newsasia – SGX rejects Myanmar tycoon’s backdoor listing attempt

By Pamela Koh | 29 Apr 2013

Check out the full article here.

A bid by one of Myanmar’s tycoons to tap foreign capital through a backdoor listing in Singapore has been rejected by the Singapore Exchange. The SGX has cited the tycoon, U Zaw Zaw, being on the US sanctions list as reason for rejecting the $70-million reverse takeover deal …

Hans W Vriens, managing partner at Vriens & Partners, said: “This list is dynamic. Around 100 Myanmar businessmen are currently on the list, and quite a few are very busy trying to get off the list. Zaw Zaw, unfortunately for him, is the poster child for crony businessmen, or the ultimate crony businessman in Myanmar. But he’s clearly trying to change as well. And the fact that he was trying to get his listing in Singapore and launch a major PR campaign in Singapore shows you, if he wants to grow his business, he needs access to capital and needs to become somehow respectable.”