An Arakanese (Rakhine) public company is being formed with starting capital of 500 million kyat (US$ 573,723) from an initial investment by 50 shareholders, Than Maung, a shareholder, said in a meeting at the Arakan (Rakhine) Religious Hall in Rangoon on Sunday.
In early 2012, the plan to start up the Arakanese public company was advertised in newspapers, but because of riots that began in Arakan State in early June, meetings to form the company were postponed, said Than Maung. The Sunday meeting was the first step to establish the company.
“We hope that we can officially register the company within this year, but it may take until the next year. Today, we explained [the company] to the shareholders and the public,” said Than Maung. More shareholder meetings will be held, he said.
The aim to form the public company is for the regional development of Arakan State, said Kyu Kyu Win.
According to current regulations for registering a public company, the number of directors must be at least seven and every company must renew its license every three years.
The company’s agent, Kyu Kyu Win, said each of the shareholders has invested 10 million kyat per person as starting capital.
”The 50 initial shareholders will choose a managing director from the shareholders," he said.
Shwe Thein Kyaw, a shareholder who attended the meeting, said, “Our planned public company is not only for financial profits but also for improving various poor sectors such as the social, economic, education and road communication sectors of our Arakan State.”
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