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Myanmar allows foreigners to buy up to 35% stakes in local firms under new law

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Myanmar allows foreigners to buy up to 35% stakes in local firms under new law

The Myanmar government enacted a new law that allows foreign investors to acquire up to a 35% stake in local companies in addition to opening previously banned sectors for foreign investment, The Myanmar Times reported Dec. 7.

The new Myanmar Companies Act was approved by President U Htin Kyaw on Dec. 6. Under the law, local businesses with foreign stakes of more than 35% will be designated as foreign companies.

Further, foreigners will now be able to invest in companies listed on the Yangon Stock Exchange. Previously, foreigners were banned from investing in companies listed on the local bourse.