28 September 2005, Wednesday, 2.30 pm
Myanmar
has been a traditional trading partner of Singapore with bilateral trade
amounting to S$1.2 billion in 2004. Singapore is also the top foreign
investor in Myanmar. As Myanmar's economy and business environment undergo
changes, there will be new opportunities for Singapore businessmen. These
include the oil & gas, trading and services sectors.In this regard, International Enterprise Singapore (IE Singapore) organized a business investment seminar to provide an update for Singapore businessmen who are keen to invest and do business in Myanmar. Mr Serge Pun, IE Singapore's Honorary Business Representative based in Yangon was the speaker at this Seminar.
Mr Serge Pun is Chairman of the SPA Group of Companies in Myanmar, which he founded in 1991. It is a diversified company with over 35 separate operating entities ranging from banking, real estate, manufacturing to services, with a staff strength of over 3,500 employees.
Invitation to this business seminar was by Honorary Business Representative, Mr Serge Pun,
As seats are limited with a first-come-first-serve basis.
Details of the programme and the registration form are as follows
Programme & Fees
For more information, please contact:
Organiser: SOUTH EAST ASIA (IE
Singapore)
Contact Person: Ms Jessica Lim or Ms Tan Xiu
Lan
Designation: SCO
Telephone no: 64334838 , 64334567
Fax no:63378113
E-mail address: jessicalim@iesingapore.gov.sg,
iesingapore seapo2@iesingapore.gov.sg
Description of Event:
Time: 1430hr
www.iesingapore.gov.sg
|
About Mr Serge Pun
Archived Story from Asia Week.
Chairman of the SPA Group of Companies in Myanmar
SURVIVAL OF THE FITTEST
And, in Yangon, of the best-connected
THERE ARE TWO WAYS to do business: cultivate officials or go it alone. In Myanmar, a handful of men dominate the business scene - and all have close ties to the military leadership. They are similar in other ways too: they are usually of Chinese ancestry, have family members in key management posts, own banks and develop property. And all are suffering from the economic downturn. Says Khin Shwe, head of the diversified Zaykabar Co.: "I'm just looking to survive the next three years. If I do that, I'll take stock and assess my situation." Banker and property magnate Serge Pun concedes: "Business in Myanmar is not good at the moment. We are in the doldrums."
Their woes contradict officialdom's rosy view. Top economy minister Gen. David Abel says: "The economic slump in Asia had little effect on Myanmar. In spite of a fall in foreign investment, there was an 11% trade surplus." Maybe, but at home the businessmen are hurting. Those with private banks seem to be riding it out best, and three are dominant: Aik Htun of Asia Wealth Bank, Serge Pun of Yoma Bank and Kyaw Win of Mayflower Bank. Aik Htun's bank has Chinese backing, 17 branches (the busiest are along the Chinese border) and $100 million in kyat deposits. Says he: "We were the last to get a banking license, but already we are the biggest." Aik Htun and bank chairman Win Maung are from Kokang, an area notorious for opium production; they deny having anything to do with that trade, however. Aik Htun - sharp, flamboyantly energetic (and usually accompanied by pretty young women) - also heads a trading and property concern called Olympic Group. But he has postponed new construction projects to concentrate on the bank.
The cigar-smoking Serge Pun is a more sober character. He works from a penthouse at Yangon's 12-story FMI Center
(which he owns), overlooking the Shwedagon Pagoda. He is director of Yoma Bank, claimed to be Myanmar's most profitable, with deposits of about $34 million. Some regard him as the most successful local businessman; others say rentals at his properties may not match his expectations. A diplomat says: "He is now struggling and has sold all his assets in Hong Kong." But Pun claims that a recently completed 970-home project in metro Yangon is sold out. "It is amazing how much cash there is around," he says.Head of Mayflower Bank, Kyaw Win, is said to be close to army head Gen. Maung Aye. Kyaw Win also has a construction business and, like Pun, uses his bank to finance would-be property buyers. Says a colleague: "Kyaw Win's bank is okay, but in property he is not a success." Observers note that while most of these new residential properties are paid for, few are occupied. "Not 10% are lived in," says another banker. "The over-supply is not rational."
Asked about these businessmen, a diplomat says: "Hats off to them. They continue to struggle against the odds, staying alive." As Aik Htun aptly notes: "We cannot say we are happy, but we have to be satisfied." That may be more than many in Myanmar can claim these days.
- By Roger Mitton/Yangon
Ref:
AsiaWeek -1998