29 August
THE Global Earth Public Co Ltd, which is implementing a striped catfish farming project in the country, has announced that it will offer a dividend of at least 15 per cent for 10 years to shareholders, said Dr Toe Nandar Tin, the senior vice chairperson of the Myanmar Fisheries Federation.
She made the remarks at the 15th regular meeting of fisheries sector entrepreneurs, which was held on 27 August at the Myanmar Fisheries Feder-ation in Yangon.
Shares worth a total of K5 billion will be issued by the com-pany. The shares will be issued beginning October. If sharehold-ers wish to relinquish shares, they will be refunded, said Dr Toe Nandar Tin.
“Each share will be worth K10,000, and shareholders will have to buy a minimum of 100 shares (worth K1 million). We would like to invite everyone to participate so that we can work most effectively. We will give a dividend of at least 15 per cent for ten years. As you know, the bank interest rate is 10 per cent only. So, the dividend we are offering is higher than the bank interest. After one year, investors holding shares worth K100 million will earn K15 million in profit. We can guarantee this percentage for 10 years. Actually, this percentage is a mini-mum one, but we have plans to offer a higher percentage when we make a higher profit,” she added.
“After formulating the company prospectus, we will submit it to the Securities and Exchange Commission of My-anmar (SECM), and with its recommendation, register with the Directorate of Investment and Company Administration (DICA). The SECM will, there-after, grant us permission to sell shares. A striped catfish market, fish viscera production and sale market, fish feed pro-duction and sale market will also be implemented. Dried striped catfish production will also be undertaken,” said Dr Toe Nandar Tin.
“We plan to invite share-holders from October. We cannot provide a profit of 15 per cent from the fish farm-ing sector alone. So, we need to implement fishery-related businesses, including fish vis-cera production and fish feed production,” she added.
The Global Earth Public Co Ltd has started breeding at 12 striped catfish farms, and each farm is worth US$500,000.
The land for the project has been assessed by the Per-manent Secretary and officials from the Ministry of Natural Resources and Environmental Conservation, on behalf of the Myanmar Investment Commis-sion (MIC), for its environmen-tal impact. After the inspection team cleared the project, the MIC endorsed Global Earth in the first month of 2019.
“The striped catfish project is being implemented on over 900 acres of land in Pantanaw Township, Ayeyawady Region. With this faming project, we will build feed factories and cold storage factories. A total of $200 million will be initially invested in the project,” said Dr Toe Nandar Tin.
By Aye Yamone
(Translated by Hay Mar)
