PFI: “Myanmar Reforms Sparks Major Projects Pipeline” (VDB Loi Insights)

30
Nov
2018

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HIGHLIGHT OF THIS MONTH
Energy and Infrastructure Team

PFI: “Myanmar Reforms Sparks Major Projects Pipeline”

Myanmar is undertaking a series of reforms, both in terms of laws and policies, that strengthen the country’s attractiveness for energy and infrastructure projects.
 
IN THIS ISSUE
From our Energy and Infrastructure Team

Prequalification Applications Submitted for The Yangon Expressway Project

A total of 12 prequalification applications have been received by the Ministry of Construction on 13 November 2018 for the first phase of the Yangon Elevated Expressway project. As expected, and given the size of the project, most of the applicants are consortia. Read more…

From our Corporate Commercial & M&A Team

Online registration of mortgages and charges becomes operational on MyCO

As of late last week, online registration of mortgages and charges on the new electronic companies’ registry system, Myanmar Companies Online (“MyCO”) has become operational. Read more…

From our Taxation Team

Commercial Tax Payment and Offset Timings

The Internal Revenue Department (“IRD”) has issued clarifications regarding Commercial Tax (“CT”) payment and offset timings.Clarification 2/2018 provides an explanation regarding CT payment timelines. Read more…

Banking and Finance Team

Foreign Bank Branches Permitted to Extend Banking Services to Local Companies in Myanmar

In an exciting development, the Central Bank of Myanmar (the “CBM”) on 8 November 2018 issued Directive No. 6/2018 (the “Directive”) which grants permission to foreign bank branches to extend banking services to local companies wholly owned by Myanmar nationals. Read more…

With input from our Energy and Infrastructure Team
RECENT VDB LOI WORK
  • VDB Loi helps Myanmar to accelerate towards its infrastructure goals: The Energy and Infrastructure Team assisted a major construction company to upgrade a road operated pursuant to a BOT contract with the Union government. Improvement of the nation’s transport infrastructure is currently one of the government’s key priorities.
     
  • Electricity plant acquisition: Our Mergers and Acquisitions Team will be advising a Malaysian company leading in the Power Transmission Infrastructure market for the acquisition of a minority stake in a local company in the process of building electric power plants, and planning to sell and distribute energy from the national grid.
     
  • International real estate developer seeks VDB Loi’s expertise: This month our firm assisted an international client, owning a highly diversified global portfolio of real estate properties, in acquiring a minority stake in a local group of companies currently developing a variety of real estate projects in the country.
     
  • Foreign investment continues unabated in the energy sector: The Banking and Finance Team is working on a joint venture deal between a Korean company and a local player in the energy sector.
     
  • Tax advisory services for the energy sector: VDB Loi’s Tax team also continued its engagement in the energy sector, for a local downstream oil and gas company. Ahead of an important infrastructure development in the country, the team will be advising on restructuring options.
     
  • Leading the way in disputes and arbitration: The Disputes Team have been advising an international property developer in a dispute with a local subcontractor.
     
 
SEE OUR PROGRESS IN 2017
Check out the impressive progress our practice made last year:

  • Our MIC team remains a very strong performer with 25% of the total MIC permits obtained through the firm.
     
  • We advised several of the largest LNG projects under consideration, and was selected as local advisor by both the World Bank and the Japanese Government.
     
  • We were selected as local counsel on the IFC program to create the hydropower model PPA.
     
  • We advise mobile network operators, 4G LTE operators, tower companies and a wide range of ICT companies in Myanmar.
     
  • We play a leading role in the Government’s forthcoming regulation on sovereign guarantees.
     
  • IFC selected our team after a competitive process to help jumpstart the documentation of PPP infrastructure projects.
     
  • We assisted an IFI with its investment in one of Myanmar’s largest cement plant companies.
     
  • Our tax team was at the forefront of various tax structuring works for multimillion-dollar projects.
     
  • Our dedicated dispute team and partners have acted on a wide range of high profiel litigation and arbitration cases.

You can download the full report here

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