Wikipedia

Max Myanmar

Max Myanmar Group of Companies (Burmese: မက်စ်မြန်မာကုမ္ပဏီအုပ်စု) is a major Burmese holding company with former interests in gems and active interests in construction, mechanical engineering, transportation, hotel and tourism, rubber plantations, energy retail and banking industries. Max Myanmar is owned by Zaw Zaw.[1]

Max Myanmar Group of Companies
Native name
မက်စ်မြန်မာကုမ္ပဏီအုပ်စု
Company typePrivately held company
IndustryConglomerate
PredecessorMax Myanmar’s Trading Company
Founded1993; 31 years ago (1993)
FounderZaw Zaw
Headquarters
Yangon
,
Myanmar
Key people
Zaw Zaw
ProductsBanking, Cement and rubbers
ServicesBanking, Hotel, Construction, Manufacturing, Petroleum, Gems and jewellery, Trading, Services
SubsidiariesAyeyarwady Bank
Websitewww.maxmyanmargroup.com

History edit

The Max Myanmar Group of Companies was originally established as Max Myanmar Co., Ltd. in 1993. It started operation by importing buses from Japan, simultaneously followed by import of generators and earth-moving equipment and machinery. The company has since diversified its portfolio, to include not only import-export, but also construction, hospitality and tourism, manufacturing, banking services and gems mining.[2] Through an aggressive growth strategy, the company steadily expanded and diversified into the fields of civil construction, mechanical engineering, transportation, hotel, rubber plantations and banking industry.[3]

Portfolio edit

The company was involved in the construction of Naypyidaw, Burma's new capital. It built and operates Royal Kumudra Hotel.[4] Max Myanmar also constructed Zabudipa Stadium for the 2013 Southeast Asian Games, to be held in Naypyidaw.[5]

Max Myanmar is also involved in a $120 million USD infrastructure project, the Kaladan Multi-Modal Transit Transport Project, with Essar Group, an Indian firm.[6] The project will link the landlocked Indian state of Mizoram to Sittwe in Burma's Rakhine State and allow cargo vessels to travel along the Kaladan River.[6]

On 23 March 2008, Max Myanmar launched Nay Pyi Taw Taxi and Car Rental Service, a metered taxi service, to Naypyidaw.[7]

In 2010, Max Myanmar acquired a 60% share (worth K 5 billion) in the development of Pyay Towers (a high-rise complex that will include a shopping center, offices and apartments).[8]

In August 2010, Max Myanmar opened its private bank, Ayeyarwady Bank, with nationwide branches, after receiving a banking operation license from the Central Bank of Myanmar.[9]

On 13 March 2011, 550 bedded Yankin Children's Hospital, which Max Myanmar redeveloped, equipped and furnished a former Ministry of Mining building at a cost of K9 billion (US$10 million), opened to help ease the strain on the city’s other paediatric facility.[10]

In April 2011, Max Myanmar won a government auction bid to buy the Department of Population office in Yangon's Kyauktada Township, at the cost of K15 billion.[11]

On 4 January 2012, the company opened Ayeyarwady Hotel, the first hotel at Naypyidaw's National Landmark Garden.[12] The 15 acres (6.1 ha) complex was built at a cost of $35 million USD.[12] On 22 January 2011, Max Myanmar signed a production-sharing contract with the Burmese Ministry of Mines to produce coal at a 5,200 acres (2,100 ha) plot in Sagaing Region's Kalewa Township.[13]

In July 2012, a struggling Singaporean bed linen maker Aussino Group proposed a $47.38 million USD reverse takeover by Max Myanmar.[14] In this deal, Aussino would issue shares to buy a new firm called Max Strategic Investments (MSI), to provide capital of Max Myanmar to operate petrol stations in Burma and give Max Myanmar majority control of the Singaporean firm.[14] Max Myanmar currently operates 21 petrol stations in Burma.[15] In the 2011-2012 fiscal year, MSI had a reported consolidated revenue of $75 million USD.[16] They also involved in cement industry this year.

In July 2012, Zaw Zaw announced that Max Myanmar would be withdrawing from its involvement (and $2 million USD of shares) in a massive $50 billion USD project to construct a special economic zone (with a port and industrial complex) in Dawei.[17][18]

In December 2012,Max Myanmar Company has paid 13 local land owners more than 700 million kyats (US$806,000) in compensation for the acquirement of farmlands in Ngwehsaung Sub-township, Ayeyawady Region. The company paid a total of 728.5 million kyats (US$838,400) for 106 acres of land and it was the first time such compensation has been paid to landowners and it is the largest amount paid ever, according to locals, and the farmers were pleased.[19]

In 2013, acquired a majority 60-per cent stake in the Pyay Towers project for US$5.8 million, one of Yangon's most prominent property developments.[20]

Max Myanmar responded to the land-grab problems happening in the country in 2013 as Zaw Zaw pledged to return unused land that had been acquired through the government.[21]

CSR edit

Ever since the establishment of Max Myanmar in 1993, the company has been actively taking part in its CSR. Ayeyarwady Foundation was set up in 2010 as a Non-Profit Organization (NPO) to focus on 5 pillars of philanthropy such as Youth Development and Sports Programme, Health, Education, Disaster Management, Responsible Business Practices Program.[22]

During the Covid-19 crisis, Ayeyarwady Foundation contributed nearly US$ 2 million to Myanmar fight against the coronavirus outbreak since March.[23][24]

Max Energy, one of the subsidiaries of Max Myanmar Group contributed 1 billion MMK by offering discounted fuel price for selling 7.7 million of petrol litres for healthcare workers, ambulances, CSOs and taxi drivers during COVID-19 crisis.[25]

Controversies edit

In 2004, Max Myanmar was involved in the illegal confiscation of 5,000 acres (2,000 ha) of land in Mon and Kayin States to plant rubber plantations.[26] The rubber plantation, located in Bilin Township, is joint venture between Max Myanmar and a military-owned company.[27]

On 23 September 2009, Delta United FC (now Ayeyawady United F.C.), owned by Max Cement (a subsidiary of Max Myanmar), was involved in a controversial win against Yadanabon F.C., whose fans accused Zaw Zaw of unfairly influencing the referee during the match.[28] On 28 September, Zaw Zaw transferred ownership of the football club to Premier Coffee, citing a conflict of interest, as he also serves as the chairman of the Myanmar Football Federation.[28][29]

In April 2010, Max Myanmar Construction constructed a 500 feet (150 m)-long Thingyan pandal (water pavilion) for Nay Shwe Thway Aung, the grandson of Than Shwe by the shores of Yangon's Inya Lake, despite city regulations that limit the length of pavilions to less than 140 feet (43 m).[30]

Max Myanmar has been known to dump earth from its jade mines into the Uru and Nanmayang streams in Kachin State.[31]

As of 2012, Max Myanmar has also been involved in land seizures in Dagon Seikkan Township, forcing it to implement a mutual profit-sharing system with farmers.[32]

In 2017, the Burmese military launched a fundraising campaign to fund "clearance operations" in northern Rakhine State, as part of the broader Rohingya conflict.[33] In response, Max Myanmar's Ayeyarwady Foundation donated over 1.368 billion kyats (approximately US$976,857) to the armed forces.[33]

References edit

  1. ^ "Corporate Structure". Max Myanmar Group of Companies. Retrieved 15 November 2013.
  2. ^ "Our Company". Max Myanmar Group of Companies. Retrieved 3 October 2012.
  3. ^ "MAX MYANMAR GROUP OF COMPANIES". Retrieved 15 November 2013.
  4. ^ Brunn, Stanley D. (2011). Engineering Earth: The Impacts of Megaengineering Projects. Springer. pp. 1029–1030. ISBN 9789048199198.
  5. ^ "Sports stadiums 85% completed for 27th SEA Games". Weekly Eleven. 14 August 2012. Retrieved 3 October 2012.
  6. ^ a b Thein, Cherry (5 December 2011). "Kaladan transport project in spotlight". Myanmar Times. Archived from the original on 29 January 2013. Retrieved 3 October 2012.
  7. ^ Thein Lin (31 March 2008). "Metered taxis come to Nay Pyi Taw". Myanmar Times. Archived from the original on 16 June 2008. Retrieved 3 October 2012.
  8. ^ Kyaw Hsu Mon (2011). "NDCG hands Pyay Towers over to Max Myanmar". Myanmar Times. Archived from the original on 21 June 2011. Retrieved 3 October 2012.
  9. ^ Phyo Wai Kyaw; Su Hlaing Tun (16 August 2010). "Ayeyarwady Bank opens". Myanmar Times. Archived from the original on 15 May 2014. Retrieved 3 October 2012.
  10. ^ Cherry Thein (21 March 2011). "Children's hospital opens in Yankin". Myanmar Times. Archived from the original on 16 September 2011. Retrieved 4 April 2012.
  11. ^ "Govt property auction nets K800b". Myanmar Times. 4 April 2011. Archived from the original on 20 June 2013. Retrieved 3 October 2012.
  12. ^ a b Han Oo Khin (17 January 2011). "K30 bn hotel opens in capital". Myanmar Times. Archived from the original on 3 February 2011. Retrieved 3 October 2012.
  13. ^ Shwe Gaung, Juliet (31 January 2011). "Sagaing coal deals inked". Myanmar Times. Archived from the original on 28 January 2013. Retrieved 3 October 2012.
  14. ^ a b "Max Myanmar bids for Aussino". Myanmar Times. 9 July 2012. Archived from the original on 9 April 2014. Retrieved 3 October 2012.
  15. ^ Sim Ping Khuan, 25 July 2012. "Max Myanmar Group proposes S$70m reverse takeover of Aussino". Channel News Asia. Retrieved 3 October 2012.{{cite news}}: CS1 maint: numeric names: authors list (link)
  16. ^ "Aussino Group to acquire Max Myanmar's petrol kiosk business for $70m". The Edge. 25 July 2012. Archived from the original on 3 February 2013. Retrieved 3 October 2012.
  17. ^ Pisit Changplayngam (6 July 2012). "Italian-Thai seeks investors to replace Max Myanmar in Dawei". Reuters. Retrieved 3 October 2012.
  18. ^ "Local companies to replace Max Myanmar in Dawei Special Economic Zone". Weekly Eleven. 15 September 2012. Archived from the original on 18 September 2012. Retrieved 3 October 2012.
  19. ^ "Max Myanmar Company pays $806k in compensation for seized land". weekly eleven. 2012-12-11. Archived from the original on 2012-12-14. Retrieved 2013-03-25.
  20. ^ "Five-star hotel going up in Yangon". Investvine.com. 2013-02-15. Retrieved 2013-02-16.
  21. ^ "Myanmar's land grab problem". Bangkok Post. 2013-08-26. Retrieved 2013-08-31.
  22. ^ "Ayeyarwady Foundation - Max Myanmar Group".
  23. ^ "Ayeyarwady Foundation Gives US$1 Million to Myanmar's COVID-19 Fight So Far". Facebook.
  24. ^ "Latest News Archives - Max Myanmar Group".
  25. ^ "Max Energy offered special discounted price for healthcare workers, ambulances, CSOs and taxi drivers during COVID-19 crisis". 2 June 2020.
  26. ^ "PHOTO SET 2005-A: Food and Livelihoods". Karen Human Rights Group. 27 May 2005. {{cite journal}}: Cite journal requires |journal= (help)
  27. ^ "Widespread Militarization and the Systematic Use of Forced Labour in the Campaign for Control of Thaton District". Surviving in Shadow. Karen Human Rights Group. 17 January 2006.
  28. ^ a b Han Oo Khin (5 October 2009). "MFF chief relinquishes Delta United". Myanmar Times. Retrieved 3 October 2012.
  29. ^ Kyaw Kha (2 October 2009). "Mysterious transfer of soccer club". Mizzima. Retrieved 3 October 2012.
  30. ^ Min Thet (6 April 2010). "Crony builds massive marquee for Than Shwe kin". Mizzima. Retrieved 3 October 2012.
  31. ^ Myint Maung (23 July 2010). "Floods wash away homes in Phakant". Mizzima. Retrieved 3 October 2012.
  32. ^ "Agri firm eyes alternative farming systems". Weekly Eleven. 23 August 2012. Retrieved 3 October 2012.
  33. ^ a b "Economic interests of the Myanmar military". United Nations Human Rights Council. 2019-09-16. Retrieved 2020-06-07.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Max_Myanmar&oldid=1213998137"