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 byZaw 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

History

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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

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The company was involved in the construction ofNaypyidaw,Burma's new capital. It built and operates Royal Kumudra Hotel.[4]Max Myanmar also constructed Zabudipa Stadium for the2013 Southeast Asian Games,to be held inNaypyidaw.[5]

Max Myanmar is also involved in a $120 million USD infrastructure project, the Kaladan Multi-Modal Transit Transport Project, withEssar Group,an Indian firm.[6]The project will link the landlocked Indian state ofMizoramtoSittwein Burma'sRakhine Stateand allow cargo vessels to travel along theKaladan 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 theCentral 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 inYangon'sKyauktada Township,at the cost of K15 billion.[11]

On 4 January 2012, the company opened Ayeyarwady Hotel, the first hotel at Naypyidaw'sNational 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 inSagaing Region'sKalewa Township.[13]

In July 2012, a struggling Singaporean bed linen maker Aussino Group proposed a $47.38 million USDreverse takeoverby 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 Zawannounced 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 aportand industrial complex) inDawei.[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 thePyay Towersproject for US$5.8 million, one ofYangon's most prominent property developments.[20]

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

CSR

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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

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

On 23 September 2009, Delta United FC (nowAyeyawady United F.C.), owned by Max Cement (a subsidiary of Max Myanmar), was involved in a controversial win againstYadanabon F.C.,whose fans accusedZaw Zawof 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 theMyanmar Football Federation.[28][29]

In April 2010, Max Myanmar Construction constructed a 500 feet (150 m)-longThingyanpandal(water pavilion) forNay Shwe Thway Aung,the grandson ofThan Shweby the shores of Yangon'sInya 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 inKachin State.[31]

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

In 2017, theBurmese militarylaunched a fundraising campaign to fund "clearance operations" in northern Rakhine State, as part of the broaderRohingya 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

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  1. ^"Corporate Structure".Max Myanmar Group of Companies.Retrieved15 November2013.
  2. ^"Our Company".Max Myanmar Group of Companies.Retrieved3 October2012.
  3. ^"MAX MYANMAR GROUP OF COMPANIES".Retrieved15 November2013.
  4. ^Brunn, Stanley D. (2011).Engineering Earth: The Impacts of Megaengineering Projects.Springer. pp. 1029–1030.ISBN9789048199198.
  5. ^"Sports stadiums 85% completed for 27th SEA Games".Weekly Eleven.14 August 2012.Retrieved3 October2012.
  6. ^abThein, Cherry (5 December 2011)."Kaladan transport project in spotlight".Myanmar Times.Archived fromthe originalon 29 January 2013.Retrieved3 October2012.
  7. ^Thein Lin (31 March 2008)."Metered taxis come to Nay Pyi Taw".Myanmar Times.Archived fromthe originalon 16 June 2008.Retrieved3 October2012.
  8. ^Kyaw Hsu Mon (2011)."NDCG hands Pyay Towers over to Max Myanmar".Myanmar Times.Archived fromthe originalon 21 June 2011.Retrieved3 October2012.
  9. ^Phyo Wai Kyaw; Su Hlaing Tun (16 August 2010)."Ayeyarwady Bank opens".Myanmar Times.Archived fromthe originalon 15 May 2014.Retrieved3 October2012.
  10. ^Cherry Thein (21 March 2011)."Children's hospital opens in Yankin".Myanmar Times.Archived fromthe originalon 16 September 2011.Retrieved4 April2012.
  11. ^"Govt property auction nets K800b".Myanmar Times.4 April 2011. Archived fromthe originalon 20 June 2013.Retrieved3 October2012.
  12. ^abHan Oo Khin (17 January 2011)."K30 bn hotel opens in capital".Myanmar Times.Archived fromthe originalon 3 February 2011.Retrieved3 October2012.
  13. ^Shwe Gaung, Juliet (31 January 2011)."Sagaing coal deals inked".Myanmar Times.Archived fromthe originalon 28 January 2013.Retrieved3 October2012.
  14. ^ab"Max Myanmar bids for Aussino".Myanmar Times.9 July 2012. Archived fromthe originalon 9 April 2014.Retrieved3 October2012.
  15. ^Sim Ping Khuan, 25 July 2012."Max Myanmar Group proposes S$70m reverse takeover of Aussino".Channel News Asia.Retrieved3 October2012.{{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 fromthe originalon 3 February 2013.Retrieved3 October2012.
  17. ^Pisit Changplayngam (6 July 2012)."Italian-Thai seeks investors to replace Max Myanmar in Dawei".Reuters.Retrieved3 October2012.
  18. ^"Local companies to replace Max Myanmar in Dawei Special Economic Zone".Weekly Eleven.15 September 2012. Archived fromthe originalon 18 September 2012.Retrieved3 October2012.
  19. ^"Max Myanmar Company pays $806k in compensation for seized land".weekly eleven.2012-12-11. Archived fromthe originalon 2012-12-14.Retrieved2013-03-25.
  20. ^ "Five-star hotel going up in Yangon".Investvine. 2013-02-15.Retrieved2013-02-16.
  21. ^ "Myanmar's land grab problem".Bangkok Post.2013-08-26.Retrieved2013-08-31.
  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. ^abHan Oo Khin (5 October 2009)."MFF chief relinquishes Delta United".Myanmar Times.Retrieved3 October2012.
  29. ^Kyaw Kha (2 October 2009)."Mysterious transfer of soccer club".Mizzima.Retrieved3 October2012.
  30. ^Min Thet (6 April 2010)."Crony builds massive marquee for Than Shwe kin".Mizzima.Retrieved3 October2012.
  31. ^Myint Maung (23 July 2010)."Floods wash away homes in Phakant".Mizzima.Retrieved3 October2012.
  32. ^"Agri firm eyes alternative farming systems".Weekly Eleven.23 August 2012.Retrieved3 October2012.
  33. ^ab"Economic interests of the Myanmar military".United Nations Human Rights Council.2019-09-16.Retrieved2020-06-07.
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