19 MAY 2020 - Source: Myanmar Times - Logistics services provider Ever Flow River Group Public Co (EFR) will list on the Yangon Stock Exchange (YSX) on May 28, according to an announcement filed with the local bourse.
The company had been scheduled to list in March but this was delayed due to COVID-19.
"Even though the virus is still spreading in the country, we have decided to continue with the listing process on YSX. We believe the logistics sector will play an important role in the country during the COVID-19 period and but especially during the post-COVID-19 period," the importance of the logistics sector," U Aung Min Han, CEO of EFR , told The Myanmar Times.
"COVID-19 has turned into a global pandemic that is causing adverse impacts on the economies of the world countries in one way or another. Moreover, the virus also cut off the multiple global supply chain for a short period. EFR also had to halt some of its international business contacts for a short time. On the other hand, there is growth in the domestic supply chain," the company said in its disclosure document.
EFR provides logistics services including shipping, air freight, warehousing, containerisation and distribution. It was founded in 1998 by chair U Kyaw Lwin Oo.
Up until COVID-19, EFR had been developing two major strategic projects. The US$46 million Hlaing Inland Terminal and Logistic Center in Yangon will comprise a logistics centre, bonded warehouse, inland container depot and a seven-storey office building across 40 acres of land. EFR is also building a distribution centre in Mandalay.
"The projects have been paused due to COVID – 19. But we estimate that the projects will be able to resume in line with health guidelines from the government,'' U Aung Min Han said.
EFR registered more than K10 billion in revenue for the financial year ended March 31, 2019, and reported earnings of K2 billion during the same period, reversing a K3 million loss in FY2017-18, according to its prospectus.
Shares of EFR have been priced between K1800 and K2800 each. The company will come to market at a time when foreigners have been cleared to trade on the YSX. EFR will be the sixth company to list on the local bourse.