Aussino

Aussino: Zaw Zaw, one of Myanmar's most powerful businessmen, said in a recent interview in his Yangon office, that his planned $70m RTO of Singapore bed linen maker Aussino Group, was moving forward and he expects Singapore regulators to complete a review of his books in 3-6 months, clearing the way for Aussino's transformation into a Myanmar- backed company harnessed to Mr Zaw Zaw's energy division, in particular, to operate petrol kiosks in Myanmar. Zaw Zaw’s holdings range from timber, gems and rubber plantations to construction, luxury resorts, petrol stations and banking. Annual revenues of US$500 m make his Max Myanmar Group a domestic leviathan. However, his past friendship with former dictator Than Shwe has had him blacklisted by the US Treasury Dept under targeted sanctions three years ago. That leaves Zaw Zaw at the mercy of regulators in Singapore, where his reverse merger is being watched closely as a potential model for other sanctions-crippled companies in Myanmar. Still, investors appear optimistic. Aussino's stock has risen almost 268% this year, outperforming a 16% gain of the STI. Zaw Zaw says times have changed since the military ceded power last year to a semi-civilian government. Many of Myanmar's former military cronies, like himself, are cultivating a new image, promoting charitable work, building ties with Ms Suu Kyi and recalibrating business empires that once depended on a system that reserved lucrative contracts - often in jade mining, timber and tourism - to favoured businessmen. Aussino is amongst the top volume today, +5.2% at $0.142.