Companies & Investments State-run New Light of Myanmar initiating reforms According to U Ye Htut, Deputy Minister of the Ministry of Information, the New Light of Myanmar has formed a collaboration with Japanese Kyodo News, to create a daily English newspaper. Kyodo news is a Japan-based news agency with a presence in over 40 countries. The first branch office of Kyodo news in Yangon opened on 16 May 2013. The formerly state-run newspaper was privatized on 14 June 2013 to Global Direct Link Co., beating the other three shortlisted companies, Logistics Media Services Co, Media One Co and Far Eastern Consolidated Media, a shareholder of Myanmar Consolidated Media of Myanmar Times. Questions were raised over the government’s decision in selecting a company with no prior experience in media industry; however, U Ye Naing, General Manager of the Ministry’s News and Periodicals Enterprise says, the judgment was made based on the company’s financial and technical proficiency. The newly formed joint-venture will invite foreign technical assistance of industrial key players such as Kyodo News. The share ownership will be split 51 percent for the News and Periodicals Enterprise and the remaining 49 percent to the Global Direct Link. The joint-venture will spend a total of US$ 6 million for undertaking reforms, including publishing an international standard English newspaper in advance to SEA Games. The government permitted private daily newspapers on 1 April and 31 private companies have been granted licenses so far.
Posted on: Fri, 16 Aug 2013 06:28:48 +0000