report CONTENTS - MTSH

132

Transcript of report CONTENTS - MTSH

Page 1: report CONTENTS - MTSH
Page 2: report CONTENTS - MTSH

Chairmanโ€™s Message

Significant Events

Corporate Profile and Overview Structure

Corporate Governance Report Mission, Vision and Value

Board Composition

Board of Directors - Profile

Board Committees

Board Meetings

Management Personnel

Investor Relations

Sustainability Highlights

CSR

Operation & Progress

Directorsโ€™ Report

Financial Statements

2 0 1 6 / 2 0 1 7

|||

|

|||

2

7

16

22

58

68

70

CONTENTS

annualreport

Page 3: report CONTENTS - MTSH

Dear Shareholders,

It is my pleasure to report to you that development of Thilawa SEZ has almost reached one complete cycle with our joint venture company Myanmar Japan Thilawa SEZ Development Ltd. MJTD has achieved 94.55% sold for first 405 Hectare (Zone A) as of end of this financial year. We couldnโ€™t have done this without the hard work of all the executive officers and full support of Myanmar Government, Thilawa SEZ Management Committee, Japanese Government and JICA.

It has not been an easy task which actually started On 19th October 2011, when there was the first ever visit by high level Japanese Government delegation Led by H.E. EDANO, Minister, Ministry of Economic, Trade and Investment (METI) including Japanese Delegation Politicians. At that time Dawei Special Economic Zone was being discussed in this meeting but I pointed out that Thilawa Special Economic Zone could be the highest potential among all other SEZs in the Country. This discussion made an ongoing dialog between the Myanmar and Japan Governments.

On March 12 to 17, 2012, I visited Japan on the invitation of Mr. Hideo Watanabe, Chairman of Japan-Myanmar Association and the Ministry of Foreign Affairs, Japan. While in Japan, I met with Mr. Taro Aso (Senior advisor, Japan-Myanmar Association) and currently Deputy Prime Minister of Japan, Former Prime Minister, Mr. Yasuhiro Nakasone (President, Japan - Myanmar Association) and discussed about Japan - Myanmar economic collaborations for the future with regards to Thilawa SEZ. It was a big task for me at that time to convince Japanese Government, its advisors and different political parties to cooperate together with Myanmar Government and Myanmar private sector to develop Thilawa SEZ.

Immediately after returning from that trip and convincing Myanmar Government how Japan can be invaluable partner for this project, with a guidance of H.E. U Thein Sein, at the time President of Union of Myanmar, H.E. U Sett Aung, Chairman of Thilawa SEZ Management Committee, I was assigned to bring together our Myanmar Consortium who will be allowed to joint venture with our Japanese counterpart and make the project happen.

On 21st April 2012, because of the discussions made at the Fourth Japan - Mekong Summit between Myanmar and Japan by President H.E. U Thein Sein and Japanese Prime Minister, this gave birth to the inception of the Thilawa Special Economic Zone.

With that, MTSH was established on 3rd May 2013 and in March 2014, MTSH has arranged to invite the public to be as shareholders and successfully managed over 17,000 public shareholders to achieve the all inclusiveness mandate set by Myanmar Government. We have managed to allocate 90% of the share purchase applicants with the full amount that they have applied and the rest on a prorate basis. It was my greatest pleasure to be able to share my fruits of my labour so that our citizens could become shareholders and be part of this iconic Thilawa SEZ Project.

Last year, on the 20th May 2016, we have become a listed company on the Yangon Stock exchange demonstrating the sound corporate governance and transparency. MTSH stocks are considered the most liquid shares among the listed companies as 72% of shares

CHAIRMANโ€™sMESSAGE

MYANMAR THILAWA SEZ 2

Page 4: report CONTENTS - MTSH

traded on stock market this year were MTSH stock and, in terms of value, MTSH stock was also the highest traded total amount at 35% of total traded value on YSX.

To almost completely sell out our 405 Hectares (Zone A), we have taken two and half years. I would like to thank all our partners, representatives of both Myanmar and Japan governments, executives and employees, especially Mr Takashi Yanai, President and CEO of our JV Company, MJTD, for almost completely selling out Zone A in such short period without any accident & for constructing a world class infrastructure. In the beginning, Zone A was planned to be fully sold at about 10 years but due to the hard work we managed to do it in approximately 3 years.

Thilawa SEZ is a true catalyst in our National Development which has brought in 1.07 billion dollars of investments into the country and created over 5,000 jobs to date and is expected to create more than 40,000 jobs once all the factories in Thilawa SEZ Zone A are fully opertaional. Within Thilawa SEZ Zone A, MTSH have also enjoyed a share of profit of kyats 16.74 billion this year which is a 13.46% increase this year compare to last year from MJTD.

101 hectares out of 700 hectares Thilawa SEZ Zone B ground breaking was carried out on 24th February 2017 and this is a testament and proof of support and by the new Government which also shows the importance Thilawa SEZ in the development of our Nation. And after completion of Zone B 700 hectares, there will still be a balance of 1,300 hectares to be developed to complete the entire Thilawa SEZ. I would like to highlight that there is still a lot of opportunities for MTSH in developing Thilawa SEZ.

With all this past achievement and milestones it is safe to say MTSH as a 3-year-old company is now out of the incubation stage. We are no longer a start up company. The Board of Directors and I have been working on the process of great transformation to become on par with not only leading companies from Myanmar but also from the Region. We have brought in foreign expertise such as our COO, Mr. David Law and CFO, Mr. Wui Hua Tan, to raise our company standards and draw up strategies to stay a head of the competition. Although we bring in new people to raise the level, it is also important for our Company to keep the people who have contributed to the success of this Company and to protect the interest of the Company for successful business continuity.

This year we have also managed to get profit from our another JV Company within first 2 years from forming of Company, Thilawa Property Development Ltd (TPD) under the leadership of Managing Director, U Tun Lwin, and the executives. MTSH as a group received Kyats 8.3 billion from TPD strong sales which makes the group revenue jumped by Kyats 7.49 billion more than last year which is the increase of three times. TPD sales contributed 85.44% of consolidated revenue and made profit of kyats 3.97 Billion. TPD has only been established for 2 years, yet it has managed well with land sales to local Banks and securing competitive construction contract for this year and already pre sold, land to a Japanese Hotel chain, land for petrol shops and shop houses for next financial year.

MTSH consolidated total comprehensive income for this year after tax is Kyats 22.3 billion which is an increased by 8%, compared to 2015-16 Financial year. However Board of Directors have proposed a lesser bonus percentage this year, which is 1.75% of net profit to be contributed as Directorโ€™s Bonus

compared to last yearโ€™s approved bonus of 2% of net profit. MTSH Board of Directors has been guiding and steering the management of not only in MTSH but also for both MJTD and TPD. I would like to thank all of the Board members for their strong leadership and guidance to achieve another excellent result for the companies.

To further enhanced TPD operations and bring new ideas of township development, newly appointed COO of MTSH, Mr. David Law will also be working as a CEO of TPD. Under Mr. David Lawโ€™s leadership, we hope to see increasing income not just from property development but also constructions contracts for short term company gain.

I would also like to highlight to the shareholders that MTSH has been receiving management fees from MJTD since from the beginning, for dispatching Vice President, CFO and Admin Officer to work as Officers of the JV company instead of these Officers taking salary at MJTD. From this management fee we were able to cover all the executive officers and for all of the staffing cost of MTSH and even profit from it. For this, I would like to thank the officers dispatched to MJTD, U Thurane Aung, U Aung Win who is now replaced by Mr Wui Hua Tan and U Myint Zaw for their hard work.

MTSH, as of March 31st, end of this financial year, we have a cash reserve of kyats 26.36 billion. After we have paid dividend of Kyats 10 billion this year we will still have a balance of over kyats 16.36 billion. With this cash reserve we are exploring different options of investments such as Kyaut Phyu SEZ, Logistic Park and Logistic infrastructure and other infrastructures such as Power Plant which is important factor in further development of Thilawa SEZ.

Our employees are our greatest resources. Certain amount of technology and knowledge has been exchanged and transferred between our Japanese partners, Myanmar partners and employees. We are building on this and make full use of this dynamic human resource. To further enhance our human resources, we have been conducting regular training.

On top of all the business activities, we have also continued to support the United Nations Global Compact and UN Sustainable Development Goals through our CSR Programs. We have various CSR programs under our Group companies on quality education, nutrition and well being, plantation, clean water and sanitation and much needed infrastructure development around and beyond our Project areas.

In conclusion, I would like to thank the shareholders for treating me with the responsibility to bring MTSH success and to get to where it is today with strong foundation. It is our great honour to be able to perform on behalf of the interest of the country and our shareholders. We are still in the beginning stage of our MTSH company development. I promise as a Chairman of this Company, I will do my best to steer this Company to be a symbol of accountable and transparent Company.

WIN AUNGChairman

ANNUAL REPORT 2016 - 2017 3

Page 5: report CONTENTS - MTSH

แ€€แฝแ€ผแ€”แ€ฑแ€แ€ฌแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌแ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡ แ€–แ€ผแ‚•แ€ปแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€œแ€™แ€แ€€ (MJTD) แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€แ€ฑแ€žแ€ฌ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡(แ€ฑแ€ก)แ€–แ€€แ€…แ€• แ€œแ€•แ€€แ€„แ€ปแ€แ€„แ€ธ แฟแ€•แ€ธแ€…แ€ธแ€œแ€”แ€ธแ€›แ€ฑแ€”แ€ปแ€•แ€ปแ€–แ€…แ€•แ€ซแ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€แ€™แ€ธแ€ฑแ€ปแ€™แ€ฌแ€€แ€แ€™แ€ธแ€žแ€ฌแ€…แ€ผแ€ฌแ€แ€„ แ€ปแ€•แ€œแ€•แ€ซแ€žแ€Šแ‹ MJTDแ€กแ€ฑแ€”แ€ปแ€–แ€„แ€šแ€แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ‚แ€…แ€€แ€”แ€žแ€Š แ€กแ€แ€”แ€แ€ผแ€„ แ€‡(แ€ฑแ€ก) แ€•แ€‘แ€™แ€กแ€†แ€„ แ€Ÿแ€€แ€แ€ฌ(แ„แ€แ…)แ (แ‰แ„.แ…แ…%) แ€กแ€‘ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ‚แ€„แ€แฟแ€•แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซแ€œแ€•แ€„แ€”แ€ธแ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™แ€™แ€ฌแ€ธแ€žแ€Šแ€œแ€•แ€„แ€”แ€ธแ€€แ€แ€ฌแ€แ€”แ€แ€œแ€•แ€€แ€„แ€ฑแ€žแ€ฌแ€กแ€™แ€ฑแ€†แ€ฌแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€™แ€ฌแ€ธแŠ แ€แ€ฌแ€แ€”แ€แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแ แพแ€€แ€ธแ€•แ€™แ€ธแ€กแ€ฌแ€ธแ€‘แ€แ€œแ€•แ€€แ€„แ€™แ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€ฑแ€แ€ฌแ€กแ€…แ€ธแ€›แŠ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€ฑแ€›แ€ธแ€ฑแ€€แ€ฌแ€™แ€แŠ แ€‚แ€•แ€”แ‚แ€„แ€„แ€กแ€…แ€ธแ€›แ‚แ€„ JICA แ€แ‚”แ แ€•แ€•แ€ธแ€™แ€™แ€ฌแ€ธ แ€กแ€ปแ€•แ€Šแ€กแ€ แ€›แ€›แ€แ€ฑแ€žแ€ฌแ€ฑแพแ€€แ€ฌแ€„แ€žแ€ฌ แ€šแ€แ€€แ€žแ‚”แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ‚แ€„แ€แ€ปแ€แ€„แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€ฑแ€ปแ€•แ€ฌแพแ€€แ€ฌแ€ธแ€œแ€•แ€ซแ€žแ€Šแ‹

แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡ แ‚แ€„แ€•แ€€แ€žแ€€แ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€žแ€›แ‚แ€„ แ€ฑแ€กแ€ฌแ€„ แ€™แ€™แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€€แ€ฅแ€ธแ€แ€• แ€แ€„แ€ปแ€•แ€œแ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แแ แ€แ‚แ€… แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌแ€œ (แแ‰)แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€‚แ€•แ€”แ‚แ€„แ€„แ€™ Ministry of Economic Trade and Investment (METI) แ€แ€”แ‚€แ€€แ€ธ Mr. EDANO แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„ แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€‚แ€•แ€”แ€กแ€…แ€ธแ€›แ แ€กแ€†แ€„แ€ปแ€™แ€„ แ€€แ€šแ€…แ€ฌแ€ธแ€œแ€šแ€กแ€–แ€ผแ‚” แ€•แ€‘แ€™แ€†แ€ธแ€ฑแ€žแ€ฌ แ€แ€›แ€ธแ€…แ€ฅแ€™ แ€…แ€แ€„แ€แ€ปแ€แ€„แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€‚แ€•แ€”แ‚แ€„แ€„ แ€กแ€†แ€„แ€ปแ€™แ€„ แ€€แ€šแ€…แ€ฌแ€ธแ€œแ€šแ€กแ€–แ€ผแ‚” แ€แ€›แ€ธแ€…แ€ฅแ€แ€ผแ€„ แ„แ€„แ€ธแ€แ‚”แ€™ แ€‘แ€ฌแ€ธแ€แ€šแ€กแ€‘แ€ธแ€…แ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€กแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€€ แ€‘แ€Šแ€žแ€ผแ€„แ€ธ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€แพแ€€แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ€…แ€ฅแ€€แ€แ€Šแ€ธแ€€ แ€™แ€™แ€™แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€กแ€แ€ผแ€„แ€ธแ€› แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€กแ€”แ€€แ€™ แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌแ€กแ€ฑแ€€แ€ฌแ€„แ€ธแ€†แ€ธแ€ฑแ€žแ€ฌแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€ปแ€–แ€…แ€œแ€™แ€™แ€Šแ€Ÿ แ€กแ€†แ€ปแ€•แ€แ€ปแ€•แ€ธแ€ฑแ€”แ€ฌแ€€ แ€แ€›แ€ธแ€…แ€ฅแ€กแ€แ€ผแ€„แ€ธ แ‚แ€…แ‚แ€„แ€„ แ€กแ€…แ€ธแ€› แ€แ€ฌแ€แ€”แ€› แ€•แ€‚แข แ€œแ€™แ€ฌแ€ธ แ€กแ€ปแ€•แ€”แ€กแ€œแ€” แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€™แ€™แ€ฌแ€ธ แ€†แ€€แ€œแ€€แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹

แ‚แ€แแ‚ แ€แ‚แ€… แ€™แ€แ€œ แแ‚ แ€›แ€€ แ€™ แแ‡ แ€›แ€€ แ€ฑแ€”แ‚” แ€‘ แ€‚แ€•แ€”-แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€ฑแ€›แ€ธ แ€แ€”แพแ€€แ€ธแ€Œแ€ฌแ€”แ‚แ€„ แ€‚แ€•แ€”-แ€ปแ€™แ€”แ€™แ€ฌ แ€กแ€žแ€„แ€ธแ€ฅแ€€แ‚’ Mr. Hideo Watanabe แ€แ‚”แ แ€–แ€แพแ€€แ€ฌแ€ธแ€แ€€แ€กแ€› แ€™แ€™แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€‚แ€•แ€”แ€žแ‚” แ€‘แ€•แ€™แ€žแ€ผแ€ฌแ€ธแ€ฑแ€›แ€ฌแ€€แ€แฟแ€•แ€ธ แ€กแ€†แ€•แ€ซแ€แ€›แ€ธแ€…แ€ฅแ€แ€ผแ€„ แ€‚แ€•แ€”-แ€ปแ€™แ€”แ€™แ€ฌแ€กแ€žแ€„แ€ธ Senior Advisor แ‚แ€„ แ€œแ€€แ€›แ€‚แ€•แ€”แ€’แ€แ€šแ€แ€”แพแ€€แ€ธแ€แ€• Mr. Taro Aso แŠ แ€‚แ€•แ€”-แ€ปแ€™แ€”แ€™แ€ฌ แ€กแ€žแ€„แ€ธ แ€กแ€™แ€ฑแ€†แ€ฌแ€„แ€ฅแ€€แ‚’ แ‚แ€„ แ€‚แ€•แ€”แ‚แ€„แ€„ แ€แ€”แพแ€€แ€ธแ€แ€•แ€ฑแ€Ÿแ€ฌแ€„แ€ธ Mr. Yasuhiro

Nakasone แ€แ‚”แ‚แ€„แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แ€‚แ€•แ€”แ‚แ€„แ€„แ แ€กแ€“แ€€แ‚แ€„แ€„แ€ฑแ€›แ€ธแ€•แ€ซแ€ แ€ฑแ€แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€™แ€ฌแ€ธแ‚แ€„แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธ แ€กแ€”แ€ฌแ€‚แ€แ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธ แ€ฑแ€›แ€ธแ€‡แ‚€แ€€แ€ธ แ€ปแ€–แ€…แ€ฑแ€•แšแ€œแ€ฌแ€ฑแ€›แ€ธแ€€ แ€ฆแ€ธแ€แ€Šแ€ฑแ€žแ€ฌ แ€‚แ€•แ€”แ€ปแ€™แ€”แ€™แ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€›แ€” แ€€แ€…แฅแ€™แ€ฌแ€ธ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€แ€ผแ€„ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซแ€œแ€•แ€„แ€”แ€ธแ€…แ€ฅแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€ฌแ€แ€ผแ€„ แ€‚แ€•แ€”แ€กแ€…แ€ธแ€›แŠ แ„แ€„แ€ธแ แ€กแพแ€€แ€ฑแ€•แ€ธแ€•แ€Šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ‚แ€„ แ‚แ€„แ€„แ€ฑแ€›แ€ธแ€•แ€ซแ€แ€™แ€ฌแ€ธแ€…แ€ผแ€ฌแ€แ‚”แ€€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€กแ€…แ€ธแ€›แŠ แ€ปแ€™แ€”แ€™แ€ฌแ€•แ€‚แขแ€œแ€€ แ€€แ‚‘แ‚แ€„ แ€กแ€ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€€ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€กแ€ฑแ€€แ€ฌแ€„ แ€กแ€‘แ€Šแ€ฑแ€–แšแ‚แ€„แ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ แ€œแ€€แ€แ€šแพแ€€แ€Šแ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€žแ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€…แ€Šแ€ธแ€›แ€ธแ€ฑแ€ปแ€•แ€ฌแ€† แ€›แ€„แ€ธแ€œแ€„แ€ธแ€แ€›แ€ปแ€แ€„แ€ธแ€žแ€Š แ€™แ€™แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€›แ€ฑแ€žแ€ฌ แพแ€€แ€ธแ€™แ€ฌแ€ธ แ€žแ€Š แ€แ€ฌแ€แ€”แ€แ€…แ€›แ€•แ€ปแ€–แ€…แ€แ€•แ€ซแ€žแ€Šแ‹

แ€‚แ€•แ€”แ‚แ€„แ€„แ€™ แ€ปแ€•แ€”แ€œแ€Šแ€ฑแ€›แ€ฌแ€€แ€›แฟแ€•แ€ธแ€ฑแ€”แ€ฌแ€€ แ€แ€€แ€แ€„แ€ธแ€•แ€„ แ€‚แ€•แ€”แ‚แ€„แ€„แ€žแ€Š แ€กแ€†แ€•แ€ซ แ€…แ€™แ€€แ€”แ€ธแ€กแ€แ€ผแ€€ แ€แ€”แ€˜แ€ธแ€›แ€ฑแ€žแ€ฌ แ€™แ€แ€–แ€€แ€ฑแ€€แ€ฌแ€„แ€ธแ€แ€…แ€ฆแ€ธ แ€ปแ€–แ€…แ€ฑแพแ€€แ€ฌแ€„แ€ธแ‚แ€„ แ€šแพแ€€แ€Šแ€™แ€กแ€ปแ€•แ€Šแ€กแ€แ€ปแ€–แ€„ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌ แ‚แ€„แ€›แ€” แ‚แ€„แ€„แ€ฑแ€แ€ฌแ€กแ€…แ€ธแ€›แ€‘ แ€ปแ€•แ€Šแ€ปแ€•แ€Šแ€…แ€… แ€‘แ€•แ€™แ€แ€„แ€ปแ€•แ€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€†แ€€แ€œแ€€แฟแ€•แ€ธ แ€‘แ€…แ€ฅแ€€ แ‚แ€„แ€„แ€ฑแ€แ€ฌ แ€žแ€™แผแ€แ‚€แ€€แ€ธแ€ฆแ€ธแ€žแ€”แ€ธแ€…แ€” แ€œแ€™แ€ธแ€Šแ‚Šแ€”แ€แ€€ แ‚แ€„แ€กแ€Š แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€ฑแ€›แ€ธ แ€ฑแ€€แ€ฌแ€™แ€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€†แ€€แ€ฑแ€กแ€ฌแ€„แ‚แ€„ แ€™แ€™แ€แ‚”แ€กแ€ฌแ€ธ แ€แ€…แ€–แ€€ แ€‚แ€•แ€” แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€กแ€–แ€ผแ‚”แ€™แ€ฌแ€ธแ‚แ€„ แ€–แ€€แ€…แ€• แ€€แ€™แธแ€แ€–แ€ผแ‚”แ€…แ€Šแ€ธแ แ€…แ€™แ€€แ€”แ€ธแ€€ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€…แ€ผแ€ฌ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Š แ€ฑแ€–แ€ฌแ€›แ€” แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€แ€…แ€›แ€• แ€–แ€ผแ‚”แ€…แ€Šแ€ธ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€›แ€” แ€แ€ฌแ€แ€”แ€ฑแ€•แ€ธแ€กแ€•แ€ปแ€แ€„แ€ธ แ€แ€แ€›แ€•แ€ซแ€žแ€Šแ‹

แ‚แ€แแ‚แ€แ‚แ€… แ€งแฟแ€•แ€œ(แ‚แ)แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€…แ€แ€แพแ€€แ€™แ€ฑแ€ปแ€™แ€ฌแ€€ แ€‚แ€•แ€”-แ€™แ€ฑแ€แ€ซแ€„ แ€‘แ€•แ€žแ€ธ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€กแ€แ€ผแ€„แ€ธ แ€šแ€แ€„แ‚แ€„แ€„แ€ฑแ€แ€ฌ แ€žแ€™แผแ€แ‚€แ€€แ€ธ แ€ฆแ€ธแ€žแ€”แ€ธแ€…แ€” แ‚แ€„ แ€‚แ€•แ€”แ‚แ€„แ€„แ€แ€”แพแ€€แ€ธแ€แ€•แ€แ‚” แ€ฑแ€แ€ผแ‚”แ€†แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€แพแ€€แ€ปแ€•แ€ธ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€กแ€ฌแ€ธ แ€กแ€…แ€ปแ€•แ€ฑแ€•แ€ธแ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹

แ€šแ€„แ€ธแ€žแ‚”แ€ปแ€–แ€„ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€Ÿแ€ธแ€œแ€ธแ€’แ€„แ€ธ แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€ (MTSH) แ€กแ€ฌแ€ธ แ‚แ€แแƒ แ€แ‚แ€… แ€ฑแ€™แ€œ(แƒ)แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€–แ€ผแ‚”แ€…แ€Šแ€ธ แ‚แ€„แ€แฟแ€•แ€ธแŠ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€œแ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ‚แ€„แ€ฑแ€…แ€ฑแ€›แ€ธแ€† แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€ฑแ€แ€ฌแ€กแ€…แ€ธแ€›แ แ€œแ€™แ€ธแ€Šแ‚Šแ€”แ€แ€€แ‚แ€„แ€กแ€Š แ‚แ€แแ„ แ€แ‚แ€… แ€™แ€แ€œแ€แ€ผแ€„ แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€™แ€ฌแ€ธแ€€ แ€›แ€šแ€šแ€ฌแ€‘แ€Šแ€แ€„แ‚แ€„แ€›แ€” แ€–แ€แ€ฑแ€แš แ€แ€›แ€ฌ แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€ž แแ‡,แ€แ€แ€ แ€ฆแ€ธแ€ฑแ€€แ€ฌแ€€ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธ แ€กแ€ปแ€–แ€… แ€•แ€ซแ€แ€„แ‚แ€„แ€ฑแ€…แ€แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€แ‚”แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€šแ€›แ€” แ€กแ€†แ€ปแ€• แ€œแ€ฌแ€žแ€™แ€ฌแ€ธแ แ‰แ€% แ€€ แ€แ€šแ€šแ€œแ€ฑแ€žแ€ฌแ€กแ€†แ€ปแ€• แ€กแ€…แ€•แ€™แ€ฌแ€แ€€ แ€กแ€†แ€ปแ€•แ€žแ€Š แ€กแ€แ€„แ€ธแ€กแ€ปแ€•แ€Šแ€กแ€ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ฑแ€•แ€ธแ‚แ€„แ€แฟแ€•แ€ธแŠ แ€›แ€šแ€šแ€ฌ แ€กแ€…แ€™แ€ฌแ€ธแ€™แ€ฌแ€ธ แ€แ€šแ€šแ€œแ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€กแ€†แ€ปแ€•แ€‘แ€ฌแ€ธแ€žแ€™แ€ฌแ€ธแ€€ แ€กแ€แ€ธแ€€ (Pro Rota) แ€ปแ€–แ€„ แ€‘แ€Šแ€แ€„แ€แ€ผแ€„แ€ปแ€•แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡ แ€ปแ€–แ€… แ€ฑแ€ปแ€™แ€ฌแ€€แ€œแ€ฌแ€ฑแ€…แ€›แ€” แพแ€€แ€ธแ€…แ€ฌแ€ธแ€กแ€ฌแ€ธแ€‘แ€แ€™แ€™แ€ฌแ€ธแ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€„แ€™แ€ฌแ€ธแ€กแ€ปแ€–แ€… แ€ปแ€–แ€…แ€œแ€ฌแ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€•แ€ธแ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ แพแ€€แ€ธแ€…แ€ฌแ€ธแ€กแ€ฌแ€ธแ€‘แ€แ€™ แ€กแ€žแ€ธแ€กแ€•แ€ผแ€„แ€™แ€ฌแ€ธแ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€™แ€ฌแ€ธแ€€ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€แ€ผแ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€„แ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€œแ€ฌแ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€•แ€ธแ‚แ€„แ€™ แ€กแ€ฑแ€•แšแ€แ€ผแ€„ แ€™แ€ฌแ€ธแ€…แ€ผแ€ฌแพแ€€แ€Šแ‚แ€ธ แ€แ€™แ€ธแ€ฑแ€ปแ€™แ€ฌแ€€แ€™แ€•แ€ซแ€žแ€Šแ‹ แ€šแ€แ€„แ‚แ€… แ‚แ€แแ†แ€แ‚แ€… แ€ฑแ€™แ€œ(แ‚แ€)แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€›แ€”แ€€แ€”แ€…แ€ฑแ€แ€ฌแ€กแ€แ€แ€”แ€ธ (YSX) แ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ€€แ€™แธแ€แ€กแ€ปแ€–แ€… แ€™แ€แ€•แ€แ€„แ‚แ€„แ€แ€žแ€ปแ€–แ€„ แ€™แ€™แ€แ‚” แ€€แ€™แธแ€แ€žแ€Š แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ฑแ€žแ€ฌ แ€กแ€•แ€แ€•แ€ฑแ€›แ€ธแ‚แ€„ แ€•แ€ผแ€„แ€œแ€„แ€ธแ€ปแ€™แ€„แ€žแ€ฌแ€™ แ€›แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€ปแ€–แ€…แ€ฑแพแ€€แ€ฌแ€„แ€ธแ€€ แ€™แ€แ€ฑแ€€แ€ฌแ€€แ€แ€„แ‚แ€„แ€แ€ปแ€แ€„แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€…แ€ฑแ€แ€ฌแ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€ผแ€„ MTSH แ แ€›แ€šแ€šแ€ฌแ€™แ€ฌแ€ธแ€žแ€Š แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€› แ€กแ€œแ€ผแ€šแ€€แ€†แ€ธแ€ฑแ€žแ€ฌ แ€›แ€šแ€šแ€ฌแ€กแ€ปแ€–แ€… แ€แ€Šแ€›แ€ฑแ€”แ€ปแ€•แ€ธ แ€šแ€แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€กแ€แ€šแ€ปแ€–แ€…แ€ฑแ€”แ€ฑแ€žแ€ฌ แ€…แ€ฑแ€แ€ฌแ แ‡แ‚% แ€™แ€ฌ แ€™แ€™แ€แ‚”แ€€แ€™แธแ€แ แ€…แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€แ€”แ€˜แ€ธแ€กแ€ฌแ€ธแ€ปแ€–แ€„แ€œแ€Šแ€ธ MTSH แ€กแ€…แ€›แ€šแ€šแ€ฌแ€žแ€Š แ€แ€”แ€–แ€ธ แ€กแ€™แ€ฌแ€ธแ€†แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€šแ€™แ‚ˆแ€ปแ€–แ€…แ€ฑแ€žแ€ฌ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€ปแ€–แ€…แฟแ€•แ€ธแŠ YSX แ€แ€ผแ€„ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€กแ€แ€šแ€ปแ€–แ€…แ€žแ€Š แ€กแ€…แ€›แ€šแ€šแ€ฌ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€›แ€™แ€™แ€ฌแ€ธแ แƒแ…%แ€žแ€Š MTSH แ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

MYANMAR THILAWA SEZ 4

Page 6: report CONTENTS - MTSH

แ‚แ€…แ‚แ€…แ€แ€ผแ€แ€ฌ แ€€แ€ฌแ€œแ€กแ€แ€ผแ€„แ€ธ แ€‡แ€”(แ€ฑแ€ก)แ€› แ€ฑแ€ปแ€™แ€งแ€›แ€šแ€ฌ แ€กแ€ฌแ€ธแ€œแ€ธแ€”แ€ธแ€•แ€ซแ€ธ แ€ปแ€–แ€…แ€ฑแ€žแ€ฌ (แ„แ€แ…) แ€Ÿแ€€แ€แ€ฌแ€€ แ€กแฟแ€•แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€แ‚” แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€šแ€แ€€แ€žแ‚” แ€แ€ฑแ€แ€ฌแ€„แ€ธแ€ฑแ€žแ€ฌ แ€€แ€ฌแ€œแ€กแ€แ€ผแ€„แ€ธ แ€‡(A) แ€กแ€ฌแ€ธ แ€‘แ€แ€€แ€™ แ€œแ€ธแ€แ€™แ€›แ€˜ แ€€แ€™แ€ฌแปแ‚”แ€กแ€†แ€„แ€™ infrastructure แ€€ แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€•แ€ธ แ€šแ€แ€€แ€žแ‚” แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ‚แ€„แ€›แ€” แพแ€€แ€ธแ€•แ€™แ€ธแ€กแ€ฌแ€ธแ€‘แ€แ€แพแ€€แ€ฑแ€žแ€ฌ แ€™แ€™แ€แ‚”แ แ€œแ€•แ€ฑแ€–แš แ€€แ€„แ€–แ€€แ€™แ€ฌแ€ธแŠ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ‚แ€„ แ€‚แ€•แ€”แ‚แ€„แ€„แ€กแ€…แ€ธแ€› แ€€แ€šแ€…แ€ฌแ€ธแ€œแ€šแ€™แ€ฌแ€ธแŠ แ€œแ€•แ€„แ€”แ€ธแ€€ แ€แ€ฌแ€แ€”แ€šแ€œแ€•แ€€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€žแ€ฌ แ€กแ€™แ€ฑแ€†แ€ฌแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€™แ€ฌแ€ธแ‚แ€„ แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแŠ แ€กแ€‘แ€ธแ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€™แ€™แ€แ‚”แ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€ MJTD แ แ€กแ€™แ€ฑแ€†แ€ฌแ€„ แ€ฅแ€€แ‚’แ‚แ€„ CEO แ€ปแ€–แ€…แ€žแ€Š Mr. Takashi Yanai แ€แ‚”แ€กแ€ฌแ€ธ แ€ฑแ€€แ€ธแ€‡แ€ธแ€กแ€‘แ€ธแ€แ€„แ€›แ€•แ€ซแ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€™แ€แ€แ€™แ€ธแ€แ€„แ€กแ€•แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€œแ€€ แ€‡แ€”(แ€ฑแ€ก)แ€› แ€ฑแ€ปแ€™แ€€แ€ผแ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€€ (แแ€)แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแฟแ€•แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€ แ‚แ€„แ€ฑแ€›แ€ธแ€Ÿ แ€œแ€ฌแ€‘แ€ฌแ€ธแ€แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€™แ€™แ€แ‚”แพแ€€แ€ธแ€…แ€ฌแ€ธแ€กแ€ฌแ€ธแ€‘แ€แ€™แ€™แ€ฌแ€ธแ€ฑแพแ€€แ€ฌแ€„ (แƒ)แ‚แ€…แ€แ€”แ‚”แ€กแ€แ€ผแ€„แ€ธ แ€กแฟแ€•แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ‚แ€„แ€แ€ปแ€แ€„แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€žแ€Š แ‚แ€„แ€„แ€ฑแ€แ€ฌ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ€แ€ผแ€„ แ€กแ€“แ€€แ€กแ€แ€”แ€ธแ€€แ‚‘แ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€แฟแ€•แ€ธ แ€šแ€ฑแ€”แ‚”แ€กแ€‘แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€›แ€„แ€ธแ‚แ€ธ แ€ปแ€™แ€•แ‚แ€™ (แ.แ€แ‡)แ€˜แ€œแ€šแ€ฑแ€’แšแ€œแ€ฌแ€€ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€…แ€ผแ€ฌแ€–แ€แ€ฑแ€แš แ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€œแ€•แ€กแ€€แ€„ แ€กแ€แ€ผแ€„แ€กแ€œแ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธ (แ…แ€แ€แ€)แ€ฑแ€€แ€ฌแ€€ แ€–แ€”แ€แ€ธแ€ฑแ€•แ€ธแ‚แ€„แ€ แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡ (แ€ฑแ€ก) แ€กแ€แ€ผแ€„แ€ธ แ€…แ€€แ€›แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธ แ€œแ€Šแ€•แ€แ‚แ€„แฟแ€•แ€†แ€•แ€ซแ€€ แ€กแ€œแ€•แ€กแ€€แ€„ แ€กแ€แ€ผแ€„แ€กแ€œแ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธ (แ„แ€,แ€แ€แ€) แ€ฑแ€€แ€ฌแ€€ แ€ฑแ€–แšแ€ฑแ€†แ€ฌแ€„แ€ฑแ€•แ€ธแ‚แ€„แ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€ปแ€–แ€„ แ€™แ€™แ€แ‚”แ‚แ€„แ€„ แ€–แ€ผแ‚”แ€ปแ€–แ€ธแ€แ€ธแ€แ€€ แ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ แพแ€€แ€ธแ€™แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€€แ€แ€…แ€ แ€ปแ€–แ€…แ€ฑแ€…แ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซ แ€žแ€Šแ‹ MTSH แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€šแ€แ‚แ€… แ€แ€ผแ€„ MJTD แ€‘แ€™ แ€กแ€ปแ€™แ€แ€ฑแ€แ€… แ€€แ€•(แแ†.แ‡แ„) แ€˜แ€œแ€š แ€›แ€›แ€›แ€ฌ แ€šแ€แ€„แ‚แ€…แ‚แ€„ แ‚แ€„แ€ธแ€šแ€ฅแ€•แ€ซแ€€ แแƒ.แ„แ†% แ€•แ€™ แ€›แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”(แ€˜)แ แ€Ÿแ€€แ€แ€ฌ(แ‡แ€แ€)แ€กแ€”แ€€ (แแ€แ) แ€Ÿแ€€แ€แ€ฌ แ แ€•แ‚แทแ€€แ€แ€„ แ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€€ แ‚แ€แแ‡แ€แ€ฑแ€–แ€ฑแ€–แšแ€แ€ซแ€›แ€œ(แ‚แ„)แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€„แ€ธแ€•แ€แ€ปแ€•แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€›แ€กแ€…แ€ธแ€› แ€žแ€…แ€กแ€ฑแ€”แ€ปแ€–แ€„แ€œแ€Šแ€ธ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”(แ€˜) แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€ฑแ€›แ€ธแ€แ€ผแ€„ แ€กแ€ปแ€•แ€Šแ€กแ€แ€•แ€•แ€ธแ€™ แ€™แ€ฌแ€ธแ€žแ€Š แ‚แ€„แ€„แ€–แ€ผแ‚”แ€ปแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€แ€ผแ€„ แ€กแ€ฑแ€›แ€ธแพแ€€แ€ธแ€ฑแพแ€€แ€ฌแ€„แ€ธแ‚แ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”(แ€˜)แ€กแ€แ€ผแ€€ แ€žแ€€แ€ฑแ€žแ€แ€…แ€ แ€ปแ€–แ€…แ€ฑแ€”แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡(B) (แ‡แ€แ€)แ€Ÿแ€€แ€แ€ฌ แฟแ€•แ€ธแ€ปแ€•แ€Šแ€…แฟแ€•แ€ธแ€žแ€Šแ€แ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แพแ€€แ€ธ แ€แ€…แ€แ€œแ€ธแ€ปแ€•แ€Šแ€ฑแ€กแ€ฌแ€„ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แšแ€›แ€” แ€ฑแ€”แ€ฌแ€€แ€‘แ€•แ€œแ€€แ€€แ€” แ€Ÿแ€€แ€แ€ฌ(แแƒแ€แ€) แ€€แ€”แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ‚”แ€ปแ€–แ€…แ€›แ€ฌ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€–แ€ผแ‚”แ€ปแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€ฌแ€แ€ผแ€„ MTSH แ€กแ€แ€ผแ€€ แ€กแ€แ€ผแ€„แ€กแ€œแ€™แ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ฌแ€ธแ€…แ€ผแ€ฌ แ€€แ€”แ€›แ€ฑแ€”แ€†แ€ปแ€–แ€…แ€ฑแพแ€€แ€ฌแ€„แ€ธแ€€ แ€กแ€ฑแ€œแ€ธแ€‘แ€ฌแ€ธ แ€แ€„แ€ปแ€•แ€œแ€•แ€ซแ€žแ€Šแ‹

แ€€แ€”แ€œแ€ผแ€”แ€แ€ฑแ€žแ€ฌแ€€แ€ฌแ€œแ€™แ€ฌแ€ธแแ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™แ€™แ€ฌแ€ธแ‚แ€„แ€™แ€แ€แ€„แ€™แ€ฌแ€ธแ€กแ€› MTSH แ€žแ€Š (แƒ)แ‚แ€…แ€žแ€ฌแ€ธ แ€€แ€™แธแ€แ€แ€…แ€แ€ปแ€–แ€…แ€œแ€ฌแ€ปแ€•แ€ปแ€–แ€…แ€›แ€ฌ แ€›แ€„แ€žแ€” แ€–แ€ผแ‚”แฟแ€–แ€ธแ€กแ€†แ€„แ€€ แ€ฑแ€›แ€ฌแ€€แ€›แ€ฑแ€”แ€ปแ€•แ€Ÿ แ€ฑแ€ปแ€•แ€ฌแ‚แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€แ‚”แ€žแ€Š แ€…แ€แ€„แ€–แ€ผแ‚”แ€…แ€Šแ€ธแ€… แ€€แ€™แธแ€ แ€™แ€Ÿแ€แ€ฑแ€แ€ฌแ€•แ€ซแ‹ แ€’แ€ซแ€›แ€€แ€แ€ฌแ€˜แ€แ€กแ€–แ€ผแ‚”แ€แ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€™แ€™แ€žแ€Š MTSH แ€กแ€ฌแ€ธ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€แ€ผแ€„แ€ธแ€แ€ผแ€„แ€žแ€ฌแ€™แ€€ แ€ฑแ€’แ€žแ€แ€ผแ€„แ€ธแ€› แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€€แ€™แธแ€แพแ€€แ€ธแ€™แ€ฌแ€ธ แ‚แ€„ แ€›แ€„แ€ฑแ€˜แ€ฌแ€„แ€แ€”แ€ธแ‚แ€„แ€žแ€Š แ€€แ€™แธแ€แ€ปแ€–แ€…แ€ฑแ€…แ€›แ€”แ€กแ€แ€ผแ€€ แ€œแ€กแ€•แ€ฑแ€žแ€ฌ แ€ปแ€•แ€ปแ€•แ€„แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ€™แ€ฌแ€ธแ€€ แ€…แ€…แ€ฅแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€žแ€ฌแ€ธ แ€œแ€•แ€„แ€”แ€ธแ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€•แ€Šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€ฑแ€žแ€ฌ Mr. David Law (C.O.O) แ‚แ€„ Mr. Wui Hua Tan (C.F.O) แ€แ‚”แ€€ แ€แ€”แ‚”แ€กแ€•แ€‘แ€ฌแ€ธแ€œแ€€แ€›แ€ปแ€•แ€ธ แ€™แ€™แ€แ‚” แ€€แ€™แธแ€แ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€ปแ€™แ€„แ€แ€„แ€ปแ€แ€„แ€ธแ‚แ€„ แ€šแ€ฅแ€ปแ€•แ€„แ€™แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€ฑแ€”แ‚แ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€™แ€Ÿแ€ฌแ€—แ€Ÿแ€ฌแ€™แ€ฌแ€ธ แ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธแ€แ‚”แ€€ แ€œแ€•แ€€แ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€แ‚”แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€œแ€•แ€„แ€”แ€ธ แ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€ž แ€œแ€žแ€…แ€™แ€ฌแ€ธแ€€ แ€แ€”แ‚”แ€กแ€•แ€‘แ€ฌแ€ธแ€ฑแ€”แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€™แ€™แ€แ‚” แ€€แ€™แธแ€ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™แ€™แ€ฌแ€ธ แ€›แ€›แ€ฑแ€กแ€ฌแ€„ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€•แ€ซแ€แ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แพแ€€แ€ฑแ€žแ€ฌ แ€œแ€€แ€›แ€œแ€•แ€„แ€”แ€ธ

แ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€žแ€™แ€ฌแ€ธแ€€แ€œแ€Šแ€ธ แ€แ€ธแ€แ€€แ€ฑแ€กแ€ฌแ€„แ€œแ€•แ แ€€แ€™แธแ€แ‚แ€„ แ€กแ€… แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€€ แ€‘แ€”แ€ธแ€žแ€™แ€ธแ€€แ€ฌแ€€แ€ผแ€šแ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™ แ€›แ€›แ€”แ€„แ€ฑแ€…แ€ฑแ€›แ€ธแ€™แ€ฌ แ€กแ€ฑแ€›แ€ธแพแ€€แ€ธแ€ฑแ€žแ€ฌ แ€กแ€แ€€แ€แ€…แ€แ€€แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€šแ€แ‚แ€…แ€แ€ผแ€„ แ€™แ€™แ€แ‚”แ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€แ€กแ€žแ€…แ€แ€…แ€แ€ปแ€–แ€…แ€ฑแ€žแ€ฌ Thilawa Property Development Ltd (TPD) แ€€ Managing Director แ€ฆแ€ธแ€‘แ€ผแ€”แ€ธแ€œแ€ผแ€„ แ‚แ€„ แ€แ€ฌแ€แ€”แ€› แ€žแ€™แ€ฌแ€ธ แ€™ แ€œแ€•แ€€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€ปแ€•แ€ธแŠ แ€€แ€™แธแ€ แ€…แ€แ€„แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€žแ€Šแ‚แ€…แ€™ (แ‚)แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ แ€›แ€›แ€ฑแ€กแ€ฌแ€„ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€…แ€ผแ€ฌแ€…แ€™แ€แ€”แ‚”แ€แ€ผแ‚แ€„แ€แ€ปแ€แ€„แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ TPD แ แ€กแ€™แ€ปแ€ แ€ฑแ€ปแ€™ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€กแ€ฌแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ฑแพแ€€แ€ฌแ€„ MTSH Group แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€แ€„แ€ฑแ€„แ€ผ (แˆ.แƒ)แ€˜แ€œแ€šแ€€ แ€›แ€›แ€แ€›แ€ฌ แ€šแ€แ€„แ‚แ€…แ€€แ€‘แ€€ แ€€แ€• (แ‡.แ„แ‰)แ€˜แ€œแ€š (แ€žแ€ธแ€†แ€แ€”แ‚”) แ€แ€ธแ€ปแ€™แ‚‡แ€„แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹ TPD แ แ€แ€„แ€ฑแ€„แ€ผแ€›แ€›แ€™แ€žแ€Š MTSH แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€แ€„แ€ฑแ€„แ€ผแ (แˆแ….แ„แ„%) แ€ปแ€–แ€…แฟแ€•แ€ธ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผ แ€€แ€• (แƒ.แ‰แ‡) แ€˜แ€œแ€š แ€›แ€›แ€ฑแ€…แ€แ€•แ€ซแ€žแ€Šแ‹ TPD แ€€ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€žแ€Šแ€™แ€ฌ (แ‚)แ‚แ€…แ€แ€ฌแ€€แ€ฌแ€œแ€žแ€ฌ แ€›แ€ฑแ€žแ€ธแ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€ปแ€•แ€Šแ€แ€ผแ€„แ€ธแ€˜แ€แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€žแ‚” แ€ฑแ€ปแ€™แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแŠ แ€šแ€แ‚แ€…แ€แ€ผแ€„ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€€แ€”แ€‘แ€›แ€€แ€œแ€•แ€„แ€”แ€ธแ€€ แ€šแ€ฅแ€ปแ€•แ€„แ€…แ€”แ€…แ€ปแ€–แ€„ แ€›แ€šแ€แ€ปแ€แ€„แ€ธแŠ แ€‚แ€•แ€”แ€Ÿแ€แ€š แ€œแ€•แ€„แ€”แ€ธแ€…แ€แ€…แ€แŠ แ€…แ€€แ€žแ€ธแ€†แ€†แ€„แ€™แ€ฌแ€ธแ‚แ€„ Shop House แ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€ฑแ€ปแ€™แ€ฑแ€”แ€›แ€ฌแ€™แ€ฌแ€ธแ€€ แ€œแ€ฌแ€™แ€Šแ€˜แ‚‘แ€ฌแ‚แ€…แ€กแ€แ€ผแ€€แพแ€€แ€แ€„ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ‚แ€„แ€ปแ€แ€„แ€ธแ€…แ€žแ€Šแ€แ‚”แ€€ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€…แ€ผแ€ฌ แ€…แ€™แ€œแ€•แ€€แ€„แ‚แ€„แ€ แ€•แ€ซแ€žแ€Šแ‹

แ€šแ€แ‚แ€… MTSH แ แ€กแ€แ€ผแ€”แ€ฑแ€•แ€ธแ€ฑแ€†แ€ฌแ€„แ€ปแ€•แ€ธ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€™แ€ฌ แ€€แ€• (แ‚แ‚.แƒ) แ€˜แ€œแ€š แ€ปแ€–แ€…แ€ปแ€•แ€ธ (แ‚แ€แแ…-แแ†)แ€˜แ‚‘แ€ฌแ‚แ€… แ€แ€„แ€ฑแ€„แ€ผแ‚แ€„แ‚แ€„แ€ธแ€šแ€ฅแ€•แ€ซแ€€ (แˆ%) แ€•แ€™แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ‚”แ€›แ€ฌแ€แ€ผแ€„ แ€’แ€ซแ€›แ€€แ€แ€ฌแ€™แ€ฌแ€ธแ แ€†แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€กแ€ฌแ€ธ แ€กแ€†แ€ปแ€•แ€›แ€ฌแ€แ€ผแ€„ แ€šแ€แ€„แ‚แ€…แ€€ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ (แ‚%) แ€กแ€แ€Šแ€ปแ€•แ€แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€šแ€แ‚แ€…แ€แ€ผแ€„ แ€ฑแ€œแ€ฌแ€แ (แ.แ‡แ…%) แ€žแ€ฌ แ€กแ€†แ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ MTSH แ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚”แ€แ€„แ€™แ€ฌแ€ธแ€žแ€Š MTSH แ แ€…แ€™แ€กแ€•แ€แ€•แ€™ แ€แ€…แ€แ€แ€Šแ€ธแ€žแ€ฌ แ€™แ€Ÿแ€แ€• MJTD แ‚แ€„ TPD แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€™แ€œแ€Šแ€ธ แ€•แ€€แ€„แ€ฑแ€™แ€ฌแ€„แ€ธแ‚แ€„แ€œแ€€แ€› แ€ฑแ€”แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€แ€„ แ€กแ€ฌแ€ธแ€œแ€ธแ€กแ€ฌแ€ธ แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€แ€ผแ€€ แ€‘แ€ธแ€ปแ€แ€ฌแ€ธแ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€ฑแ€žแ€ฌ แ€›แ€œแ€’แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ฌแ€ธแ€€ แ€›แ€›แ€ฑแ€…แ€แ€žแ€Š แ„แ€„แ€ธแ€แ‚”แ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ปแ€•แ€Šแ€แ€ฑแ€žแ€ฌ แ€ฑแ€แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€™แ‚แ€„ แ€œแ€™แ€ธแ€Šแ‚Šแ€”แ€™แ€แ‚” แ€กแ€แ€ผแ€€ แ€กแ€‘แ€ธแ€ฑแ€€แ€ธแ€‡แ€ธแ€แ€„แ€›แ€•แ€ซแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€œแ€Šแ€ธ แ€™แ€แ€แ€™แ€ธ แ€แ€„แ€กแ€• แ€•แ€ซแ€žแ€Šแ‹

TPD แ แ€ฑแ€›แ‚•แ€œแ€•แ€„แ€”แ€ธแ€…แ€ฅแ€™แ€ฌแ€ธแ€€ แ€แ€ธแ€แ€€แ€œแ€•แ€€แ€„แ‚แ€„แ€›แ€”แ‚แ€„ แ€ปแ€™แ‚•แ€ปแ€• แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€กแพแ€€แ€ฅแ€ฌแ€แ€žแ€…แ€™แ€ฌแ€ธ แ€ฑแ€–แšแ€ฑแ€†แ€ฌแ€„ แ‚แ€„แ€›แ€” MTSH แ C.O.O Mr. David Law แ€กแ€ฌแ€ธ TPD แ C.E.O แ€กแ€ปแ€–แ€… แ€•แ€ธแ€แ€ผ แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€ฑแ€…แ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Mr. David Law แ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€™แ€ฑแ€กแ€ฌแ€€แ€แ€ผแ€„ แ€ฑแ€ปแ€™แ€šแ€ฌแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€แ€„แ€ฑแ€„แ€ผ แ€•แ€™แ€›แ€›แ€ปแ€แ€„แ€ธ แ€žแ€ฌแ€™แ€€ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€€แ€”แ€‘แ€›แ€€แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€™แ€œแ€Šแ€ธแ€ฑแ€›แ€แ€œแ€•แ€„แ€”แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ แ€€แ€™แธแ€แ€กแ€แ€ผแ€€แ€›แ€›แ€™แ€Šแ€Ÿ แ€ฑแ€™แ€ฌแ€™แ€”แ€ธแ€‘แ€ฌแ€ธแ€•แ€ซ แ€žแ€Šแ‹

แ€™แ€™แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€‘แ€ธแ€‚แ€›แ€ปแ€•แ€™แ€ฑแ€…แ€›แ€” แ€กแ€แ€ผแ€€ แ€กแ€žแ€ฑแ€•แ€ธแ€œแ€•แ€ซแ€žแ€Šแ‹ MTSH แ€žแ€Š MJTD แ€žแ‚” แ€…แ€แ€„แ€…แ€ฅ แ€€แ€แ€Šแ€ธแ€€ Vice President, CFO แ‚แ€„ Admin Officer แ€…แ€ฑแ€žแ€ฌ แ€กแ€›แ€ฌแ€›แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€แ แ€กแ€›แ€ฌแ€›แ€™แ€ฌแ€ธแ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€” แ€ฑแ€…แ€œแ‚Šแ€แ€ฑแ€•แ€ธแ€แ€ปแ€•แ€ธ แ„แ€„แ€ธแ€แ‚”แ แ€œแ€…แ€ฌแ€™แ€ฌแ€ธแ€€ MJTD แ€™ แ€‘แ€แ€š แ€›แ€™แ€Šแ€กแ€…แ€ฌแ€ธ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผ (Management Fees) แ€กแ€ปแ€–แ€… MTSH แ€žแ€Š MJTD แ€‘แ€™ แ€›แ€›แ€ฑแ€กแ€ฌแ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€›แ€šแ€ฑแ€žแ€ฌ Management Fees แ€žแ€Š MTSH แ แ€กแ€™แ€ฑแ€†แ€ฌแ€„ แ€กแ€›แ€ฌแ€› (Executive officers) แ€™แ€ฌแ€ธแ‚แ€„ แ€แ€”แ€‘แ€™แ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€€แ€ฌแ€™แ€ฑแ€…แ€›แ€žแ€ฌแ€™แ€€แ€ฌ แ€กแ€•แ€แ€„แ€ฑแ€„แ€ผแ€กแ€ปแ€–แ€… แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ‚”แ€•แ€ซแ MJTD แ€žแ‚” แ€ฑแ€…แ€œแ‚Šแ€แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€›แ€ฌแ€›แ€™แ€ฌแ€ธแ€ปแ€–แ€…แพแ€€แ€ฑแ€žแ€ฌ แ€ฆแ€ธแ€žแ€›แ€”แ€ฑแ€กแ€ฌแ€„แŠ แ€ฆแ€ธแ€ปแ€™แ€„แ€ฑแ€‡แ€ฌแŠ แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แ€แ€„แ€ธแ€แ‚”แ€กแ€ฌแ€ธ แ„แ€„แ€ธแ€แ‚”แ แพแ€€แ€ธแ€…แ€ฌแ€ธแ€กแ€ฌแ€ธแ€‘แ€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€•แ€ธแ€™แ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€™แ€™แ€กแ€ฑแ€”แ‚แ€„ แ€ฑแ€€แ€ธแ€‡แ€ธแ€แ€„แ€›แ€•แ€ซแ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€™แ€แ€แ€™แ€ธแ€แ€„แ€กแ€•แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แแ† แ€แ‚แ€… แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌแ€œแ€™แ€…แ แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แ€แ€„แ€ธแ€ฑแ€”แ€›แ€ฌแ€แ€ผแ€„ Mr Wui Hua Tan แ€กแ€ฌแ€ธ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œ แ€แ€”แ‚”แ€กแ€•แ€‘แ€ฌแ€ธแ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 5

Page 7: report CONTENTS - MTSH

MTSH แ€žแ€Š แ€šแ€แ€˜แ‚‘แ€ฌแ‚แ€…แ€€แ€”แ€†แ€ธแ€แ€” แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€แ€ผแ€„ แ€กแ€›แ€ฑแ€„แ€ผ แ€œแ€€แ€€แ€” แ€€แ€• (แ‚แ†.แƒแ†) แ€˜แ€œแ€šแ€™ แ€€แ€”แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€šแ€แ‚แ€…แ€กแ€แ€ผแ€€ แ€›แ€šแ€šแ€ฌแ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ แ€กแ€ปแ€–แ€… แ€€แ€•(แแ€)แ€˜แ€œแ€šแ€€ แ€ฑแ€•แ€ธแฟแ€•แ€ธแ€ฑแ€”แ€ฌแ€€แ€แ€ผแ€„ แ€œแ€€แ€€แ€”แ€ฑแ€„แ€ผ แ€€แ€•(แแ†.แƒแ†)แ€˜แ€œแ€šแ€ฑแ€€แ€ฌ แ€€แ€”แ€›แ€ฑแ€”แ€กแ€ธแ€™แ€ฌ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€œแ€€แ€€แ€”แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€ปแ€–แ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ€œแ€•แ€„แ€”แ€ธแ€กแ€žแ€…แ€™แ€ฌแ€ธ - แ€ฅแ€•แ€™แ€ฌ แ€ฑแ€€แ€ฌแ€€แ€ปแ€– แ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ฑแ€›แ€ธแ€‡แŠ Logistic Park and Logistic infrastructure แ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธ แ€กแ€ฑแ€ปแ€แ€ แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ก (Infrastructure) แ€™แ€ฌแ€ธ - แ€ฅแ€•แ€™แ€ฌ แ€œแ€•แ€…แ€…แ€“แ€ซแ€แ€กแ€ฌแ€ธแ€ฑแ€•แ€ธแ€› (Power Plant) แ€กแ€…แ€›แ€ฑแ€žแ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€›แ€„แ€ธแ‚แ€ธ แ€ปแ€™แ€•แ‚แ€แ€ธแ€แ‚•แ€œแ€•แ€€แ€„แ€›แ€” แ€ฑแ€œแ€œแ€ฌแ€†แ€”แ€ธแ€…แ€…แ€™แ€™แ€ฌแ€ธ แ€ปแ€•แ€œแ€•แ€œแ€€ แ€›แ€•แ€ซแ€ฑแพแ€€แ€ฌแ€„แ€ธแ‚แ€„ แ€คแ€žแ€Šแ€แ‚”แ€™แ€ฌ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ แ€กแ€”แ€ฌแ€‚แ€ แ€–แ€ผแ‚”แ€ปแ€–แ€ธแ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ แ€กแ€ฑแ€›แ€ธแ‚€แ€€แ€ธแ€ฑแ€žแ€ฌ แ€ฑแ€‘แ€ฌแ€€แ€•แ€™ แ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€™แ€™แ€แ‚”แ แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ แ€™แ€™แ€แ‚”แ€€แ€™แธแ€แ€กแ€แ€ผแ€€ แ‚€แ€€แ€ธแ€™แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€›แ€„แ€ธ แ€กแ€ปแ€™แ€…แ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€”แ€Šแ€ธแ€•แ€Šแ€ฌแ‚แ€„ แ€กแ€žแ€•แ€Šแ€ฌแ€™แ€ฌแ€ธแ€€ แ€‚แ€•แ€” แ€œแ€•แ€ฑแ€–แ€ฌ แ€€แ€„แ€–แ€€แ€™แ€ฌแ€ธแ€‘แ€™ แ€กแ€แ€„แ€ธแ€กแ€แ€ฌแ€แ€…แ€แ€‘ แ€ปแ€™แ€”แ€™แ€ฌแ€™แ€ฌแ€ธแ‚แ€„ แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธ แ€กแพแ€€แ€ฌแ€ธ แ€œแ€€แ€œแ‚Šแ€šแ‚แ€„แ€แฟแ€•แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€แ‚”แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€†แ€•แ€ซ แ€กแ€แ€€ แ€กแ€ฑแ€•แš แ€กแ€ฑแ€ปแ€แ€แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€•แ€ธ แ‚€แ€€แ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€ฑแ€€แ€ฌแ€„แ€ธแ€ฑแ€žแ€ฌ แ€คแ€œแ€žแ€ฌแ€ธ แ€กแ€›แ€„แ€ธ แ€กแ€ปแ€™แ€…แ€€ แ€กแ€ปแ€•แ€Šแ€กแ€ แ€กแ€žแ€ธแ€ปแ€•แ€žแ€ผแ€ฌแ€ธแ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€”แ€ฌแ€€แ€‘แ€• แ€œแ€žแ€ฌแ€ธ แ€กแ€›แ€„แ€ธแ€กแ€ปแ€™แ€…แ€™แ€ฌแ€ธ แ€–แ€ผแ‚”แ€ปแ€–แ€ธแ€œแ€ฌแ€ฑแ€…แ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€แ€œแ€Šแ€ธ แ€•แ€™แ€” แ€™แ€ผแ€™แ€ธแ€™ แ€žแ€„แ€แ€”แ€ธแ€™แ€ฌแ€ธ แ€…แ€…แ€ฅแ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€ปแ€•แ€„ United Nations Global Compact and UN Sustainable Development Goals แ€กแ€แ€ผแ€€ แ€™แ€™แ€แ‚”แ CSR Programs แ€™แ€ฌแ€ธแ€™แ€แ€†แ€„ แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€™แ€ฌแ€ธ แ€กแ€€แ€ธแ€™แ€ฌแ€ธแ€€ แ€•แ€•แ€ธ แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€€ แ€ปแ€•แ‚แ€„แ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€แ‚”แ แ€œแ€•แ€„แ€”แ€ธแ€…แพแ€€แ€ธแ€กแ€แ€ผแ€„แ€ธ แ€˜แ€€แ€ฑแ€•แ€ซแ€„แ€ธแ€…แ€™ CSR แ€กแ€…แ€กแ€…แ€ฅแ€™แ€ฌแ€ธแ€€แ€œแ€Šแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€›แ€Šแ€กแ€ฑแ€žแ€ผแ€ธแ€ปแ€™แ€„ แ€•แ€Šแ€ฌแ€ฑแ€›แ€ธแŠ แ€กแ€Ÿแ€ฌแ€› แ€ปแ€•แ€Šแ€แ€ฑแ€›แ€ธแŠ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ฑแ€žแ€ฌ แ€›แ€„แ€žแ€”แ€™แ‚ˆ แŠ แ€žแ€…แ€•แ€„แ€…แ€€แ€•แ€ธแ€ปแ€แ€„แ€ธแŠ แ€žแ€”แ‚”แ€›แ€„แ€ธ แ€…แ€„แพแ€€แ€šแ€ฑแ€žแ€ฌ แ€ฑแ€›แ‚แ€„ แ€ฑแ€›แ€†แ€ธแ€…แ€ผแ€”แ‚”แ€•แ€…แ€…แ€”แ€…แ€™แ€ฌแ€ธแ€…แ€žแ€Š แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€ แ€กแ€ก (Infrastructure) แ€™แ€ฌแ€ธแ€€ แ€™แ€™แ€แ‚”แ€…แ€™แ€€แ€”แ€ธ แ€กแ€”แ€ธแ€แ€…แ€แ€€ แ€แ€ผแ€„แ€žแ€ฌแ€™แ€€ แ€…แ€™แ€€แ€”แ€ธแ€กแ€แ€ผแ€„แ€ธ-แ€กแ€ปแ€•แ€„ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€œแ€ฌแ€ฑแ€กแ€ฌแ€„ แ€…แ€ฅแ€†แ€€แ€™แ€ปแ€•แ€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€คแ€žแ€Šแ€™แ€ฌ MTSH แ€šแ€ฑแ€”แ‚”แ€ฑ แ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™แ€›แ€›แ‚แ€„แ€ฑแ€›แ€ธแ‚แ€„ แ€แ€„แ€™แ€ฌแ€…แ€ผแ€ฌ แ€›แ€•แ€แ€Š แ€ฑแ€”แ€ฑแ€žแ€ฌ แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€แ€…แ€ แ€ฑแ€›แ€ฌแ€€แ€›แ€œแ€ฌแ€ฑแ€กแ€ฌแ€„ แ€€แ€ฌแ€œแพแ€€แ€ฌแ€ปแ€™แ€„แ€…แ€ผแ€ฌ แ€™แ€™แ€•แ€ซแ€แ€„ แ€กแ€ฌแ€ธแ€‘แ€แพแ€€แ€ธแ€•แ€™แ€ธแ€™แ‚ˆแ€ปแ€–แ€…แฟแ€•แ€ธ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€™ แ€™แ€™แ€กแ€ฑแ€•แš แ€šแพแ€€แ€Šแ€…แ€ผแ€ฌ แ€แ€ฌแ€แ€”แ€ฑแ€•แ€ธแ€กแ€•แ€žแ€Šแ€กแ€แ€ผแ€€ แ€ฑแ€€แ€ธแ€‡แ€ธแ€แ€„แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€แ‚”แ€žแ€Š แ‚แ€„แ€„ แ€ฑแ€แ€ฌ แ‚แ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€•แ€ธแ‚แ€„แ€™ แ€กแ€ฑแ€•แš แ€™แ€ฌแ€ธแ€…แ€ผแ€ฌ แ€‚แ€แ€šแ€แ€™แ€ธแ€ฑแ€ปแ€™แ€ฌแ€€แ€™แ€•แ€ซแ€žแ€Šแ‹ MTSH แ€€แ€™แธแ€แ€žแ€Š แ€šแ€แ€แ€”แ€แ€ผแ€„ แ€กแ€…แ€žแ€ฌแ€›แ€•แ€ซแ€ฑแ€žแ€ธแ€žแ€Šแ‹ แ€€แ€™แธแ€แ แ€ฅแ€€แ‚’ แ€แ€…แ€ฆแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€ฑแ€€แ€ฌแ€„แ€ธแ€†แ€ธ แพแ€€แ€ธแ€•แ€™แ€ธแ€กแ€ฌแ€ธแ€‘แ€แ€™แ€™แ€ฌแ€ธแ€ปแ€–แ€„ แ€™แ€™แ€แ‚” แ€€แ€™แธแ€แ‚€แ€€แ€ธแ€€ แ€•แ€ผแ€„แ€œแ€„แ€ธแ€ปแ€™แ€„แ€žแ€ฌแ€™แ‚แ€„ แ€แ€ฌแ€แ€”แ€ž-แ€แ€ฌแ€แ€”แ€แ€™แ แ€™แ€แ€ฑแ€€แ€ฌแ€€แ€ฑแ€€แ€ฌแ€„แ€ธแ€แ€…แ€แ€ปแ€–แ€…แ€ฑแ€กแ€ฌแ€„ แ€†แ€€แ€œแ€€ แ‚€แ€€แ€ธแ€•แ€™แ€ธแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€žแ€ผแ€ฌแ€ธแ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€‚แ€แ€ปแ€•แ€ฑแ€ปแ€•แ€ฌแพแ€€แ€ฌแ€ธแ€กแ€•แ€•แ€ซแ€žแ€Šแ‹

แ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€ฅแ€€แ€Œ

MYANMAR THILAWA SEZ 66

Page 8: report CONTENTS - MTSH

H.E. U Henry Van Thio, Vice President of the Republic of the Union of Myanmar and Chairman of Central Body for Myanmar Special Economic Zone visited Thilawa Special Economic Zone on the 11th of August 2017.U Set Aung, Chairman of Thilawa SEZ Management Committee, U Thein Han, Chairman of Myanmar Japan Thilawa Development Limited, U Win Aung, Chairman of Myanmar Thilawa SEZ Holdings Public Limited and U Thurane Aung, Vice President of Myanmar Japan Thilawa Development Limited, presented the progress of the development of Thilawa Special Economic Zone. During the visit, H.E. U Henry Van Thio visited the factories that are currently operating in the Thilawa Special Economic Zone.

แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€ฑแ€แ€ฌ แ€’แ€แ€šแ€žแ€™แผแ€แŠ แ€ปแ€™แ€”แ€™แ€ฌ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€—แ€Ÿแ€กแ€–แ€ผแ‚• แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€Ÿแ€„แ€”แ€›แ€—แ€”แ€‘แ€ธแ€šแ€žแ€Š แ‚แ€แแ‡ แ€แ‚แ€…แŠ แพแ€žแ€‚แ€แ€œ (แแ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€žแ‚” แ€ฑแ€›แ€ฌแ€€แ€›แ€œแ€ฌแ€›แ€ฌ แ€ปแ€™แ€”แ€™แ€ฌ แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€แ แ‚แ€ธแ€แ€”แ€ธแ€› แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€แ€”แ€ธแ€™แ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€ฑแ€€แ€ฌแ€™แ€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€†แ€€แ€ฑแ€กแ€ฌแ€„แŠ แ€ปแ€™แ€”แ€™แ€ฌ แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€แ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€žแ€”แ€ธแ€Ÿแ€”แŠ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แŠ แ€ปแ€™แ€”แ€™แ€ฌ แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€แ แ€’แ€แ€šแ€ฅแ€€แ‚’ แ€ฅแ€ธแ€žแ€›แ€”แ€ฑแ€กแ€ฌแ€„แ€แ‚”แ€™ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€›แ€„แ€ธแ€œแ€„แ€ธ แ€แ€„แ€ปแ€•แ€›แ€ฌ แ€’แ€แ€šแ€žแ€™แผแ€ แ€ฆแ€ธแ€Ÿแ€„แ€”แ€›แ€—แ€”แ€‘แ€ธแ€šแ€€ แ€›แ€„แ€ธแ€œแ€„แ€ธ แ€แ€„แ€ปแ€•แ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€•แ€แ€žแ€€แ แ€œแ€กแ€•แ€žแ€Šแ€™แ€ฌแ€ธแ€€ แ€œแ€™แ€ธแซแ‚Šแ€” แ€™แ€ฌแพแ€€แ€ฌแ€ธแฟแ€•แ€ธ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€กแ€แ€ผแ€„แ€ธแ€› แ€œแ€Šแ€•แ€ แ€œแ€€แ€›แ€ฑแ€žแ€ฌ แ€…แ€€แ‚แ€™แ€ฌแ€ธแ€žแ‚” แ€žแ€ผแ€ฌแ€ธแ€ฑแ€›แ€ฌแ€€แ€ฑแ€œแ€œแ€ฌแ€แ€•แ€ซแ€žแ€Šแ‹

VICE PRESIDENT VISIT (11 AUG 2017)

SIGNIFICANT EVENTS

ANNUAL REPORT 2016 - 2017 77

Page 9: report CONTENTS - MTSH

H.E. U Henry Van Thio, Vice President of the Republic of the Union of Myanmar and Chairman of Central Body for Myanmar Special Economic Zone, accompanied by Dr. Than Myint, Union Minister of Commerce and Government Officials, visited Thilawa Special Economic Zone on the 17th of September 2016.U Set Aung, Chairman of Thilawa SEZ Management Committee, U Win Aung, Chairman of Myanmar Thilawa SEZ Holdings Public Limited and Mr. Takashi Yanai, President and Chief Executive Officer of Myanmar Japan Thilawa Development Limited, presented a report on the progress of the development.

แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€ฑแ€แ€ฌ แ€’แ€แ€šแ€žแ€™แผแ€แŠ แ€ปแ€™แ€”แ€™แ€ฌแ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€—แ€Ÿแ€กแ€–แ€ผแ‚• แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€Ÿแ€„แ€”แ€›แ€—แ€”แ€‘แ€ธแ€šแ€žแ€Š แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ‚แ€„ แ€€แ€ธแ€žแ€”แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€šแ€ฑแ€›แ€ธ แ€แ€”แ‚€แ€€แ€ธแ€Œแ€ฌแ€” แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€… แ€แ€”แ‚€แ€€แ€ธ แ€ฑแ€’แ€ซแ€€แ€แ€ฌ แ€žแ€”แ€ธแ€ปแ€™แ€„แ‚แ€„ แ€แ€ฌแ€แ€”แ€›แ€žแ€™แ€ฌแ€ธ แ€œแ€€แ€•แ€ซแ แ‚แ€แแ† แ€แ‚แ€…แŠ แ€…แ€€แ€แ€„แ€˜แ€ฌแ€œ (แแ‡) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€žแ‚” แ€ฑแ€›แ€ฌแ€€แ€›แ€œแ€ฌแ€›แ€ฌ แ€›แ€„แ€ธแ€œแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆ แ€ฑแ€€แ€ฌแ€™แ€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€†แ€€แ€ฑแ€กแ€ฌแ€„แŠ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แŠ แ€ปแ€™แ€”แ€™แ€ฌ-แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€แ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€กแ€›แ€ฌแ€›แ€แ€• Mr. Takashi Yanai แ€แ‚”แ€€ แ€œแ€•แ€„แ€”แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€›แ€„แ€ธแ€œแ€„แ€ธแ€แ€„แ€ปแ€•แ€›แ€ฌ แ€’แ€แ€šแ€žแ€™แผแ€ แ€ฆแ€ธแ€Ÿแ€„แ€”แ€› แ€—แ€”แ€‘แ€ธแ€šแ€€ แ€›แ€„แ€ธแ€œแ€„แ€ธ แ€แ€„แ€ปแ€•แ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€•แ€แ€žแ€€แ แ€œแ€กแ€•แ€žแ€Š แ€™แ€ฌแ€ธแ€€ แ€œแ€™แ€ธแซแ‚Šแ€”แ€™แ€ฌแพแ€€แ€ฌแ€ธแ€แ€•แ€ซแ€žแ€Šแ‹

VICE PRESIDENT VISIT (17 SEP 2016)

SIGNIFICANT EVENTS

MYANMAR THILAWA SEZ 8

Page 10: report CONTENTS - MTSH

On the 27th of August 2016, the Union Minister of Commerce, Dr. Than Myint, visited Thilawa SEZ. He was welcomed by U Set Aung, Chairman of Thilawa SEZ Management Committee (โ€œTSMCโ€), U Thein Han, Chairman of Myanmar Japan Thilawa Development Limited (โ€œMJTDโ€) and Mr. Takashi Yanai, President and Chief Executive Officer of MJTD presented a report on the progress of the development. แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€€แ€ธแ€žแ€”แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€šแ€ฑแ€›แ€ธแ€แ€”แ‚€แ€€แ€ธแ€Œแ€ฌแ€” แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€แ€”แ‚€แ€€แ€ธ

แ€ฑแ€’แ€ซแ€€แ€แ€ฌ แ€žแ€”แ€ธแ€ปแ€™แ€„แ€žแ€Š แ‚แ€แแ† แ€แ‚แ€…แŠ แพแ€žแ€‚แ€แ€œ (แ‚แ‡) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€žแ‚” แ€œแ€ฌแ€ฑแ€›แ€ฌแ€€แพแ€€แ€Šแ‚แ‚ˆ แ€ฑแ€œแ€œแ€ฌแ€แ€›แ€ฌ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€ฑแ€€แ€ฌแ€™แ€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€†แ€€แ€ฑแ€กแ€ฌแ€„แŠ แ€ปแ€™แ€”แ€™แ€ฌแ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚”แ€œแ€™แ€แ€€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€žแ€”แ€ธแ€Ÿแ€”แ‚แ€„ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€กแ€›แ€ฌแ€›แ€แ€• แ€ปแ€–แ€…แ€ฑแ€žแ€ฌ Mr. Takashi Yanai แ€แ‚”แ€™ แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ‚แ€„ แ€•แ€แ€žแ€€แ แ€แ€ธแ€แ€€แฟแ€•แ€ธแ€…แ€ธแ€ฑแ€” แ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€›แ€„แ€ธแ€œแ€„แ€ธแ€แ€„แ€ปแ€•แ€›แ€ฌ แ€แ€”แ‚€แ€€แ€ธแ€™ แ€œแ€กแ€•แ€žแ€Šแ€™แ€ฌแ€ธแ€€ แ€œแ€™แ€ธแซแ‚Šแ€”แ€™แ‚ˆ แ€ปแ€•แ€แ€•แ€ซแ€žแ€Šแ‹

VISIT OF THE UNION MINISTER OF COMMERCE

ANNUAL REPORT 2016 - 2017 9

Page 11: report CONTENTS - MTSH

The Thilawa project was conceived in 2012. Although it started prior to the current administration, both governments have been fully supportive of Thilawa SEZ. It is especially evident with the special attention given by U Phyo Min Thein, the Yangon Region Chief Minister. His Excellency visited Thilawa SEZ in July 2016, and was greeted by the team at MJTD. MJTD is the master developer of the Thilawa SEZ. MJTD is jointly presided over by Chairman U Thein Han and the President and CEO, Mr. Takeshi Yanai. MJTD continues to maintain close ties with the Yangon Region Government and is thankful for the support and assistance. U Set Aung, Chairman of Thilawa SEZ Management Committee (TSMC), U Win Aung, Chairman of Myanmar Thilawa SEZ Holdings Public Limited (MTSH), Mr. Takashi Yanai, President & Chief Executive Officer of MJTD, presented a report on progress of the development. During the visit by Chief Minister, U Phyo Min Thien was accompanied by Minister of Security and Border Affairs, Minister of Finance and Revenue, Minister of Social Affair, and Minister of Electric Power and Industry.

YANGON REGION CHIEF MINISTERโ€™S VISIT

SIGNIFICANT EVENTS

แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€‡แ€”แ€€ แ‚แ€แแ‚ แ€แ‚แ€…แ€แ€ผแ€„ แ€…แ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แฟแ€•แ€ธแŠ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€‡แ€” แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Š แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€…แ€ฅแ€™แ€ฌแ€ธแ€€ แ€…แ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€แ€…แ€ฅแ€€แ€ฌแ€œแ€™แ€…แ แ‚แ€„แ€„แ€ฑแ€แ€ฌแ€กแ€…แ€ธแ€›แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€˜แ€€แ€˜แ€€แ€™ แ€œแ€กแ€•แ€žแ€Šแ€™แ€ฌแ€ธแ€€ แ€€แ€Šแ€•แ€•แ€ธแ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€›แ€”แ€€แ€”แ€แ€„แ€ธแ€แ€”แ‚€แ€€แ€ธแ€แ€• แ€ฆแ€ธแฟแ€–แ€ธแ€™แ€„แ€ธแ€žแ€”แ€ธ แ€•แ€•แ€ธแ€ฑแ€‘แ€ฌแ€€แ€•แ€™แ‚ˆแ€žแ€Š แ€žแ€žแ€ฌ แ€‘แ€„แ€›แ€ฌแ€ธแ€ฑแ€…แ€žแ€Š แ€กแ€แ€€แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€แ€”แ‚€แ€€แ€ธแ€แ€•แ€žแ€Š แ€‡แ€ผแ€”แ€œแŠ แ‚แ€แแ† แ€แ‚แ€…แ€แ€ผแ€„ แ€œแ€ฌแ€ฑแ€›แ€ฌแ€€แ€ฑแ€œแ€œแ€ฌแ€แฟแ€•แ€ธแŠ แ€ปแ€™แ€”แ€™แ€ฌ แ€‚แ€•แ€” แ€žแ€œแ€แ€ซแ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€ แ€™ แ€แ€ฌแ€แ€”แ€›แ€žแ€™แ€ฌแ€ธแ€™ แ‚€แ€€แ€†แ€แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€™แ€”แ€™แ€ฌ แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€ แ€žแ€Š แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Š แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€ปแ€แ€„แ€ธแ€€ แ€แ€ฌแ€แ€”แ€š แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€žแ€Š แ€€แ€™แธแ€แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€™แ€”แ€™แ€ฌ แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€แ€€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€žแ€”แ€ธแ€Ÿแ€”แ‚แ€„ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€กแ€›แ€ฌแ€›แ€แ€•แ€ปแ€–แ€…แ€ฑแ€žแ€ฌ Mr. Takashi Yanai แ€แ‚”แ€™ แ€ฆแ€ธแ€…แ€ธแ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€™แ€”แ€™แ€ฌ แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€ แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€›แ€”แ€€แ€”แ€แ€„แ€ธแ€ฑแ€’แ€žแ‚€แ€€แ€ธแ€กแ€…แ€ธแ€›แ‚แ€„ แ€กแ€แ€แ€€แ€ผ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แฟแ€•แ€ธ แ€›แ€”แ€€แ€” แ€แ€„แ€ธแ€ฑแ€’แ€žแ‚€แ€€แ€ธแ€กแ€…แ€ธแ€›แ แ€•แ€•แ€ธแ€™แ‚ˆแ€€ แ€™แ€™แ€แ‚”แ€กแ€ฑแ€”แ€ปแ€–แ€„แ€™แ€ฌแ€ธแ€…แ€ผแ€ฌ แ€ฑแ€€แ€ธแ€‡แ€ธแ€แ€„แ€›แ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€™แ€แ€แ€™แ€ธแ€แ€„แ€กแ€•แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€ฑแ€€แ€ฌแ€™แ€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€†แ€€แ€ฑแ€กแ€ฌแ€„แŠ แ€ปแ€™แ€”แ€™แ€ฌ แ€žแ€œแ€แ€ซ แ€กแ€€(แ€…) แ€กแ€ธแ€‡แ€€แ€Ÿแ€ธแ€’แ€„แ€ธ แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€ แ€ฅแ€€แ‚’ แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แŠ แ€ปแ€™แ€”แ€™แ€ฌ แ€‚แ€•แ€”แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€กแ€›แ€ฌแ€›แ€แ€•แ€ปแ€–แ€…แ€ฑแ€žแ€ฌ Mr. Takashi Yanai แ€แ‚”แ€™ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แ€™แ‚ˆ แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€™แ€ฌแ€ธแ€€ แ€›แ€„แ€ธแ€œแ€„แ€ธแ€แ€„แ€ปแ€•แ€แฟแ€•แ€ธ แ€›แ€”แ€€แ€”แ€แ€„แ€ธแ€แ€”แ‚€แ€€แ€ธแ€แ€• แ€ฆแ€ธแฟแ€–แ€ธแ€™แ€„แ€ธแ€žแ€”แ€ธแ‚แ€„แ€กแ€ แ€œแฟแ€แ€ฑแ€›แ€ธแ‚แ€„ แ€”แ€šแ€…แ€•แ€ฑแ€›แ€ธแ€›แ€ฌแ€แ€”แ‚€แ€€แ€ธ แ‚’แ€ฌแ€” แ€แ€”แ‚€แ€€แ€ธแŠ แ€…แ€™แ€€แ€”แ€ธแ‚แ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€แ€”แ‚€แ€€แ€ธแ‚’แ€ฌแ€” แ€แ€”แ‚€แ€€แ€ธแŠ แ€œแ€™แ‚ˆแ€ฑแ€›แ€ธแ€แ€”แ‚€แ€€แ€ธแ‚’แ€ฌแ€” แ€แ€”แ‚€แ€€แ€ธแŠ แ€œแ€•แ€…แ€…แŠ แ€…แ€€แ€™แ‚ˆแ€œแ€€แ€™แ‚ˆแ‚แ€„ แ€œแ€™แ€ธแ€•แ€”แ€ธแ€†แ€€แ€žแ€ผแ€šแ€ฑแ€›แ€ธ แ€แ€”แ‚€แ€€แ€ธแ‚’แ€ฌแ€” แ€แ€”แ‚€แ€€แ€ธแ€แ‚” แ€œแ€€แ€•แ€ซแ€แ€žแ€Šแ‹

MYANMAR THILAWA SEZ 10

Page 12: report CONTENTS - MTSH

Myanmar Thilawa SEZ Holdings Public Limited, Thilawa SEZ Management Committee, MMS Thilawa Development Co., Ltd and Japan International Cooperation Agency signed the โ€œThird Amendment and Restatement of Joint Venture Agreementโ€ at the Park Royal Hotel, Nay Pyi Taw on the 21st of October 2016. This Agreement was signed with the main objective of implementing Zone B, Phase 1 Project (101 hectares) located in the Industrial Area of Zone B, of which the total area is 700 hectares. The Union Minister of Commerce, Dr. Than Myint and the Japanese Ambassador to Myanmar, Mr. Tateshi Higuchi, attended the Signing Ceremony.

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€ (MTSH)แŠ Thilawa SEZ Management Committee (TSMC)แŠ MMS Thilawa Development Co., Ltd (MMSTD) แ‚แ€„ Japan International Cooperation Agency (JICA) แ€แ‚”แพแ€€แ€ฌแ€ธแ€แ€•แ€†แ€ฑแ€žแ€ฌ โ€œJoint Venture Agreementโ€ แ€กแ€ฌแ€ธ แ€แ€แ€šแ€กแ‚€แ€€แ€™แ€ปแ€•แ€„แ€†แ€„แ€ปแ€แ€„แ€ธ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€ แ€œแ€€แ€™แ€แ€ฑแ€›แ€ธแ€‘แ€ธแ€•แ€ผแ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€€ แ€ฑแ€”แ€ปแ€•แ€Šแ€ฑแ€แ€ฌแ€› Park Royal Hotel แ€แ€ผแ€„ แ‚แ€แแ† แ€แ‚แ€…แŠ แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌแ€œ (แ‚แ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€„แ€ธแ€•แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€กแ€› แ€‡แ€”(แ€˜) แ แ€…แ€€แ€™แ‚ˆแ€‡แ€”แ€งแ€›แ€šแ€ฌแ€กแ€แ€ผแ€„แ€ธแ€› แ€ฑแ€ปแ€™ (แแ€แ) แ€Ÿแ€€แ€แ€ฌแ€แ€”แ€ธแ€€แ€„แ€€ แ€‡แ€”(แ€˜) แ€•แ€‘แ€™แ€กแ€†แ€„ แ€…แ€™แ€€แ€”แ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€€แ€”แ€ฆแ€ธแ€แ€Šแ€ฑแ€†แ€ฌแ€€ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Š แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€”แ€กแ€แ€ผแ€€แ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€žแ‚” แ€แ€€แ€ฑแ€›แ€ฌแ€€แ€œแ€ฌแ€ฑแ€žแ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€€แ€ธแ€žแ€”แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€šแ€ฑแ€›แ€ธแ€แ€”แ‚€แ€€แ€ธแ€Œแ€ฌแ€” แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€แ€”แ‚€แ€€แ€ธ แ€ฑแ€’แ€ซแ€€แ€แ€ฌแ€žแ€”แ€ธแ€ปแ€™แ€„แ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€†แ€„แ€›แ€ฌ แ€‚แ€•แ€”แ‚แ€„แ€„ แ€žแ€กแ€™แ€แ‚€แ€€แ€ธ แ€™แ€…แฅแ€แ€ฌแ€แ€ฌแ€แ€›แ€Ÿแ€‚แ€แ€แ‚”แ แ€ฑแ€›แ‚•แ€ฑแ€™แ€ฌแ€€แ€แ€ผแ€„ แ€กแ€†แ€•แ€ซแ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€ แ€€ แ€œแ€€แ€™แ€แ€ฑแ€›แ€ธแ€‘แ€ธ แ€แพแ€€แ€•แ€ซแ€žแ€Šแ‹

SIGNING OF JOINT VENTURE AGREEMENT FOR ZONE B PROJECT

ANNUAL REPORT 2016 - 2017 11

Page 13: report CONTENTS - MTSH

The Co-ordination Meetings between the Myanmar and Japanese governments are held regularly to manage the tasks relating to the construction of Thilawa SEZ. Officials from different government departments are invited and issues relating to infrastructure in Thilawa SEZ have been resolved at those meetings. On the 15th of November 2016, the 10th Co-ordination Meeting was held at Nay Pyi Taw and the respective Government Officials from Myanmar and Japan, Chairman and Committee members of Thilawa SEZ Management Committee and Managing Director and Board of Directors of MTSH attended the Meeting to discuss the Zone B project.

On the 7th of February 2017, Myanmar Japan Thilawa Development Limited (โ€œMJTDโ€) held a โ€œMonk Praying Ceremonyโ€ at Thilawa SEZ Zone B area before the launch of Zone B project.

แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ฑแ€›แ€ธแ‚แ€„ แ€•แ€แ€žแ€€แ€žแ€Šแ€€แ€…แฅแ€™แ€ฌแ€ธแ€€ แ€ปแ€™แ€”แ€™แ€ฌ-แ€‚แ€•แ€” แ‚แ€…แ‚แ€„แ€„แ€กแพแ€€แ€ฌแ€ธ แ€ฑแ€•แ€ซแ€„แ€ธแ€…แ€•แ€Šแ‚‡แ‚แ‚ˆแ€„แ€ธแ€›แ€”แ€กแ€แ€ผแ€€ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€†แ€„แ€›แ€ฌ แ€ฑแ€•แ€ซแ€„แ€ธแ€…แ€•แ€Šแ‚‡แ‚แ‚ˆแ€„แ€ธแ€ฑแ€›แ€ธ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€™แ€ฌแ€ธแ€€ แ€•แ€™แ€” แ€€แ€„แ€ธแ€•แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แŽแ€ฑแ€•แ€ซแ€„แ€ธแ€…แ€•แ€Šแ‚‡แ‚แ‚ˆแ€„แ€ธแ€ฑแ€›แ€ธ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ก แ€œแ€กแ€•แ€™แ‚ˆ แ€™แ€ฌแ€ธแ‚แ€„แ€•แ€แ€žแ€€แ แ€žแ€€แ€†แ€„แ€›แ€ฌแ€กแ€…แ€ธแ€›แ€Œแ€ฌแ€”แ€™แ€ฌแ€ธแ€™ แ€แ€ฌแ€แ€”แ€›แ€žแ€™แ€ฌแ€ธแ แ€แ€„แ€ปแ€•แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€แ€ฌแ€แ€”แ€›แ€žแ€™แ€ฌแ€ธแ€™ แ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌแ€€แ€…แฅแ€™แ€ฌแ€ธแ€€ แ€ฑแ€•แ€ซแ€„แ€ธแ€…แ€•แ€Šแ‚‡แ‚แ‚ˆแ€„แ€ธ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€•แ€ซแ€žแ€Šแ‹(แแ€) แ‚€แ€€แ€™แ€ฑแ€ปแ€™แ€ฌแ€€ แ€ฑแ€•แ€ซแ€„แ€ธแ€…แ€•แ€Šแ‚‡แ‚แ‚ˆแ€„แ€ธแ€ฑแ€›แ€ธแ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€€ แ‚แ€แแ† แ€แ‚แ€…แŠ แ‚แ€แ€„แ€˜แ€ฌแ€œ (แแ…) แ€›แ€€แ€ฑแ€”แ‚” แ€แ€ผแ€„ แ€ฑแ€”แ€ปแ€•แ€Šแ€ฑแ€แ€ฌแŒ แ€€แ€„แ€ธแ€•แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซแ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€žแ‚” แ€ปแ€™แ€”แ€™แ€ฌแ€กแ€…แ€ธแ€›แ‚แ€„ แ€‚แ€•แ€”แ€กแ€…แ€ธแ€›แ แ€žแ€€แ€†แ€„แ€›แ€ฌ แ€Œแ€ฌแ€”แ€™แ€ฌแ€ธแ€™ แ€แ€ฌแ€แ€”แ€›แ€•แ€‚แข แ€œแ€™แ€ฌแ€ธแŠ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€ฑแ€€แ€ฌแ€™แ€ แ€ฅแ€€แ‚’แ‚แ€„ แ€ฑแ€€แ€ฌแ€™แ€แ€แ€„แ€™แ€ฌแ€ธแŠ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€œ) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€แ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€’แ€ซแ‚แ€€แ€แ€ฌแ‚แ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚•แ€แ€„แ€™แ€ฌแ€ธ แ€แ€€แ€ฑแ€›แ€ฌแ€€แ€แฟแ€•แ€ธ แ€‡แ€”(แ€˜) แ€…แ€™แ€€แ€”แ€ธแ€กแ€แ€ผแ€€ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€Šแ‚‡แ‚แ‚ˆแ€„แ€ธแ€แพแ€€แ€•แ€ซแ€žแ€Šแ‹

แ€‡แ€” (แ€˜) แ€…แ€™แ€€แ€”แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€™แ€…แ€แ€„แ€™ แ€‡แ€” (แ€˜) แ€งแ€›แ€šแ€ฌแ€กแ€แ€ผแ€„แ€ธ แ€•แ€›แ€แ€›แ€ผแ€แ€–แ€แ€•แ€ผ แ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€€ แ€ปแ€™แ€”แ€™แ€ฌ-แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€แ€™ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€ฑแ€–แ€ฑแ€–แ€ฌแ€แ€ซแ€›แ€œ (แ‡) แ€›แ€€แ€ฑแ€”แ‚”แ€€ แ€€แ€„แ€ธแ€•แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹

CO-ORDINATION MEETING/ G-G MEETING FOR ZONE B

MONK PRAYING CEREMONY

SIGNIFICANT EVENTS

MYANMAR THILAWA SEZ 12

Page 14: report CONTENTS - MTSH

The Commencement Ceremony of Thilawa Special Economic Zone, Zone B, a joint effort by Myanmar Thilawa SEZ Holdings Public Limited and Myanmar Japan Thilawa Development Limited was held on the 24th of February 2017 at a temporary pavilion of Zone B construction site located in Thilawa SEZ.

แ€ปแ€™แ€”แ€™แ€ฌ แ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€แ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌ-แ€‚แ€•แ€” แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€แ€แ‚” แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€žแ€Š แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€‡แ€”(แ€˜) แ€œแ€•แ€„แ€”แ€ธแ€…แ€แ€„แ€žแ€Š แ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€€ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€ฑแ€–แ€ฑแ€–แ€ฌแ€แ€ซแ€›แ€œ (แ‚แ„) แ€›แ€€แ€ฑแ€”แ‚” แ€”แ€”แ€€แ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€‡แ€”(แ€˜) แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€„ แ€šแ€ฌแ€šแ€™แ‚‘แ€•แ€แ€ผแ€„ แ€€แ€„แ€ธแ€•แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹

COMMENCEMENT CEREMONY OF ZONE B

ANNUAL REPORT 2016 - 2017 13

Page 15: report CONTENTS - MTSH

14MYANMAR THILAWA SEZ

Page 16: report CONTENTS - MTSH

Zone B Ground Breaking ceremony

24TH FEBRUARY 2017

ANNUAL REPORT 2016 - 2017 15

Page 17: report CONTENTS - MTSH

Myanmar Thilawa SEZ Holdings Public Limited (the โ€œCompanyโ€), was incorporated on the 3rd of May 2013 in Myanmar under the Companies Act as a public limited company. Our Company was established by a Myanmar consortium comprising of nine founding shareholders initially for participating in the Zone A industrial park development within the Thilawa Special Economic Zone, which the Myanmar Government and the Japanese Government have co-invested to develop pursuant to the Cooperation Memorandum. On the 20th of May 2016, our Companyโ€™s shares commenced trading on the Yangon Stock Exchange. Our Company is the second company to be listed on the Yangon Stock Exchange and the first developer of a Special Economic Zone of Myanmar to do so.

แ‚แ€แแƒ แ€แ‚แ€…แŠ แ€ฑแ€™แ€œ (แƒ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€แ€€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€•แ€ฑแ€’แ‚แ€„แ€กแ€Š แ€กแ€™แ€ฌแ€ธแ‚แ€„แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌแ€€แ€™แธแ€แ€กแ€ปแ€–แ€… แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€›แ€”แ€€แ€”แ€แ€„แ€ธแ€ฑแ€’แ€žแ‚€แ€€แ€ธแŠ แ€ฑแ€€แ€ฌแ€€แ€แ€”แ€ธแฟแ€™แ‚•แ€”แ€šแ€กแ€แ€ผแ€„แ€ธแ€› แ€žแ€œแ€แ€ซแ€ฑแ€’แ€žแ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌ-แ€‚แ€•แ€” แ‚แ€…แ‚แ€„แ€„แ€กแ€…แ€ธแ€› แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€›แ€ธ แ€…แ€ฌแ€แฝแ€ผแ€”แ€œแ‚Šแ€ฌแ€กแ€› แ€แ€Šแ€ฑแ€†แ€ฌแ€€ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€™แ€Š แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€…แ€™แ€€แ€”แ€ธแ€€ แ€ปแ€™แ€”แ€™แ€ฌ-แ€‚แ€•แ€”แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€ปแ€–แ€„ แ€–แ€€แ€…แ€• แ€€แ€™แธแ€ แ€‘แ€ฑแ€‘แ€ฌแ€„แ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€œแ€•แ€€แ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€ (แ‰) แ€แ€™ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„ แ€ฆแ€ธแ€›แ€ผแ€€แ€ปแ€•แ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€แ€€ แ€…แ€แ€„ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แแ† แ€แ‚แ€…แŠ แ€ฑแ€™แ€œ (แ‚แ€) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€™แธแ€แ แ€กแ€‘แ€„แ€€แ€› แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™แ‚ˆแ€แ€…แ€แ€กแ€ปแ€–แ€… แ€›แ€”แ€€แ€”แ€…แ€ฑแ€แ€ฌแ€กแ€แ€แ€”แ€ธแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€…แ€ผแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ‚”แ€ปแ€•แ€„ แ€›แ€”แ€€แ€”แ€…แ€ฑแ€แ€ฌแ€กแ€แ€แ€”แ€ธแ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธ แ€แ€„แ‚แ€„แ€แ€žแ€Š แ€•แ€‘แ€™แ€ฆแ€ธแ€†แ€ธแ€ฑแ€žแ€ฌ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€‘แ€ฌแ€ธแ€žแ€Š แ€€แ€™แธแ€ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

CORPORATE PROFILE

MYANMAR THILAWA SEZ 16

Page 18: report CONTENTS - MTSH

The nine founding shareholders of the Company are as follows: 1. First Myanmar Investment Company Limited; 2. Golden Land East Asia Development Limited; 3. Myanmar Agribusiness Public Corporation Limited; 4. Myanma Agricultural & General Development Public Limited; 5. Myanmar Edible Oil Industrial Public Corporation Limited; 6. Myanmar Sugar Development Public Company Limited; 7. Myanmar Technologies and Investment Corporation Limited; 8. National Development Company Group Limited; and 9. New City Development Public Company Limited.

Certificate of Incorporation Number : 484 of 2013-2014Certificate of Commencement of Business : 66 of 2013-2014

แ€€แ€™แ€€แ€‘แ€ปแ€•แ€ž แ€กแ€™แ€ฌแ€ธแ‚แ€„แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€ (แ‰) แ€แ€™แ€ฌ แ€–แ€(แ€…)แ€ปแ€™แ€”แ€™แ€ฌ แ€กแ€„แ€—แ€€(แ€…)แ€™(แ€”) แ€€แ€™แธแ€แ€œแ€™แ€แ€€ แ€ฑแ€›แ‚Šแ‚แ€„แ€„แ€กแ€ฑแ€›แ‚•แ€กแ€ฌแ€›แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€€แ€™แธแ€แ€œแ€™แ€แ€€ แ€ปแ€™แ€”แ€™แ€ฌ แ€กแ€‚แ€› แ€˜แ€…แฅแ€”แ€€ แ€•แ€แ€˜แ€œแ€…แ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธ แ€œแ€™แ€แ€€ แ€ปแ€™แ€”แ€™แ€ฌแ€œแ€šแ€šแ€ฌแ€‘แ€ผแ€€แ€€แ€”แ‚แ€„ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€กแ€™แ€ฌแ€ธแ€•แ€„ แ€œแ€™แ€แ€€ (แ€กแ€™แ€ฑแ€กแ€‚แ€’แ€•แ€กแ€šแ€œ) แ€ปแ€™แ€”แ€™แ€ฌแ€กแ€šแ€’แ€˜แ€š(แ€œ)แ€กแ€ผ แ€„แ€ธ(แ€œ) แ€กแ€„แ€’แ€แ€…แ€‘แ€›แ€›แ€š แ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธ (แ€กแ€™แ€กแ€ธแ€กแ€„แ€…แ€ก) แ€œแ€™แ€แ€€ แ€ปแ€™แ€”แ€™แ€ฌแ€žแพแ€€แ€ฌแ€ธแ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€ แ€œแ€™แ€แ€€ แ€ปแ€™แ€”แ€™แ€ฌแ€”แ€Šแ€ธแ€•แ€Šแ€ฌแ‚แ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€™แ‚ˆ แ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธ แ€œแ€™แ€แ€€ แ€กแ€™แ€ธแ€žแ€ฌแ€ธแ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€กแ€•แ€… แ€€แ€™แธแ€แ€œแ€™แ€แ€€ แฟแ€™แ‚•แ€ฑแ€แ€ฌแ€žแ€…แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€กแ€™แ€ฌแ€ธแ€•แ€„ แ€€แ€™แธแ€แ€œแ€™แ€แ€€แ€แ‚”แ€กแ€•แ€ซแ€กแ€แ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€ฑแ€•แ€ซแ€„แ€ธ (แแ‡,แ‚แ‚แ€) แ€ฆแ€ธ แ€›แ€œแ€ฌแฟแ€•แ€ธแŠ แ€šแ€แ€กแ€แ€”แ€‘ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€แ€ผแ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„ แ€กแ€™แ€ฌแ€ธแ€†แ€ธแ€•แ€ซแ€แ€„แ€žแ€Š แ€กแ€™แ€ฌแ€ธแ‚แ€„แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 17

Page 19: report CONTENTS - MTSH

STRUCTURE

Note: MMS Thilawa Development Co., Ltd. is equally owned by (1) Mitsubishi Corporation, (2) Marubeni Corporation and (3) Sumitomo Corporation.

CORPORATE STRUCTURE

MTSH BOARD STRUCTURE

Non-Executive Directors Executive Directors Independent Directors

MYANMAR THILAWA SEZ 18

Page 20: report CONTENTS - MTSH

Thilawa Property Development Limited, a subsidiary of our Company, was incorporated as a private limited company on the 19th of March 2015. TPD was formed to undertake the development, construction, marketing, leasing and operation of the Residential and Commercial component of the Zone A Project. The Residential and Commercial component comprises of residential buildings, offices, shopping malls, banks and public amenities. On the 30th of March 2016, our Company entered into the TPD Joint Venture Agreement with Thilawa SEZ Management Committee (โ€œTSMCโ€). Consequently, TSMC holds a 20% interest in TPD and our Company holds the remaining 80% interest.

แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€กแ€ฌแ€ธแ€ปแ€™แ€”แ€™แ€ฌแ€กแ€…แ€ธแ€›แ‚แ€„ แ€‚แ€•แ€”แ€กแ€…แ€ธแ€›แ€แ‚” แ€œแ€€แ€แ€ผแ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€žแ€ฑแ€˜แ€ฌแ€แ€‘แ€ฌแ€ธแพแ€€แ€žแ€Š แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€›แ€ธ แ€žแ€ฑแ€˜แ€ฌแ€แ€…แ€ฌแ€แฝแ€ผแ€”แ€œแ‚Šแ€ฌแ€กแ€› แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€€แ€™แธแ€แŠ Thilawa SEZ Management Committee (TSMC) แŠ MMSTD แ‚แ€„ JICA แ€แ‚”แ€กแ€ฑแ€”แ€ปแ€–แ€„ Zone A Project แ€กแ€ฌแ€ธ แ€›แ€„แ€ธแ‚แ€ธแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€แ€„แ€ธแŠ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€„แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€œแ€Šแ€•แ€แ€œแ€•แ€€แ€„แ€ปแ€แ€„แ€ธแ€แ‚”แ€€ แ€แ€ฌแ€แ€”แ€šแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€” แ€–แ€€แ€…แ€• แ€€แ€™แธแ€แ€ปแ€–แ€…แ€žแ€Š MJTD แ€€ แ€…แ€แ€„แ€กแ€žแ€€แ€žแ€ผแ€„แ€ธแ€แฟแ€•แ€ธ แ‚แ€แแ„ แ€แ‚แ€…แŠ แ€‡แ€”แ€”แ€แ€ซแ€›แ€œ (แแ€) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€” แ€€แ€”แ‚”แ€žแ€ แ€‘แ€ฌแ€ธแ€žแ€Š แ€€แ€™แธแ€แ€กแ€ปแ€–แ€… แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€–แ€€แ€…แ€•แ€žแ€ฑแ€˜แ€ฌแ€แ€…แ€ฌแ€แ€•แ€กแ€› แ€ปแ€™แ€”แ€™แ€ฌแ€˜แ€€แ€™ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€žแ€กแ€ปแ€–แ€… MTSH แ€™ (แ„แ) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ‚แ€„ TSMC แ€™ (แแ€) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€แ‚” แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€‚แ€•แ€”แ€˜แ€€แ€™ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€™แ‚ˆแ€กแ€ฑแ€”แ€ปแ€–แ€„ MMSTD แ€™ (แƒแ‰) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธ แ‚แ€„ JICA แ€™ (แแ€) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€แ‚” แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ MMSTD แ€žแ€Š แ€™แ€…แ€†แ€˜แ€› แ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธแŠ แ€™แ€ฌแ‚แ€˜แ€”แ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธ แ‚แ€„ แ€†แ€™แ€แ€™ แ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ‚” แ€กแ€€แ€ธแ€แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

Zone A Project แ แ€œแ€ฑแ€”แ€‘แ€„แ€›แ€ฌแ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€…แ€แ€กแ€•แ€„แ€ธแ€€ แ€แ€…แ€†แ€„ แ€กแ€„แ€ฌแ€ธแ€แ€‘แ€ฌแ€ธแ€›แ€” แ€กแ€แ€ผแ€€ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€žแ€Š TPD แ€€แ€™แธแ€แ€€ แ‚แ€แแ… แ€แ‚แ€…แŠ แ€™แ€แ€œ (แแ‰) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€” แ€€แ€”แ‚”แ€žแ€แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€™แ€ฌแ€ธแ‚แ€„แ€™แ€žแ€€แ€†แ€„แ€žแ€Š แ€€แ€™แธแ€แ€กแ€ปแ€–แ€… แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€€แ€™แธแ€แ€žแ€Š แ€œแ€ฑแ€”แ€กแ€™แ€šแ€ฌแ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€กแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€›แ€„แ€ธแ‚แ€ธแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€™แ‚ˆแŠ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ‚แ€„ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€ปแ€™แ‚‡แ€„แ€แ€„แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธ แ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€ฑแ€”แ€กแ€™แ€›แ€ฌแ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€กแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€œแ€ฑแ€”แ€กแ€™แ€›แ€ฌแ€™แ€ฌแ€ธแŠ แ‚แ€ธแ€แ€”แ€ธแ€™แ€ฌแ€ธแŠ แ€ฑแ€…แ€ธแ€แ€šแ€…แ€„แ€แ€ฌแ€™แ€ฌแ€ธแŠ แ€˜แ€แ€™แ€ฌแ€ธแ‚แ€„แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€กแ€•แ€”แ€ธแ€ฑแ€ปแ€– แ€กแ€žแ€ธแ€ปแ€•แ€”แ€„แ€™แ€Š แ€งแ€›แ€šแ€ฌแ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แแ† แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ€) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ Thilawa SEZ Management Committee (TSMC) แ‚แ€„ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€ แ€žแ€ฑแ€˜แ€ฌแ€แ€…แ€ฌแ€แ€•แ€€ แ€แ€•แ€†แ€แฟแ€•แ€ธแ€ฑแ€”แ€ฌแ€€ แ€€แฝแ€ผแ‚แ€•แ€แ‚” แ€€แ€™แธแ€แ€žแ€Š TPD แ€แ€ผแ€„ (แˆแ€) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€€ แ€•แ€„แ€†แ€„แฟแ€•แ€ธ Thilawa SEZ Management Committee (TSMC) แ€™ (แ‚แ€) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€€ แ€•แ€„แ€†แ€„แ€•แ€ซแ€žแ€Šแ‹

THILAWA PROPERTY DEVELOPMENT LIMITED (TPD)

Myanmar Thilawa SEZ Holdings Public Limited (โ€œMTSHโ€), Thilawa SEZ Management Committee (โ€œTSMCโ€), Japan International Cooperation Agency (โ€œJICAโ€) and MMS Thilawa Development Company Limited (โ€œMMSTDโ€), established a vision to develop, construct, market, sell and operate the Zone A project. The Joint Venture was established as Myanmar Japan Thilawa Development Limited (โ€œMJTDโ€) and it was incorporated as a private limited company on 10th of January 2014.

On the Myanmar side, our Company holds a 41% interest in MJTD, along with the balance 10% interest held by TSMC. On the Japanese side, MMSTD holds a 39% interest in MJTD, with the balance 10% interest held by JICA. MMSTD was founded by a consortium of Japanese developers which include Mitsubishi Corporation, Marubeni Corporation and Sumitomo Corporation.

MYANMAR JAPAN THILAWA DEVELOPMENT LIMITED (MJTD)

MJTD Shareholding Structure

TPD Shareholding Structure

ANNUAL REPORT 2016 - 2017 19

Page 21: report CONTENTS - MTSH

20MYANMAR THILAWA SEZ

Page 22: report CONTENTS - MTSH

Zone B Ground Breaking ceremony

24TH FEBRUARY 2017

ANNUAL REPORT 2016 - 2017 21

Page 23: report CONTENTS - MTSH

To invest in the development of Thilawa SEZ, Yangon Region, for all round socio and

economic growth of the Republic of the Union of Myanmar and to become a regional leader

attracting foreign direct investmentsแ€›แ€”แ€€แ€”แ€แ€„แ€ธแ€ฑแ€’แ€žแ‚€แ€€แ€ธแŠ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€™ แ€แ€†แ€„แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€ฑแ€แ€ฌแ€แ€…แ€แ€™แ€ธ แ€œแ€ฑแ€”แ€™แ‚ˆแ€˜แ€แ€–แ€ผแ‚•แฟแ€–แ€ธ แ€แ€ธแ€แ€€แ€™แ‚ˆแŠ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ‚ˆแ€กแ€แ€ผแ€€แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€žแ€Š แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€กแ€™แ€ฌแ€ธ แ€ฑแ€•แšแ€‘แ€ผแ€”แ€ธแ€แ€ธแ€แ€€แ€œแ€ฌแ€™แ‚ˆแ‚แ€„ แ€ฑแ€’แ€žแ€แ€ผแ€„แ€ธ แ‚แ€„แ€„แ€™แ€ฌแ€ธแ€กแ€แ€ผแ€„แ€ธ แ‚แ€„แ€„แ€แ€€แ€ฌแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€™แ‚ˆ แ€กแ€™แ€ฌแ€ธแ€†แ€ธแ€œแ€€แ€แ€›แ€›แ€žแ€Š แ‚แ€„แ€„แ€กแ€ปแ€–แ€… แ€›แ€•แ€แ€Šแ‚แ€„แ€›แ€”แ‹

To create value for all our shareholders, investors, partners, employees and communities by investing and providing reliable,

sustainable business environment through the development of word class industrial and commercial infrastructure with

responsible international practices and good governance ensuring long term growth แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€„แ€™แ€ฌแ€ธแŠ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€žแ€™แ€ฌแ€ธแŠ

แ€œแ€•แ€ฑแ€–แ€ฌแ€€แ€„แ€–แ€€แ€™แ€ฌแ€ธแŠ แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแ‚แ€„แ€ฑแ€’แ€žแ€แ€ผแ€„แ€ธ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธ แ€˜แ€€แ€…แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€›แ€”แŠ แ€ฑแ€›แ€›แ€Šแ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธ แ€ปแ€–แ€…แ€‘แ€ผแ€”แ€ธแ€›แ€”แ€กแ€แ€ผแ€€ แ‚แ€„แ€„แ€แ€€แ€ฌ แ€กแ€†แ€„แ€แ€ฌแ€แ€”แ€แ€žแ€Š แ€œแ€•แ€‘แ€ธแ€œแ€•แ€”แ€Šแ€ธแ€™แ€ฌแ€ธแŠ แ€šแพแ€€แ€Šแ€…แ€แ€แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ฑแ€žแ€ฌแ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€™แ€ฌแ€ธแ‚แ€„ แ€ฑแ€›แ€›แ€Šแ€แ€Šแ€แ€™แ€Š แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€กแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แฟแ€•แ€ธ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€กแ€แ€ผแ€„แ€กแ€œแ€™แ€ธแ€™แ€ฌแ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€”แ‹

CORPORATE GOVERNANCE REPORT

MISSION, VISION AND VALUE

MYANMAR THILAWA SEZ 22

Page 24: report CONTENTS - MTSH

identify workplace risks and put together comprehensive risk mitigation measures.

VALUECORPORATE

ANNUAL REPORT 2016 - 2017 23

Page 25: report CONTENTS - MTSH

CORPORATEGOVERNANCE

Our Company is built on the foundations of accountability, fairness and transparency. MTSH is committed to good corporate governance, which promotes the long-term interests of shareholders, strengthens Board and management accountability and helps build public trust in the Company. The Board of Directors sets high standards for the Companyโ€™s employees, officers and directors. Implicit in this philosophy is the importance of sound corporate governance. It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of the Companyโ€™s business. Our board of directors sets the tone at the top, promoting a strong culture of integrity and ethical behaviour throughout our entire organization.

CORPORATE GOVERNANCE ROADMAP & IMPLEMENTATION

MYANMAR THILAWA SEZ 24

Page 26: report CONTENTS - MTSH

The shareholders elect the Board members to oversee their interest in the long-term health and the overall success of the business. The Board serves as the ultimate decision-making body of the Company, except for matters reserved for shareholders. The Board selects and oversees the members of senior management, who are charged by the Board with conducting the business of the Company.The Board of Directors has established Corporate Governance Guidelines which provide a framework for the effective governance of the Company. The guidelines address matters such as the Boardโ€™s mission, Director responsibilities, Director qualifications, determination of Director independence, Board committee structure, Managing Director / Chief Executive Officer performance evaluation and management succession. The Board regularly reviews developments in corporate governance and updates the Corporate Governance Guidelines and other governance materials as it deems necessary and appropriate.

แ€™แ€™แ€แ‚”แ€€แ€™แธแ€แ€žแ€Š แ€แ€ฌแ€แ€”แ€แ€™แ‚ˆแŠ แ€แ€ฌแ€แ€”แ€šแ€™แ‚ˆแŠ แ€แ€›แ€ฌแ€ธแ€™แ€แ€™แ‚ˆแ‚แ€„ แ€•แ€ผแ€„แ€œแ€„แ€ธแ€ปแ€™แ€„แ€žแ€ฌแ€™แ‚ˆ แ€แ‚”แ€€แ€กแ€ฑแ€ปแ€แ€แ แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€ปแ€–แ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธ แ€กแ€€แ€ธแ€€แ€ฑแ€™แ€ฌแ€™แ€”แ€ธแฟแ€•แ€ธ แ€…แ€™แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ€™ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ปแ€•แ€Šแ€…แ€ฑแ€žแ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€…แ€”แ€…แ€€ แ€€แ€™แธแ€แ€™ แ€›แ€Šแ€™แ€”แ€ธแ€‘แ€ฌแ€ธแ€žแ€Šแ€กแ€แ€„แ€ธ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€™แ€แ‚”แ แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแŠ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€แ€„แ€™แ€ฌแ€ธแ€€ แ€ปแ€™แ€„แ€™แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€…แ‚แ‚ˆแ€”แ€ธ แ€™แ€ฌแ€ธแ€žแ€แ€™แ€แ€‘แ€ฌแ€ธแ€›แฟแ€•แ€ธ แ€กแ€†แ€•แ€ซแ€žแ€แ€™แ€แ€แ€€แ€žแ€Š แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ปแ€•แ€Šแ€…แ€ฑแ€žแ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€•แ€แ€•แ€™แ‚ˆแ แ€กแ€“แ€€แ€กแ€…แ€แ€กแ€•แ€„แ€ธแ€แ€…แ€›แ€• แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ แ€กแ€€แ€ธแ€กแ€แ€ผแ€€ แ€€แ€™แธแ€แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€€แ€ฑแ€…แ€›แ€” แ€…แ€™แ€กแ€•แ€แ€•แ€ž แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€žแ€™แผแ€ฌแ€žแ€™แ€แ€€แ€…แ€ผแ€ฌแ€ปแ€–แ€„ แ‚€แ€€แ€ธแพแ€€แ€•แ€€แ€ผแ€•แ€€แ€›แ€” แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€แ€ผแ€„ แ€แ€ฌแ€แ€”แ€› แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€ปแ€–แ€ฌแ€„แ€™แ€แ€™แ€”แ€€แ€”แ แ€€แ€„แ€แ€แ€†แ€„แ€›แ€ฌ แ€ฑแ€…แ€ฌแ€„แ€‘แ€”แ€ธแ€™แ‚ˆ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€žแ€Š แ€กแ€ฑแ€œแ€กแ€‘แ€€ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธ แ€แ€…แ€›แ€•แ€œแ€ธแ€แ€ผแ€„ แ€ปแ€•แ€”แ‚”แ‚แ‚”แ€แ€Šแ€›แ€ฑแ€…แ€›แ€” แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€™ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แธแ€แ€ฑแ€›แ€›แ€Š แ€แ€Šแ€แ€แ€„แฟแ€™แ€›แ€”แ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€แ€ธแ€แ€€แ€ฑแ€…แ€›แ€”แ€กแ€แ€ผแ€€ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€แ€„แ€™แ€ฌแ€ธแ€€ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€™ แ€ฑแ€›แ€ผแ€ธแ€แ€šแ€แ€”แ‚”แ€กแ€•แ€‘แ€ฌแ€ธแ€ปแ€แ€„แ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€žแ€Š แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€›แ€šแ€›แ€”แ€œแ€กแ€•แ€žแ€Šแ€€แ€…แฅ แ€™แ€ฌแ€ธแ€™แ€กแ€• แ€€แ€™แธแ€แ แ€กแ€ฑแ€›แ€ธแ‚€แ€€แ€ธแ€†แ€ธแ€ปแ€–แ€แ€›แ€”แ€™แ€ฌแ€ธแ€€ แ€แ€ฌแ€แ€”แ€š แ€…แ€™แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แฟแ€•แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€›แ€ฌแ€แ€ผแ€„ แ€žแ€„แ€ฑแ€œแ€ฌแ€žแ€Š แ€กแ‚€แ€€แ€ธแ€แ€”แ€ธแ€…แ€™ แ€แ€”แ‚”แ€แ€ผแ€žแ€™แ€ฌแ€ธแ€€ แ€ฑแ€›แ€ผแ€ธแ€แ€šแ€แ€”แ‚”แ€กแ€• แ€แ€ฌแ€แ€”แ€ฑแ€•แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€…แ€•แ€ซแ€žแ€Šแ‹แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€œแ€™แ€ธแซแ‚Šแ€”แ€€ แ€ปแ€•แ‚’แ€ฌแ€”แ€ธแ€ฑแ€›แ€ธแ€†แ€ผ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Š แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ€ปแ€–แ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€žแ€Š แ€€แ€™แธแ€แ€กแ€แ€ผแ€€ แ€‘แ€ฑแ€›แ€ฌแ€€แ€žแ€Š แ€…แ€™แ€กแ€•แ€แ€•แ€™แ‚ˆแ€€ แ€ฑแ€•แšแ€ฑแ€•แ€ซแ€€แ€ฑแ€…แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€œแ€™แ€ธแซแ‚Šแ€”แ€แ€ผแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ แ€›แ€Šแ€™แ€”แ€ธแ€แ€€แŠ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚”แ€แ€„แ€™แ€ฌแ€ธแ แ€แ€ฌแ€แ€”แ‚แ€„ แ€œแ€•แ€•แ€„แ€แ€ผแ€„แŠ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚”แ€แ€„แ€ปแ€–แ€…แ€›แ€”แ€œแ€กแ€•แ€žแ€Š แ€กแ€›แ€Šแ€กแ€แ€„แ€ธแŠ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚” แ€ฑแ€€แ€ฌแ€™แ€ แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€™แ‚ˆแŠ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€’แ€ซแ‚แ€€แ€แ€ฌแ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€กแ€ฌแ€ธ แ€กแ€€แ€ปแ€–แ€แ€™แ€Š แ€”แ€Šแ€ธแ€œแ€™แ€ธแ‚แ€„ แ€…แ€™ แ€กแ€•แ€แ€• แ€žแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€†แ€€แ€แ€™แ€Šแ€กแ€…แ€กแ€…แ€ฅ แ€…แ€žแ€Šแ€แ‚”แ€€ แ€ปแ€•แ€Šแ€…แ€…แ€ผแ€ฌ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€žแ€Š แ€šแ€„แ€ธแ€กแ€•แ€แ€•แ€™แ‚ˆแ€œแ€™แ€ธแซแ‚Šแ€”แ€€ แ€•แ€™แ€”แ€žแ€ธแ€žแ€•แ แ€žแ€„แ€ฑแ€œแ€ฌแ€žแ€Š แ€ปแ€•แ€„แ€†แ€„ แ€ปแ€–แ€Šแ€…แ€ผแ€€แ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€ปแ€•แ€œแ€•แ€ปแ€แ€„แ€ธแ€ปแ€–แ€„ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€€ แ€•แ€™แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ฑแ€…แ€›แ€” แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 25

Page 27: report CONTENTS - MTSH

CORPORATE GOVERNANCE MISSIONTo realize the achievement of corporate sustainability through governance based upon the principles of transparency, accountability, responsibility, independence and fairness.

To realize the empowerment of the function and independence of each corporate body: the general shareholdersโ€™ meeting, the Board of Directors and the executive management.

To realize a condition in which all corporate bodies make their decisions and implement them on the basis of high moral values and adherence to existing laws and regulations.

1.

2.

3.

แ€•แ€ผแ€„แ€œแ€„แ€ธแ€ปแ€™แ€„แ€žแ€ฌแ€™แ‚ˆแŠ แ€แ€ฌแ€แ€”แ€แ€™แ‚ˆแŠ แ€œแ€ผแ€แ€œแ€•แ€™แ‚ˆแ‚แ€„ แ€™แ€แ€™แ‚ˆแ€…แ€žแ€Š แ€žแ€ฑแ€˜แ€ฌแ€แ€›แ€ฌแ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€ฑแ€ปแ€แ€แ แ€…แ€™แ€กแ€•แ€แ€•แ€™แ‚ˆแ€™ แ€แ€…แ€†แ€„ แ€ฑแ€€แ€ฌแ€•แ€›แ€แ€†แ€„แ€›แ€ฌ แ€ฑแ€›แ€›แ€Šแ€แ€Šแ€แ‚แ€„แ€™แ‚ˆ แ€›แ€›แ‚แ€„แ€›แ€”แ‹

แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแŠ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€™แ€ฌแ€ธ แ€˜แ€แ€กแ€–แ€ผแ‚”แ‚แ€„ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€กแ€†แ€„แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆ แ€กแ€…แ€›แ€žแ€Š แ€ฑแ€€แ€ฌแ€•แ€›แ€ แ€กแ€…แ€กแ€–แ€ผแ‚•แ€แ€…แ€–แ€ผแ‚•แ€…แ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€ฌแ‚แ€„ แ€œแ€ผแ€แ€œแ€•แ€…แ€ผแ€ฌ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ‚แ€„แ€™แ‚ˆแ€แ‚”แ€กแ€แ€ผแ€€ แ€œแ€•แ€•แ€„แ€แ€ผแ€„แ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธ แ€€ แ€กแ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ‹

แ€ฑแ€€แ€ฌแ€•แ€›แ€แ€กแ€…แ€กแ€–แ€ผแ‚•แ€™แ€ฌแ€ธ แ€กแ€ฌแ€ธแ€œแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€™แ€ฌแ€ธ แ€แ€™แ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€šแ€„แ€ธแ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Š แ€ฑแ€–แ€ฌแ€›แ€ฌแ€แ€ผแ€„ แ€ปแ€™แ€„แ€™แ€ฌแ€ธแ€žแ€Š แ€€แ€šแ€€แ€„แ€แ€›แ€ฌแ€ธแ€†แ€„แ€›แ€ฌ แ€แ€”แ€–แ€ธแ€™แ€ฌแ€ธแŠ แ€แ€Šแ€†แ€ฅแ€•แ€ฑแ€’แ€™แ€ฌแ€ธแ‚แ€„ แ€…แ€Šแ€ธแ€™แ€ฅแ€ธแ€™แ€ฌแ€ธ แ€ฑแ€•แšแ€™แ€แ€Šแ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€žแ€Š แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€แ€…แ€›แ€• แ€ฑแ€•แšแ€ฑแ€•แ€ซแ€€แ€œแ€ฌแ€ฑแ€…แ€›แ€”แ‹

แแ‹

แ‚แ‹

แƒแ‹

MYANMAR THILAWA SEZ 26

Page 28: report CONTENTS - MTSH

To improve our Companyโ€™s performance through the creation of decision-making processes, improving operational efficiency and improving services to stakeholders.

To improve corporate value by improving financial performance and minimizing investment decision risks that contains conflicts of interest.

To improve investor trust.

To achieve stakeholder satisfaction resulting from corporate values and Company dividends.

แ€•แ€™แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€žแ€Š แ€†แ€ธแ€ปแ€–แ€แ€แ€€ แ€แ€™แ€แ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€œแ€•แ€„แ€”แ€ธ แ€…แ€ฅแ€™แ€ฌแ€ธแŠ แ€œแ€•แ€„แ€”แ€ธแ€œแ€Šแ€•แ€แ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€™แ‚ˆ แ€•แ€™ แ€แ€ธแ€แ€€ แ€ฑแ€…แ€›แ€” แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ€”แ€„ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธ แ€žแ€€แ€†แ€„แ€ž แ€™แ€ฌแ€ธแ€‘ แ€ฑแ€•แ€ธแ€กแ€•แ€žแ€Š แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€•แ€™แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€›แ€” แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธ แ€…แ€žแ€Šแ€แ‚”แ€€ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€ปแ€แ€„แ€ธแ€ปแ€–แ€„ แ€€แฝแ€ผแ‚แ€•แ€แ‚” แ€€แ€™แธแ€แ แ€…แ€ผแ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€Šแ€กแ€ฌแ€ธ แ€•แ€™แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€”แ‹

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€…แ€ผแ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€Š แ€•แ€™แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ€”แ€„ แ€กแ€€แ€ธแ€…แ€•แ€†แ€„แ€™แ‚ˆ แ€•แ€‹แ€•แ€€แกแ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ€žแ€Š แ€›แ€„แ€ธแ€”แ€ธแ€ปแ€™แ‚‡ แ€•แ€”แ€™แ‚ˆ แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€†แ€„แ€›แ€ฌ แ€†แ€ธแ‚แ‚ˆแ€ธแ€”แ€„แ€ฑแ€ปแ€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€ฑแ€œแ€ฌ แ€แ€ปแ€แ€„แ€ธ แ€แ‚”แ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ€ปแ€–แ€„ แ€ฑแ€€แ€ฌแ€•แ€›แ€แ€†แ€„แ€›แ€ฌ แ€แ€”แ€–แ€ธแ€กแ€ฌแ€ธ แ€•แ€™แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€”แ‹

แ€›แ€„แ€ธแ€”แ€ธแ€ปแ€™แ‚‡ แ€•แ€”แ€žแ€™แ€ฌแ€ธแ แ€šแพแ€€แ€Šแ€™แ‚ˆแ€กแ€ฌแ€ธ แ€•แ€™แ€แ€„แฟแ€™แ€ฑแ€…แ€›แ€”แ‹

แ€ฑแ€€แ€ฌแ€•แ€›แ€แ€†แ€„แ€›แ€ฌ แ€แ€”แ€–แ€ธแ€™แ€ฌแ€ธแ€”แ€„ แ€€แ€™แธแ€แ แ€กแ€…แ€›แ€šแ€šแ€ฌ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ แ€›แ€›แ€ปแ€แ€„แ€ธแ€แ‚”แ€ฑแพแ€€แ€ฌแ€„ แ€กแ€€แ€ธแ€…แ€•แ€†แ€„แ€žแ€™แ€ฌแ€ธ แ€ฑแ€€แ€”แ€• แ€™แ‚ˆ แ€›แ€›แ€ฑแ€…แ€›แ€”แ‹

1.

2.

3.

4.

แแ‹

แ‚แ‹

แƒแ‹

แ„แ‹

CORPORATE GOVERNANCE GOALS

ANNUAL REPORT 2016 - 2017 27

Page 29: report CONTENTS - MTSH

BOARD OF DIRECTORS

U WIN AUNG CHAIRMAN

U Win Aung is the Chairman of the Board of Director. He is one of the initiators and the lead negotiator & founder Chairman for Myanmar private sectorโ€™s involvement in the implementation of the Thilawa SEZ jointly with the Japanese investors, to create investment opportunities for Myanmar Citizens. He is also founder and Chairman of Golden Land East Asia Development Limited (GLAD), a public company engaged in investment and general trading. GLAD established a Myanmar Economic Representative Office in Nanning, Southern China, to promote trade and commerce cooperation between China and the ASEAN countries, in addition to developing commercial and residential projects.

U Win Aung founded and continues as the Chairman of the Dagon Group of Companies since its establishment in 1990. Since 1993, Dagon Group of Companies has successfully implemented property development projects. Dagon Group of Companies engages in wide range of business in residential and commercial development, hotel development, integrated agricultural development, value added food industry, logistics and distribution, automobile distribution, petroleum distribution, and in other business sectors.

He is the Chairman of Myanmar Agro Exchange Public Limited which specialize in agri value chain & infrastructure development such as wholesale markets.

He is on the board of director of Yangon Metropolitan Development Public Co., Ltd a joint venture company between Yangon

Regional Government and Myanma Construction and Development Public Co., Ltd which aims to develop & upgrade greater Yangon City & Yangon Region.

U Win Aung was elected as President of Union of Myanmar Federation of Chamber of Commerce and Industries from 2011 to 2016. He was also Chairman of ASEAN Business Advisory Council (ABAC) (2013-2014) and Chairman of Greater Mekong Sub-region Business forum (GMS-BF)(2012-2014). He was also one of the members of National Economic and Social Advisory Council (NESAC) & UN-ESCAP Advisory Council.

MYANMAR THILAWA SEZ 28

Page 30: report CONTENTS - MTSH

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€žแ€Š แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ แ€ฅแ€€แ‚’แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€žแ€Š แ€™แ€œแ€กแ€…แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€›แ€”แ€กแ€แ€ผแ€€ แ€‚แ€•แ€”แ‚แ€„แ€„ แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธแ‚แ€„แ€แ€ผแ€–แ€€แ แ‚แ€„แ€„แ€žแ€ฌแ€ธแ€™แ€ฌแ€ธแ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€™แ‚ˆแ€›แ€›แ€›แ€”แ‚แ€„แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€™แ€ฌแ€ธแ€™ แ€กแ€…แ€›แ€šแ€šแ€ฌ แ€‘แ€Šแ€แ€„แ‚แ€„แ€›แ€” แ€•แ€‚แขแ€œแ€€แ€€แ‚‘แ€™ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€Šแ‚แ‚ˆแ€„แ€ธ แ€€แ€™แ€€แ€‘ แ€ปแ€•แ€แ€žแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€žแ€Š Golden Land East Asia Development Limited (GLAD) แ แ€™แ€œแ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€žแ€Š แ€ฅแ€€แ‚’แ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ GLAD แ€žแ€Š แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ‚แ€„ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆ แ€œแ€•แ€€แ€„แ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€แ€แ€…แ€แฟแ€–แ€…แฟแ€•แ€ธ แ€แ‚แ€แ‚แ€„แ€กแ€ฌแ€†แ€šแ‚แ€„แ€„แ€™แ€ฌแ€ธแ€กแพแ€€แ€ฌแ€ธ แ€€แ€”แ€žแ€ผแ€šแ€ฑแ€›แ€ธแ‚แ€„แ€€แ€ธแ€žแ€”แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€šแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌแ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€™แ‚ˆแ€ปแ€™แ‚‡แ€„แ€แ€„แ€›แ€”แŠ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€ฑแ€”แ€กแ€™แ€›แ€ฌ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€›แ€” แ€กแ€แ€ผแ€€ แ€แ‚แ€แ‚แ€„แ€„แ€ฑแ€แ€ฌแ€„แ€•แ€„แ€ธแ€› แ€”แ€”แ€”แ€„แ€ธแฟแ€™แ‚•แ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€€แ€šแ€…แ€ฌแ€ธแ€œแ€šแ‚แ€ธแ€กแ€ฌแ€ธ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€‘แ€ฌแ€ธแ€žแ€Š แ€€แ€™แธแ€แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€žแ€Š Dagon Group of Companies แ€€ แแ‰แ‰แ€ แ€แ‚แ€…แ€แ€ผแ€„ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แฟแ€•แ€ธแŠ แ€šแ€„แ€ธแ€€แ€™แธแ€แ แ€ฅแ€€แ‚’แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Dagon Group of Companies แ€žแ€Š แ€กแ€™แ€ปแ€แ€ฑแ€ปแ€™แ€–แ€ผแ‚”แฟแ€–แ€ธแ€ฑแ€›แ€ธ แ€…แ€™แ€€แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แแ‰แ‰แƒแ€แ‚แ€…แ€€แ€แ€Šแ€ธแ€€ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€…แ€ผแ€ฌแ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€™แ€ปแ€แ€ฑแ€ปแ€™แ€œแ€•แ€„แ€”แ€ธแŠ แ€€แ€”แ€…แ€Šแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€šแ€ฑแ€–แ€ฌแ€€แ€€แ€ฌแ€ธแ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแŠ แ€Ÿแ€แ€šแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแŠ แ€ฑแ€…แ€ธแ€แ€šแ€…แ€„แ€แ€ฌแ€™แ€ฌแ€ธแŠ แ€˜แ€€แ€…แ€œแ€šแ€šแ€ฌแ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแŠ แ€แ€”แ€–แ€ธแ€ปแ€™แ‚‡แ€„แ€…แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€€แ€€แ€”แ€‘แ€แ€œแ€•แ€„แ€”แ€ธแŠ แ€ฑแ€‘แ€ฌแ€€แ€•แ€•แ‚”แ€ฑแ€†แ€ฌแ€„แ€ปแ€แ€„แ€ธแ‚แ€„ แ€€แ€”แ€…แ€Šแ€ปแ€–แ€”แ‚”แ€ปแ€–แ€ธแ€ปแ€แ€„แ€ธแŠ แ€ฑแ€™แ€ฌแ€ฑแ€แ€ฌแ€€แ€ฌแ€ธแ‚แ€„ แ€…แ€€แ€žแ€ธแ€†แ€ปแ€–แ€”แ‚”แ€ปแ€–แ€ธ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธ แ€œแ€•แ€„แ€”แ€ธแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€€แ‚‘แ€กแ€•แ€ซแ€กแ€แ€„ แ€œแ€•แ€„แ€”แ€ธแ€€แ‚‘แ€™แ€ธแ€…แ€แ€ผแ€„ แ€œแ€•แ€€แ€„แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€žแ€Š แ€œแ€šแ€šแ€ฌแ€‘แ€ผแ€€แ€€แ€”แ€•แ€…แฅแ€Šแ€ธ แ€œแ€€แ€€แ€ฌแ€ธแ€ฑแ€…แ€ธแพแ€€แ€ธแ€กแ€•แ€ซแ€กแ€แ€„ แ€œแ€šแ€šแ€ฌแ€€แ€„แ€ธแ€€แ€ผ แ€”แ€ธ แ€‘แ€ผแ€€แ€€แ€”แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€แ€”แ€–แ€ธแ€ปแ€™แ€„แ€แ€„แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€š แ€ฑแ€–แ€ซแ€€แ€€แ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€šแ€šแ€ฌแ€€แ‚‘ แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ก แ€–แ€ผแ‚”แ€ปแ€–แ€ธแ€แ€ธแ€แ€€ แ€ฑแ€…แ€ฑแ€›แ€ธแ€€ แ€กแ€ฑแ€œแ€ธแ€‘แ€ฌแ€ธแ€œแ€•แ€€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แ€ฑแ€žแ€ฌ แ€ปแ€™แ€”แ€™แ€ฌแ€กแ€€แ€‚แ€› แ€กแ€(แ€…)แ€แ€”แ€ธ แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ แ€ฅแ€€แ‚’แ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€žแ€Š แ€›แ€”แ€€แ€”แ€แ€„แ€ธแ€ฑแ€’แ€žแพแ€€แ€ธแ€กแ€…แ€ธแ€›แ€กแ€–แ€ผแ‚”แ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌแ€ฑแ€†แ€ฌแ€€แ€œแ€• แ€ฑแ€›แ€ธแ‚แ€„ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€กแ€™แ€ฌแ€ธแ‚แ€„ แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€œแ€™แ€แ€€แ€แ‚”แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€–แ€ผแ‚” แ€…แ€Šแ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€™แ€Ÿแ€ฌแ€›แ€”แ€€แ€”แฟแ€™แ‚•แ€ฑแ€แ€ฌแ‚แ€„ แ€›แ€”แ€€แ€”แฟแ€™แ‚•แ€ฑแ€แ€ฌแ€•แ€แ€แ€”แ€ธแ€€แ€„แ€ฑแ€’แ€ž แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ‚แ€„แ€กแ€†แ€„แ€ปแ€™แ‚‡แ€„แ€แ€„แ€ฑแ€›แ€ธแ€€แ€›แ€Šแ€›แ€ผแ€šแ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€‘แ€ฌแ€ธแ€žแ€Š แ€›แ€”แ€€แ€” แ€™แ€€แ€‘แ‚แ€™แ€œแ€แ€” แ€’แ€šแ€—แ€ฑแ€œแ€ฌแ€™แ€„แ€•แ€แ€•แ€œแ€… แ€€แ€™แธแ€แ€œแ€™แ€แ€€แ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚”แ€แ€„แ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€žแ€Š แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€€แ€”แ€žแ€Šแ€™แ€ฌแ€ธแ‚แ€„ แ€…แ€€แ€™แ‚ˆแ€œแ€€แ€™แ‚ˆ แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธแ€กแ€žแ€„แ€ธแ€แ€• (UMFCCI) แ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ‚แ€แแ แ€แ‚แ€…แ€™ แ‚แ€แแ† แ€แ‚แ€…แ€‘ แ€แ€ฌแ€แ€”แ€šแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ‚”แ€ปแ€•แ€„ แ€กแ€ฌแ€†แ€šแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€กแพแ€€แ€ฑแ€•แ€ธแ€ฑแ€€แ€ฌแ€„แ€… (ABAC) แ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ‚แ€แแƒ แ€แ‚แ€…แ€™ แ‚แ€แแ„ แ€แ‚แ€…แ€กแ€‘แŠ แ€™แ€ฑแ€แ€ซแ€„แ€ฑแ€’แ€žแ€แ€ผ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€–แ€›แ€™ (GMS-BF)แ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ‚แ€แแ‚ แ€แ‚แ€… แ€™ แ‚แ€แแ„ แ€แ‚แ€…แ€กแ€‘ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€™แ€ธแ€žแ€ฌแ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€™แ‚ˆแ€ฑแ€›แ€ธแ€กแพแ€€แ€ฑแ€•แ€ธแ€ฑแ€€แ€ฌแ€„แ€… (NESAC) แ‚แ€„ แ€€แ€œแ€žแ€™แ€‚แข แ€กแ€ฑแ€›แ‚•แ€กแ€ฌแ€›แ‚แ€„ แ€•แ€…แ€–แ€แ‚แ€„แ€„แ€™แ€ฌแ€ธ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ UN-ESCAP แ€แ‚”แ แ€กแพแ€€แ€ฑแ€•แ€ธแ€ฑแ€€แ€ฌแ€„แ€…แ€แ€ผแ€„ แ€กแ€–แ€ผแ‚”แ€แ€„แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 29

Page 31: report CONTENTS - MTSH

MYANMAR THILAWA SEZ 30

Page 32: report CONTENTS - MTSH

U KHIN MAUNG AYEVICE CHAIRMAN

U Khin Maung Aye is a Vice Chairman of the Board of Directors of the Company. He is the Chairman of New City Development, which is one of the Principal Shareholders of our Company. New City Development is a Public Company that is engaged in town planning and infrastructure development, with the objective of improving the living standards of rural areas in Myanmar and relieving the population pressure in the big cities in Myanmar.

U Khin Maung Aye established Kaytumadi Co., Ltd. in 1991 and is also the founder and Chairman of the Kaung Myanmar Aung Group. He is also the Chairman of the KMA Shipping Co.,Ltd., Citizen Business Insurance Public Limited, Myanmar Microfinance Bank Limited and Golden Myanmar Airlines Public Company Limited (all of which are associated with the Kaung Myanmar Aung Group). He is also the Chairman of Co-Operative Bank Limited and the Chairman of the Central Cooperative Society (CCS).

U Khin Maung Aye was elected as Chairman of the Myanmar Banks Association at its 15th Annual General Meeting that took place on 4 December 2015. He is the Chairman of Myanmar Investors Development Association (MIDA), which was established in 2014, the main objective of which is bridging Myanmar to the world.

He is a member of the Private Sector Development Committee formed by the President of the Republic of the Union of Myanmar on 24 October 2016 by Notification No. 79/2016 of Presidentโ€™s Office.

He is also a member of Farmerโ€™s Rights Protection and Promotion of Farmerโ€™s Interests Steering Committee.

In addition to his expansive entrepreneurial duties, he is a well- known philanthropist. He accomplishes the humanitarian work with a unique passion and innovation.

U Khin Maung Aye graduated with a Bachelor of Science (Maths) Q2 degree from the University of Yangon in 1985.

แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€ฑแ€กแ€ธแ€žแ€Š แ€€แ€™แธแ€ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ แ€’แ€แ€šแ€ฅแ€€แ‚’ แ€แ€…แ€ฆแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€›แ€šแ€šแ€ฌแ€กแ€™แ€ฌแ€ธแ€†แ€ธ แ€•แ€„แ€†แ€„ แ€žแ€™แ€ฌแ€ธแ€‘แ€™ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€Š New City Development แ แ€ฅแ€€แ‚’ แ€ปแ€–แ€…แ€žแ€Šแ‹ New City Development แ€€แ€™แธแ€แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ แ€ฑแ€€แ€ธแ€œแ€€แ€ฑแ€’แ€žแ€œแ€ฑแ€”แ€™แ‚ˆ แ€กแ€†แ€„แ€กแ€แ€”แ€ธแ€แ€ธแ€แ€€แ€ฑแ€…แ€›แ€”แ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌ แ‚แ€„แ€„แ แฟแ€™แ‚•แ‚€แ€€แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€œแ€ฆแ€ธแ€ฑแ€›แ€‘แ€‘แ€•แ€™แ‚ˆ แ€–แ€กแ€ฌแ€ธแ€™ แ€œแ€ผแ€แ€ฑแ€ปแ€™แ€ฌแ€€แ€ฑแ€…แ€ฑแ€›แ€ธ แ€›แ€Šแ€›แ€ผแ€šแ€แ€€แ€ปแ€–แ€„ แฟแ€™แ‚•แ€ปแ€•แ€…แ€™แ€€แ€”แ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธ แ‚แ€„ แ€กแ€ฑแ€ปแ€แ€ แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ก แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„ แ€€แ€™แธแ€ แ€แ€…แ€ แ€ปแ€–แ€…แ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€ฑแ€กแ€ธแ€žแ€Š Kaytumadi Co., Ltd. แ€€ แแ‰แ‰แ แ€แ‚แ€…แ€แ€ผแ€„ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แฟแ€•แ€ธแŠ Kaung Myanmar Aungแ€กแ€•แ€…แ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€žแ‚แ€„ แ€ฅแ€€แ‚’แ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š Kaung Myanmar Aung Group แ‚แ€„ แ€•แ€แ€žแ€€ แ€žแ€Š KMA Shipping Co., LtdแŠ Citizen Business Insurance Public LimitedแŠ Myanmar Microfinance Bank Limited แ‚แ€„ Golden Myanmar Airlines Public Company Limited แ€แ‚”แ แ€ฅแ€€แ‚’แ€œแ€Šแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š Co-Operative Bank Limited แ แ€ฅแ€€แ‚’แ‚แ€„ แ€—แ€Ÿแ€žแ€™แ€แ€ซแ€šแ€™แ€กแ€žแ€„แ€ธแ แ€ฅแ€€แ‚’แ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€ฑแ€กแ€ธแ€žแ€Š แ€’แ€‡แ€„แ€˜แ€ฌแ€œ (แ„)แ€›แ€€ แ‚แ€แแ… แ€แ‚แ€…แ€แ€ผแ€„ แ€€แ€„แ€ธแ€•แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€˜แ€แ€™แ€ฌแ€ธ แ€กแ€žแ€„แ€ธแ (แแ…) แ‚€แ€€แ€™แ€ฑแ€ปแ€™แ€ฌแ€€ แ‚แ€…แ€•แ€แ€œแ€Š แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€แ€ผแ€„ แ€กแ€žแ€„แ€ธแ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ€ฑแ€›แ€ผแ€ธแ€ฑแ€€แ€ฌแ€€แ€แ€„แ€ฑแ€ปแ€™แ‚‡แ€ฌแ€€ แ€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€™แ‚ˆ แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€กแ€žแ€„แ€ธแ แ€ฅแ€€แ‚’แ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€ฑแ€กแ€ธแ€žแ€Š แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€ฑแ€แ€ฌแŠ แ‚แ€„แ€„แ€ฑแ€แ€ฌ แ€žแ€™แผแ€ แ€™ แ€œแ€€แ€™แ€แ€ฑแ€›แ€ธแ€‘แ€ธแ€žแ€Š แ‚แ€„แ€„แ€ฑแ€แ€ฌแ€žแ€™แผแ€แ€›แ€ธแ แ‚แ„.แแ€.แ‚แ€แแ† แ€›แ€€แ€…แ€ผแ€•แ€ซ แ€กแ€™แ€”แ‚”แ€ฑแพแ€€แ€ฌแ€ปแ€„แ€ฌแ€…แ€ฌ แ€กแ€™แ€ แ‰/แ‚แ€แแ† แ€ปแ€–แ€„ แ€–แ€ผแ‚”แ€…แ€Šแ€ธแ€žแ€Š แ€•แ€‚แขแ€œแ€€แ€€แ‚‘แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€ฑแ€€แ€ฌแ€™แ€แ แ€กแ€–แ€ผแ‚•แ€แ€„ แ€แ€…แ€ฆแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€ฑแ€กแ€ธแ€žแ€Š แ€ฑแ€แ€ฌแ€„แ€žแ€œแ€šแ€žแ€™แ€ฌแ€ธ แ€กแ€แ€ผแ€„แ€กแ€ฑแ€›แ€ธ แ€€แ€ฌแ€€แ€ผแ€š แ€ฑแ€›แ€ธแ‚แ€„ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ปแ€™แ‚‡แ€„แ€แ€„แ€ฑแ€›แ€ธ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€กแ€–แ€ผแ‚”แ แ€กแ€–แ€ผแ‚•แ€แ€„แ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซ แ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€ฑแ€กแ€ธแ€žแ€Š แ€™แ€ฌแ€ธแ€ปแ€•แ€ฌแ€ธแ€œแ€ฑแ€žแ€ฌ แ€…แ€ผแ€”แ‚”แ€ฆแ€ธแ€แ€‘แ€ผแ€„แ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€€แ€…แฅแ€™แ€ฌแ€ธ แ€œแ€•แ€€แ€„แ‚แ€žแ€ฌแ€™แ€€ แ€žแ€žแ€Š แ€œแ€žแ€™แ€ฌแ€ธแ€žแ€Š แ€•แ€›แ€Ÿแ€แ€œแ€•แ€„แ€”แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€žแ€แ€…แ€ฆแ€ธ แ€œแ€Šแ€ธแ€ปแ€–แ€…แ€žแ€Šแ‹ แ€žแ€žแ€Š แ€œแ€žแ€ฌแ€ธ แ€กแ€€แ€ธแ€ปแ€• แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€™แ€แ€‘แ€ธแ€ปแ€แ€ฌแ€ธแ€žแ€Š แ€…แ€แ€กแ€ฌแ€ธแ€‘แ€€แ€žแ€”แ€™แ‚ˆแ‚แ€„ แ€แ€‘แ€ผแ€„แ‚€แ€€แ€† แ€™แ‚ˆแ€แ‚”แ€ปแ€–แ€„ แฟแ€•แ€ธแ€ฑแ€ปแ€™แ€ฌแ€€แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€žแ€Šแ‹ แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€ฑแ€กแ€ธ แแ‰แˆแ… แ€แ‚แ€…แ€แ€ผแ€„ แ€›แ€”แ€€แ€”แ€แ€€แ€žแ€œแ€™ แ€žแ€•แธแ€˜แ€ผแ‚•(แ€žแ€ แคแ€ฌ) Q2 แ€˜แ€ผแ‚•แ€ปแ€–แ€„ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 31

Page 33: report CONTENTS - MTSH

DR. AUNG TUN THET

U THEIN HAN

INDEPENDENT DIRECTOR

MANAGING DIRECTOR

U Thein Han is the member of the Board and Managing Director of the Company. He is Chairman of Myanmar Edible Oil Industrial Public Corporation Limited (MEICO), which is one of the Principal Shareholders of our Company. MEICO is an Industrial Public Company engaged in manufacturing, importing and exporting all kinds of edible oil and oil-related products.He is the Founder of Golden Horse Company Limited established in 1990 which is engaged in the business of manufacturing, importing, exporting, and distributing all kinds of edible oil and oil-related products. He is a Director of Shwe Taung Cement Company Limited (Apache Cement) and Future Energy Company Limited, both of which are part of the Shwe Taung Group in Myanmar. He is also a director of Myanmar National Telecom Holdings Public Limited (MNTH) which is a fourth telecom operator in Myanmar. U Thein Han is a patron of the Myanmar Edible Oil Dealersโ€™ Association (MEODA) and also serves as Vice President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). He also serves as Chairman of the Board of Directors of Myanmar Japan Thilawa Development Limited (MJTD). U Thein Han graduated with a Bachelor of Science (Chemistry) from Rangoon Arts and Science University (RASU) in 1972.

Dr. Aung Tun Thet is an Independent Director of the Company. He serves as member of the Peace Commission, governing Board Member of UNESCO-Mahatma Gandhi Institute of Education for Peace and Sustainable Development, Honorary Professor at the University of British Columbia, in Vancouver, Canada, Chairman of the UN Global Compact Myanmar Network, Advisor to the Union of Myanmar Federation of Commerce and Industries, Visiting professor at Yangon University and Yangon University of Economics and National Contact Point for the Organization for Economic Co-operation and Development (OECD) Responsible Business Conduct. Dr. Aung Tun Thet holds a Bachelor of Commerce from Yangon University, a Post-Graduate Diploma in Management Studies from the University of Brighton, M.Sc. in Operations Research from the University of Warwick, a Ph.D. in Management Sciences from the University of Manchester and a Post-doctoral Research Fellow from University of Marburg. He was awarded an Honorary Doctorate D.Litt. Degree by the Yangon University of Economics in 2015.

แ€ฆแ€ธแ€žแ€”แ€ธแ€Ÿแ€”แ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€แ€„แ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€กแ€•แ€แ€•แ€™แ‚ˆ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€ž แ€กแ€“แ€€ แ€›แ€šแ€šแ€ฌ แ€›แ€„แ€™แ€ฌแ€ธแ€กแ€”แ€€แ€™ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ€กแ€€แ€’แ€˜แ€š(แ€œ)แ€กแ€ผ แ€„แ€ธ(แ€œ) แ€กแ€„แ€’แ€แ€…แ€‘แ€›แ€›แ€š แ€•แ€แ€˜แ€œแ€… แ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธ แ€œแ€™แ€แ€€ (แ€กแ€™แ€กแ€ธแ€กแ€„แ€…แ€ก)แ แ€ฅแ€€แ‚’ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ MEICO แ€žแ€Š แ€…แ€ฌแ€ธแ€žแ€ธแ€†แ‚แ€„ แ€†แ‚แ€„แ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌ แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€€ แ€‘แ€แ€œแ€•แ€ปแ€แ€„แ€ธแŠ แ€แ€„แ€žแ€ผแ€„แ€ธแ€ปแ€แ€„แ€ธแŠ แ€แ€„แ€•แ‚”แ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธแ€€ แ€œแ€•แ€€แ€„แ€ฑแ€žแ€ฌ แ€…แ€€แ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€œแ€•แ€€แ€„แ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„ แ€€แ€™แธแ€แ€แ€…แ€ แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€žแ€žแ€Š แแ‰แ‰แ€ แ€แ€ผแ€„ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€ฑแ€žแ€ฌ Golden Horse Company Limited แ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€žแ€ปแ€–แ€…แฟแ€•แ€ธแŠ แŽแ€€แ€™แธแ€แ€žแ€Š แ‚แ€™แ€ธแ‚แ€„แ‚แ€™แ€ธแ€†แ€€ แ€‚แ€•แ€”แ€žแ‚”แ€แ€„แ€•แ‚”แ€ปแ€แ€„แ€ธแŠ แ€…แ€ฌแ€ธแ€žแ€ธ แ€†แ‚แ€„ แ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌ แ€‘แ€แ€€แ€” แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€€แ€‘แ€แ€œแ€•แ€ปแ€แ€„แ€ธแŠ แ€แ€„แ€žแ€ผแ€„แ€ธแ€ปแ€แ€„แ€ธแŠ แ€แ€„แ€•แ‚”แ€ปแ€แ€„แ€ธแŠ แ€ปแ€–แ€”แ‚”แ€ปแ€–แ€ธ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธ แ€œแ€•แ€€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š Shwe Taung Cement Company Limited (Apache Cement) แ‚แ€„ Future Energy Company Limited แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€šแ€„แ€ธแ€€แ€™แธแ€ แ‚แ€…แ€แ€œแ€ธแ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€› Shwe Taung Group แ€แ€ผแ€„ แ€•แ€ซแ€แ€„แพแ€€แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ‚”แ€กแ€ปแ€•แ€„ แ€žแ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ (แ„)แ€แ€ฑแ€ปแ€™แ€ฌแ€€ แ€†แ€€แ€žแ€ผแ€šแ€ฑแ€›แ€ธแ€ฑแ€กแ€ฌแ€•แ€ฑแ€›แ€แ€ฌ แ€แ€…แ€แ€ปแ€–แ€…แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ€ฑแ€”แ€›แ€„แ€”แ€š แ€แ€šแ€œแ€€แ€ผแ€”แ€ธแ€Ÿแ€ธแ€œแ€’แ€„แ€ธแ€… แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€’แ€ซแ€›แ€€แ€แ€ฌ แ€แ€…แ€ฆแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€žแ€”แ€ธแ€Ÿแ€”แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€†แ€€แ€”แ€žแ€Š แ‚แ€„ แ€†แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธ แ€กแ€žแ€„แ€ธ (Myanmar Edible Oil Dealersโ€™ Association - MEODA) แ แ€”แ€ฌแ€šแ€€ แ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€€แ€”แ€žแ€Šแ€™แ€ฌแ€ธแ‚แ€„แ€…แ€€แ€™แ‚ˆแ€œแ€€แ€™แ‚ˆ แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธ แ€กแ€žแ€„แ€ธแ€แ€• (UMFCCI) แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€’แ€แ€šแ€ฅแ€€แ‚’แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€แ€ฌแ€แ€”แ€šแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€™แ€™แ€แ‚”แแ€–แ€€แ€…แ€•แ€€แ€™แธแ€ แ€ปแ€–แ€…แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ€‚แ€•แ€”แ€žแ€œแ€แ€ซ แ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚”แ€œแ€™แ€แ€€ (MJTD) แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€…แ€œแ€Šแ€ธ แ€แ€ฌแ€แ€”แ€šแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€žแ€”แ€ธแ€Ÿแ€”แ€žแ€Š แแ‰แ‡แ‚ แ€แ‚แ€…แ€แ€ผแ€„ แ€žแ€•แธ (แ€“แ€ฌแ€แ€ฑแ€—แ€’) แ€˜แ€ผแ‚•แ€ปแ€–แ€„ แ€›แ€”แ€€แ€”แ€แ€‡แจแ€ฌแ‚แ€„แ€žแ€•แธ แ€แ€€แ€žแ€œแ€™ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€แ€•แ€ซแ€žแ€Šแ‹

แ€ฑแ€’แ€ซแ€€แ€แ€ฌ แ€ฑแ€กแ€ฌแ€„แ€‘แ€ผแ€”แ€ธแ€žแ€€แ€žแ€Š แ€€แ€™แธแ€แ แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€กแ€ปแ€–แ€… แ‚แ€แแ„ แ€แ‚แ€…แŠ แ‚แ€แ€„แ€˜แ€ฌแ€œ (แ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€แ€”แ‚”แ€กแ€•แ€ปแ€แ€„แ€ธแ€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แฟแ€„แ€™แ€ธแ€แ€™แ€ธแ€ฑแ€›แ€ธแ€ฑแ€€แ€ฌแ€™แ€›แ€„แ แ€กแ€–แ€ผแ‚•แ€แ€„แ€แ€…แ€ฆแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แ€กแ‚แตแ€šแ‚แ€„แ€„ แ€”แ€šแ€ธ แ€ฑแ€’แ€œแฟแ€™แ‚•แ€› United Nations Educational, Scientific and Cultural Organization (โ€œUNESCOโ€)-India Mahatma Gandhi Institute of Education for Peace and Sustainable Development แ€แ€ผแ€„ แ€กแ€•แ€แ€•แ€ฑแ€›แ€ธ แ€˜แ€แ€กแ€–แ€ผแ‚•แ€แ€„แ€แ€…แ€ฆแ€ธ แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แ€€แ€ฑแ€”แ€’แ€ซแ‚แ€„แ€„ แ€—แ€”แ€€แ€ธแ€˜แ€ฌแ€ธแฟแ€™แ‚•แ€› University of British Columbia แ€แ€ผแ€„ แ€‚แ€แ€‘แ€ธแ€ฑแ€†แ€ฌแ€„ แ€•แ€ซแ€ฑแ€™แ€ฌแ€€แกแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ UN Global Compact Myanmar Network แ€แ€ผแ€„ แ€ฅแ€€แ‚’แ€กแ€ฑแ€”แ€ปแ€–แ€„แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€ แ€ปแ€™แ€”แ€™แ€ฌ แ‚แ€„แ€„ แ€€แ€”แ€žแ€Šแ€™แ€ฌแ€ธแ‚แ€„ แ€…แ€€แ€™แ‚ˆแ€œแ€€แ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธ แ€กแ€žแ€„แ€ธแ€แ€•แ แ€กแ‚€แ€€แ€ฑแ€•แ€ธ แ€กแ€ปแ€–แ€…แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แ€›แ€”แ€€แ€”แ€แ€€แ€žแ€œแ‚แ€„ แ€›แ€”แ€€แ€”แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€แ€€แ€žแ€œแ€แ‚”แ แ€งแ€Šแ€•แ€ซแ€ฑแ€™แ€ฌแ€€แก แ€แ€…แ€ฆแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ‚ˆ แ€”แ€„ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€แ€ฌแ€แ€”แ€žแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€แ€…แ€ แ€ปแ€–แ€…แ€žแ€Š Organisation for Economic Co-operation and Development (OECD) แ€กแ€–แ€ผแ‚•แ€แ€ผแ€„ National Contact Point แ€กแ€ฑแ€”แ€ปแ€–แ€„แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธ แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„ แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹แ€ฑแ€’แ€ซแ€€แ€แ€ฌ แ€ฑแ€กแ€ฌแ€„แ€‘แ€ผแ€”แ€ธแ€žแ€€แ€žแ€Š แ€›แ€”แ€€แ€”แ€แ€€แ€žแ€œแ€™ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€˜แ€ผแ‚•แ€กแ€ฌแ€ธแ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ University of Brighton แ€™ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€†แ€„แ€›แ€ฌ แ€˜แ€ผแ‚•แ€œแ€ผแ€”แ€’แ€•แ€œแ€™แ€ฌแ€กแ€ฌแ€ธแ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ University of Warwick แ€™ แ€žแ€•แธแ€™แ€Ÿแ€ฌแ€˜แ€ผแ‚• (Operations Research) แ€กแ€ฌแ€ธแ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ University of Manchester แ€™ แ€•แ€ซแ€›แ€‚แ€˜แ€ผแ‚• (Management Sciences) แ€กแ€ฌแ€ธแ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ University of Marburg แ€™ Post-Doctoral Research Fellow แ€แ‚”แ€กแ€ฌแ€ธ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€›แ€”แ€€แ€”แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€แ€€แ€žแ€œแ€™ แ€แ€ธแ€ปแ€™แ‚‡แ€„แ€žแ€Š แ€‚แ€แ€‘แ€ธแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€›แ€‚แ€˜แ€ผแ‚• (D.Litt.Degree) แ€€แ€œแ€Šแ€ธ แ‚แ€แแ… แ€แ‚แ€…แ€แ€ผแ€„ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹

MYANMAR THILAWA SEZ 32

Page 34: report CONTENTS - MTSH

U TUN LWIN

U TIN HTUT OO

DIRECTOR

INDEPENDENT DIRECTOR

U Tin Htut Oo is an Independent Director of the Company. He was appointed in November 2014. Currently, he is the Chairman of Agriculture Group of Yoma Strategic Holdings Ltd., a public listed Myanmar Company in Singapore and CEO of Agribusiness and Rural Development Consultants (ARDC) in Myanmar. He is Chairing the Board of the Center for Economic and Social Development (CESD) and also a Senior Advisor to Union of Myanmar Chamber of Commerce and Industry (UMFCCI) and Myanmar Rice Federation.He holds a Bachelor of Agriculture degree (B. Ag) from the Institute of Agriculture, University of Mandalay (1971) Myanmar and M. Sc (Agricultural Economics) from Ohio State University(1985) USA. He was a Visiting Research Fellow at the Institute of Developing Economies, Tokyo, Japan in 1994-1995. From 2001 to 2009, he was the Director-General of the Department of Agricultural Planning, Ministry of Agriculture and Irrigation, Myanmar; and before that held various posts in the same ministry since 1974. He has received government awards for his work, the Excellent Performance in Administrative Field, First Class (2002). He retired from the civil service in 2009.U Tin Htut Oo has been awarded 5th Dioscoro L. Umali Achievement Award in Agricultural Development in 2015 which recognizes exemplary individuals who have advanced agricultural development in Southeast Asia.U Tin Htut Oo served as the Economic Advisor and Chairman of the National Economic and Social Advisory Council (NESAC), Office of the President, the Republic of the Union of Myanmar (2012-2016). In his capacity with the UN and international organizations, he has worked as a Team Leader/Consultant with FAO, IFAD and ADBI. He served as Senior Advisor to the Special Unit on Countries with Special Needs, Office of the Executive Secretary, UNESCAP from 2009-2011. He had also held Executive Committee member positions in regional bodies such as SEARCA, and CIRDAP and ASEAN (AMAF).

U Tun Lwin is a Director of MTSH & MJTD and Managing Director of Thilawa Property Development Limited (TPD). He has been the Chairman of MAGDPL since 2012, which is one of the biggest shareholders of our Company. MAGDPL is a public company, and is currently developing container and general cargo handling International Terminal at plot number 29 of the Thilawa Port Area, among other business operations. He is the executive director of MAPCO and MEICO. And, he is also the executive director of Myanmar Citizens Bank Limited. He is serving as the vice-chairman of National Resources Development Company Limited too. He is presently the Managing Director of Shwe Me Group of Companies. Shwe Me Group of Companies has been listed between 3rd to 23rd highest taxpayer in the country for the Income Tax and Commercial Tax Categories from Financial year 2010-2011 to 2015-2016. And, on 2014, it has been awarded the prestigious โ€œPresidentโ€™s Excellence Award for Tax and Revenue Dutyโ€. He is currently serving as the Chairman of Myanmar Pulses, Beans and Sesame Seeds Merchants Association, the Central Executive Committee Member of UMFCCI and the Treasurer of Myanmar-Japan Association. The companies he is associating are currently exporting agricultural products, importing construction materials and general cargo, providing logistics services, developing terminal at Thilawa port area, growing teak plantations and involving in other business sectors too.

แ€ฆแ€ธแ€แ€„แ€‘แ€ผแ€‹แ€ฆแ€ธแ€žแ€Š แ€€แ€™แธแ€แ แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€ปแ€–แ€… แ‚แ€แแ„ แ€แ‚แ€…แŠ แ‚แ€แ€„แ€˜แ€ฌ แ€œแ€แ€ผแ€„ แ€แ€”แ‚”แ€กแ€•แ€ปแ€แ€„แ€ธแ€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€…แ€„แ€€แ€ฌแ€•แ€”แ€„แ€„แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„ แ€€แ€™แธแ€ แ€ปแ€–แ€…แ€žแ€Š Yoma Strategic Holdings Ltd แ€แ€ผแ€„ แ€œแ€šแ€šแ€ฌแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€œแ€•แ€„แ€”แ€ธแ€…แ แ€ฅแ€€แ‚’ แ€กแ€ปแ€–แ€…แŽแŠ Agribusiness and Rural Development Consultants แ แ€กแ€œแ€•แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€กแ€›แ€ฌแ€›แ€แ€•แ€กแ€ปแ€–แ€…แŽแŠ แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€™แ‚ˆแ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€…แ€„แ€แ€ฌ (CESD) แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ แ€ฅแ€€แ‚’ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€ปแ€™แ€”แ€™แ€ฌแ€”แ€„แ€„ แ€†แ€”แ€…แ€•แ€ซแ€ธแ€œแ€•แ€„แ€”แ€ธแ€กแ€žแ€„แ€ธแ€แ€•แ‚แ€„ แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€€แ€”แ€žแ€Šแ€™แ€ฌแ€ธแ‚แ€„ แ€…แ€€แ€™แ‚ˆแ€œแ€€แ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธ แ€กแ€žแ€„แ€ธแ€แ€•แ แ€กแ‚€แ€€แ€ธแ€แ€”แ€ธ แ€กแ‚€แ€€แ€ฑแ€•แ€ธแ€กแ€ปแ€–แ€… แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹แ€žแ€žแ€Š แ€™แ‚แ€ฑแ€œแ€ธแ€แ€€แ€žแ€œแ€™ แ€œแ€šแ€šแ€ฌแ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ€•แ€Šแ€ฌแ€˜แ€ผแ‚•แ€€ แแ‰แ‡แ แ€แ‚แ€…แ€แ€ผแ€„ แ€›แ€›แ€แฟแ€•แ€ธแŠ แ€กแ€ฑแ€™แ€›แ€€แ€” แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€› Ohio State University แ€™แ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€™แ€Ÿแ€ฌแ€˜แ€ผแ‚• แ€แ‚”แ€กแ€ฌแ€ธ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€‚แ€•แ€”แ€”แ€„แ€„แŠ แ€แ€€แฟแ€™แ‚•แ€แ€ผแ€„ แแ‰แ‰แ„ แ€™ แแ‰แ‰แ… แ€แ‚แ€…แ€กแ€‘ Institute of Developing Economies แ€แ€ผแ€„ แ€งแ€Šแ€žแ€ฑแ€แ€ž (Visiting Research Fellow) แ€กแ€ปแ€–แ€… แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€กแ€ฑแ€›แ‚•แ€ฑแ€แ€ฌแ€„แ€กแ€ฌแ€›แ€แ€ผแ€„ แ€œแ€šแ€šแ€ฌแ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€ฌ แ€แ€ผแ€„ แ€…แ€ปแ€•แ€•แ€‚แข แ€œแ€แ€…แ€ฆแ€ธแ€กแ€ปแ€–แ€… แ‚แ€แแ… แ€แ‚แ€…แ€แ€ผแ€„ แ€œแ€šแ€šแ€ฌแ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแŠ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ Dioscoro L. Umali Achievement แ€†แ€€ แ€ฑแ€•แ€ธแ€กแ€• แ€แ€ธแ€ปแ€™แ‚‡แ€„แ€ปแ€แ€„แ€ธ แ€แ€แ€›แ€•แ€ซแ€žแ€Šแ‹แ€žแ€žแ€Š แ‚แ€แ€แ แ€แ‚แ€…แ€™ แ‚แ€แ€แ‰ แ€แ‚แ€…แ€กแ€‘ แ€œแ€šแ€šแ€ฌแ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธ แ€…แ€™แ€€แ€”แ€ธแ€Œแ€ฌแ€”แ แซแ‚Šแ€”แพแ€€แ€ฌแ€ธแ€ฑแ€›แ€ธแ€™แ€ธแ€แ€• แ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แฟแ€•แ€ธ แ€šแ€„แ€ธแ€™แ€แ€„แ€™ แแ‰แ‡แ„ แ€แ‚แ€…แ€™แ€…แ แ€œแ€šแ€šแ€ฌ แ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€†แ€Šแ€ฑแ€ปแ€™แ€ฌแ€„แ€ธแ€แ€”แ‚€แ€€แ€ธแ€Œแ€ฌแ€”แ€แ€ผแ€„ แ€›แ€ฌแ€‘แ€ธแ€กแ€†แ€„แ€†แ€„แ€ปแ€–แ€„ แ€แ€ฌแ€แ€” แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ‚แ€„แ€„แ€ฑแ€แ€ฌแ€กแ€…แ€ธแ€›แ€™ แ€ฑแ€•แ€ธแ€กแ€•แ€žแ€Š แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธ แ€†แ€แ€†แ€•แ€™แ€ฌแ€ธแ€€ แ€›แ€›แ€แฟแ€•แ€ธแŠ แ‚แ€แ€แ‚ แ€แ‚แ€…แ€แ€ผแ€„ แ€…แ€™แ€‘แ€ธแ€แฝแ€ผแ€”แ€แ€†แ€• (แ€•แ€‘แ€™แ€†แ€„) แ€€ แ€›แ€›แ€แ‚”แ€•แ€ซ แ€žแ€Šแ‹ แ€žแ€žแ€Š แ‚แ€แ€แ‰ แ€แ‚แ€…แ€แ€ผแ€„ แ€กแ€…แ€ธแ€›แ€Œแ€ฌแ€”แ€™ แ€กแฟแ€„แ€™แ€ธแ€…แ€ฌแ€ธ แ€šแ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ‚แ€แแ‚ แ€แ‚แ€…แ€™ แ‚แ€แแ† แ€แ‚แ€…แ€แ€ผแ€„ แ€žแ€™แผแ€ แ€ฆแ€ธแ€žแ€”แ€ธแ€…แ€”แ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€กแ‚€แ€€แ€ฑแ€•แ€ธ แ€กแ€ปแ€–แ€… แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แ€กแ€™แ€ธแ€žแ€ฌแ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€™แ‚ˆแ€ฑแ€›แ€ธแ€กแพแ€€แ€ฑแ€•แ€ธแ€ฑแ€€แ€ฌแ€„แ€…แ แ€ฅแ€€แ‚’แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€€แ€œแ€žแ€™แ€‚แข แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€แ€„แ€•แ€„แ€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€œแ€•แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แฟแ€•แ€ธแŠ แ‚แ€แ€แ‰ แ€แ‚แ€…แ€™ แ‚แ€แแ แ€แ‚แ€… แ€กแ€‘ แ€กแ‚€แ€€แ€ธแ€แ€”แ€ธ แ€กแพแ€€แ€ฑแ€•แ€ธแ€กแ€ปแ€–แ€… UNESCAP แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€กแ€แ€ผแ€„แ€ธแ€ฑแ€›แ€ธแ€™แ€ธแ‚แ€ธแ€แ€ผแ€„ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€ฑแ€’แ€žแ€†แ€„แ€›แ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€žแ€Š Southeast Asian Regional Center for Graduate Study and Research in Agriculture (โ€œSEARCAโ€) แ‚แ€„ Center on Integrated Rural Development for Asia and the Pacific (โ€œCIRDAPโ€) แ€แ‚”แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€ฑแ€€แ€ฌแ€™แ€ แ€กแ€–แ€ผแ‚•แ€แ€„ แ€›แ€ฌแ€‘แ€ธแ€™แ€ฌแ€ธแ€ปแ€–แ€„ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€‘แ€ผแ€”แ€ธแ€œแ€ผแ€„แ€žแ€Š MTSH แ‚แ€„ MJTD แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธ แ€žแ€œแ€แ€ซ แ€•แ€ฑแ€›แ€ฌแ€•แ€ซแ€ธแ€แ€ธ แ€’แ€แ€•แ€ฑแ€œแ€ฌแ€™แ€„แ€œแ€™แ€แ€€แ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€’แ€ซแ€›แ€€แ€แ€ฌแ€แ€…แ€ฅแ€ธแ€œแ€Šแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚” แ€€แ€™แธแ€แ แ€›แ€šแ€šแ€ฌแ€กแ€™แ€ฌแ€ธแ€†แ€ธ แ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธแ€กแ€”แ€€แ€™ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€Š MAGDPL แ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ‚แ€แแ‚ แ€แ‚แ€…แ€€แ€แ€Šแ€ธแ€€ แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹ MAGDPL แ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€แ€แ€…แ€แ€ปแ€–แ€…แ€€แ€ฌ (แ€กแ€ปแ€แ€ฌแ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€•แ€ซแ€กแ€แ€„) แ€€แ€ผแ€”แ€แ€”แ€”แ€ฌแ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€€แ€”แ€…แ€Šแ€€แ€„แ€แ€ผแ€šแ€ปแ€แ€„แ€ธแ€œแ€•แ€€แ€„แ€žแ€Š แ€žแ€œแ€แ€ซแ€†แ€•แ€€แ€™แ€ธ แ€กแ€€แ€ผแ€€ (แ‚แ‰)แ€› แ€กแ€ปแ€•แ€Šแ€ปแ€•แ€Šแ€†แ€„แ€›แ€ฌ แ€†แ€•แ€แ€แ€แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ปแ€แ€„แ€ธแ‚แ€„ แ€…แ€™ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ€€ แ€œแ€•แ€€แ€„แ€ฑแ€”แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š MAPCO แ‚แ€„ MEICO แ€แ‚”แ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„ แ€ฑแ€”แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š Myanmar Citizens Bank Limited แ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š National Resources Development Company Limited แ แ€’แ€แ€šแ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€…แ€œแ€Šแ€ธ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ€แ€…แ‚แ€„แ€„แ€œแ€ธแŒ แ‚แ€แแ€-แ‚แ€แแ แ€™ แ‚แ€แแ…-แ‚แ€แแ† แ€˜แ‚‘แ€ฌแ‚แ€…แ€กแ€‘ แ‚แ€…แ€…แ€ฅ แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ‚แ€„ แ€€แ€”แ€žแ€ผแ€šแ€แ€ผแ€” แ€กแ€†แ€„ (แƒ) แ€™ แ€กแ€†แ€„ (แ‚แƒ) แ€กแ€แ€ผแ€„แ€ธ แ€กแ€™แ€ฌแ€ธแ€†แ€ธ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„ แ€แฟแ€•แ€ธ แ‚แ€แแ„ แ€แ‚แ€…แ€แ€ผแ€„ แ‚แ€„แ€„แ€ฑแ€แ€ฌแ€žแ€™แผแ€แ แ‚แ€„แ€„แ€ฑแ€แ€ฌแ€กแ€แ€ผแ€€ แ€กแ€แ€ผแ€”แ€˜แ‚‘แ€ฌแ€แ€ฌแ€แ€” แ€‘แ€ธแ€แฝแ€ผแ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€žแ€Š แ€‚แ€แ€‘แ€ธ แ€ฑแ€†แ€ฌแ€„แ€œแ€€แ€™แ€แ€›แ€›แ€แ€žแ€Š Shwe Me Group of Companies แ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€•แ€™แ€ธแ€…แ‚แ€„ แ‚แ€™แ€ธแ€€แ€”แ€žแ€Šแ€™แ€ฌแ€ธแ€กแ€žแ€„แ€ธแ แ€ฅแ€€แ‚’แ€œแ€Šแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธแŠ UMFCCI แ€แ€ผแ€„ แ€—แ€Ÿแ€กแ€œแ€•แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ‚แ€„ Myanmar-Japan Association แ€แ‚”แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€˜แ‚‘แ€ฌ แ€ฑแ€›แ€ธแ€™แ€ธแ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€šแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹แ€žแ€•แ€ซแ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แ€žแ€Š แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€žแ€Š แ€œแ€šแ€šแ€ฌแ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ€‘แ€แ€€แ€”แ€™แ€ฌแ€ธ แ€ปแ€•แ€Šแ€• แ€แ€„แ€•แ‚”แ€ปแ€แ€„แ€ธแŠ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€€แ€”แ€…แ€Šแ€™แ€ฌแ€ธ แ€แ€„แ€žแ€ผแ€„แ€ธ แ€ปแ€–แ€”แ‚”แ€ปแ€–แ€ธแ€ปแ€แ€„แ€ธแŠ แ€ฑแ€‘แ€ฌแ€€แ€•แ€•แ‚”แ€ฑแ€†แ€ฌแ€„แ€ฑแ€›แ€ธ แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€™แ€ฌแ€ธแ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธแŠ แ€žแ€œแ€แ€ซ แ€†แ€•แ€€แ€™แ€ธแ€แ€ผแ€„ แ€†แ€•แ€แ€แ€แ€ฌแ€ธ แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ฑแ€›แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€€แฝแ€ผแ€”แ€ธแ€žแ€…แ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ€กแ€•แ€ซแ€กแ€แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€€แ‚‘แ€™แ€ธแ€…แ€แ€ผแ€„ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 33

Page 35: report CONTENTS - MTSH

U TIN MAUNG HLAING

DR. NYAN THIT HLAING

U NYI KHIN

DIRECTOR

DIRECTOR

DIRECTOR

U Nyi Khin is a Director of our Company. He is the Chairman of Myanmar Sugar Development Public Company Limited, which is one of the Promoters and was jointly set up by enterprises in the sugar and sugar-related industries with the objective of developing the sugar and sugar-related industries in Myanmar. He brings with him more than twenty-five (25) years of experience in the food production industry. U Nyi Khin owns and operates three sugar factories under the โ€œShwe Pyi Aungโ€ name.

Dr. Nyan Thit Hlaing is a Director of MTSH & MJTD and the Project Director for Thilawa Property Development Limited (TPD) for the development of the Residential and Commercial Component of the Zone A Project. He is currently Managing Director of the National Development Company Group Limited (NDCGL), which is one of the Principal Shareholders of our Company. NDCG is a Public Company engaged primarily in the business of construction, trading and general services. He is a Director of Proven Technology Industrial Co., Ltd. and the Managing Director of Zodiac E Corridor Company Limited. He is also a Director of Small & Medium Industrial Development Bank (SMIDB) which is established to provide financial assistance to small and medium industries (SMI) in the country. He is joint secretary of Myanmar Construction Entrepreneur Association and the treasurer of the Peti Foundation. Dr. Nyan Thit Hlaing graduated with a Bachelors of Medicine from the University of Medicine (1) Yangon in 1996.

U Tin Maung Hlaing is a Director of the Company. He is Executive Director of MAPCO, which is one of the founding shareholders of our Company. MAPCO is a public company formed to mobilize public savings and to foster broader investment in agriculture and agro-based industries of Myanmar. He served as an Executive Director in the Myanmar Automobile Development Public Company Limited that manufactures and distributes of motor vehicles. He has also been working as a Managing Director in Evergreen Autos Co., Ltd. since the founding of the company. He is also involved with Myanmar National Telecom Holdings Public Ltd., a company that focuses on development of telecommunication sectors in Myanmar. U Tin Maung Hlaing is also actively involved in Myanmar Japan Association as a Central Executive Committee member. He graduated with a Bachelor of Science in Physics from the Yangon University in 1988. He is fluent in the Japanese language.

แ€ฆแ€ธแ€Šแ€แ€„แ€žแ€Š แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€แ€„แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แ€€แ€‘แ€ปแ€•แ€žแ€™แ€ฌแ€ธแ€กแ€”แ€€ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€Š Myanmar Sugar Development Public Company Limited แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚• แ€ฅแ€€แ‚’แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Myanmar Sugar Development Public Company Limited แ€€ แ€žแพแ€€แ€ฌแ€ธแ‚แ€„ แ€žแพแ€€แ€ฌแ€ธแ€†แ€„แ€›แ€ฌแ€œแ€•แ€„แ€”แ€ธแ€€แ‚‘แ€› แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธแ€€ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แพแ€€แฟแ€•แ€ธแŠ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€กแ€แ€ผแ€„แ€ธ แ€žแพแ€€แ€ฌแ€ธแ‚แ€„ แ€žแพแ€€แ€ฌแ€ธแ€†แ€„แ€›แ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€แ€ธแ€แ€€แ€–แ€ผแ‚•แฟแ€–แ€ธแ€œแ€ฌแ€ฑแ€…แ€›แ€” แ€›แ€Šแ€›แ€ผแ€šแ แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€แ€ปแ€แ€„แ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€Šแ€แ€„แ€žแ€Š แ€…แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€€แ€€แ€”แ€‘แ€แ€œแ€•แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€€แ‚‘แ€แ€ผแ€„ แ‚แ€…แ€ฑแ€•แ€ซแ€„แ€ธ (แ‚แ…)แ‚แ€…แ€ฑแ€€แ€ฌ แ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€แ€™แ€ฌแ€ธแ€›แฟแ€•แ€ธแŠ Shwe Pyi Aung แ€กแ€™แ€Šแ€ปแ€–แ€„ แ€žแพแ€€แ€ฌแ€ธแ€…แ€€(แƒ)แ€…แ€€แ€€ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€œแ€•แ€€แ€„ แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€ฑแ€’แ€ซแ€€แ€แ€ฌ แ€‰แ€ฌแ€แ€žแ€…แ€œแ‚ˆแ€„แ€žแ€Š MTSH แ‚แ€„ MJTD แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธ Zone A Project แ แ€œแ€ฑแ€”แ€‘แ€„แ€›แ€ฌแ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€…แ€แ€กแ€•แ€„แ€ธ แ€แ€Šแ€ฑแ€†แ€ฌแ€€ แ€ปแ€แ€„แ€ธแ€กแ€แ€ผแ€€ แ€žแ€œแ€แ€ซแ€•แ€ฑแ€›แ€ฌแ€•แ€ซแ€ธแ€แ€ธ แ€’แ€แ€•แ€ฑแ€œแ€ฌแ€™แ€„แ€œแ€™แ€แ€€ (TPD) แ แ€•แ€ฑแ€›แ€ฌแ€‚แ€€ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€žแ€žแ€Š แ€œแ€€แ€›แ€แ€ผแ€„ แ€กแ€™แ€ธแ€žแ€ฌแ€ธแ€–แ€ผแ‚”แฟแ€–แ€ธ แ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€€แ€™แธแ€แ€กแ€•แ€…แ€œแ€™แ€แ€€ (NDCG) แ แ€กแ€•แ€แ€•แ€™แ‚ˆ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€ปแ€–แ€…แ€žแ€Šแ‹ NDCG แ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€›แ€šแ€šแ€ฌแ€กแ€™แ€ฌแ€ธแ€†แ€ธ แ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธแ€กแ€”แ€€แ€™ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€กแ€“แ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแŠ แ€€แ€”แ€žแ€ผแ€šแ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ‚แ€„ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผ แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€แ€แ€…แ€ แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€žแ€žแ€Š Proven Technology Industrial Co., Ltd แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธแŠ Zodiac E Corridor Company Limited แ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€’แ€ซแ‚แ€€แ€แ€ฌ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€ปแ€•แ€Šแ€แ€ผแ€„แ€ธแ€› แ€กแ€ฑแ€žแ€ธแ€…แ€ฌแ€ธแ‚แ€„แ€กแ€œแ€แ€…แ€ฌแ€ธ แ€…แ€€แ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแŒ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ แ€†แ€„แ€›แ€ฌ แ€ฑแ€‘แ€ฌแ€€แ€•แ€™แ‚ˆแ€ฑแ€•แ€ธแ€ฑแ€”แ€žแ€Š แ€กแ€ฑแ€žแ€ธแ€…แ€ฌแ€ธแ‚แ€„แ€กแ€œแ€แ€…แ€ฌแ€ธ แ€…แ€€แ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€ฑแ€›แ€ธ แ€˜แ€แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š Myanmar Construction Entrepreneur Association แ แ€แ€ผแ€˜แ€€แ€กแ€แ€ผแ€„แ€ธแ€ฑแ€›แ€ธแ€™แ€ธ แ€ปแ€–แ€…แ€€แ€ฌ Peti Foundation แ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€™แ€ธ แ€œแ€Šแ€ธแ€ปแ€–แ€…แ€žแ€Šแ‹ แ€ฑแ€’แ€ซแ€€แ€แ€ฌแ€‰แ€ฌแ€แ€žแ€…แ€œแ‚ˆแ€„แ€žแ€Š แแ‰แ‰แ† แ€แ‚แ€…แ€แ€ผแ€„ แ€›แ€”แ€€แ€”แ€ฑแ€†แ€ธแ€แ€€แ€žแ€œ (แ) แ€™ Bachelor of Medicine แ€˜แ€ผแ‚•แ€ปแ€–แ€„ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€œแ‚ˆแ€„แ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š MAPCO แ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ MAPCO แ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€›แ€šแ€šแ€ฌแ€กแ€™แ€ฌแ€ธแ€†แ€ธ แ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธแ€กแ€”แ€€แ€™ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ แ€…แ€ฑแ€†แ€ฌแ€„แ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€…แ€…แ€Šแ€ธแ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ แ€œแ€šแ€šแ€ฌแ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธ แ€กแ€ฑแ€ปแ€แ€แ€ฑแ€žแ€ฌ แ€…แ€€แ€™แ‚ˆแ€œแ€€แ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€€แ€šแ€ปแ€•แ€”แ‚”แ€…แ€ผแ€ฌ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€ปแ€แ€„แ€ธแ€€ แ€กแ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€” แ€›แ€Šแ€›แ€ผแ€šแ€แ€€แ€ปแ€–แ€„ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„ แ€‘แ€ฌแ€ธแ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€แ€แ€…แ€ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€ฑแ€™แ€ฌแ€ฑแ€แ€ฌแ€šแ€ฌแ€ฅแ€™แ€ฌแ€ธ แ€‘แ€แ€œแ€•แ€ปแ€แ€„แ€ธแ‚แ€„ แ€ปแ€–แ€”แ‚”แ€ปแ€–แ€ธแ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€žแ€Š Myanmar Automobile Development Public Company Limited แ€แ€ผแ€„ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š Evergreen Autos Co.,Ltd แ€แ€ผแ€„ แ€€แ€™แธแ€ แ€…แ€แ€„แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€€แ€แ€Šแ€ธแ€€ แ€กแ€•แ€แ€•แ€™แ‚ˆ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แแ€†แ€€แ€žแ€ผแ€š แ€ฑแ€›แ€ธแ€€แ‚‘แ€™แ€ฌแ€ธ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ‚ˆแ€ปแ€–แ€…แ€ฑแ€•แšแ€ฑแ€…แ€›แ€” แ€กแ€ฌแ€ธแ€ฑแ€•แ€ธแ€€แ€Šแ€ปแ€แ€„แ€ธแ€€ แ€กแ€ฑแ€œแ€ธแ€‘แ€ฌแ€ธ แ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€แ€แ€…แ€แ€ปแ€–แ€…แ€ฑแ€žแ€ฌ Myanmar National Telecom Holdings Public Ltd แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€œแ‚ˆแ€„แ€žแ€Š Myanmar-Japan Association แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€—แ€Ÿแ€กแ€œแ€• แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€ฑแ€€แ€ฌแ€™แ€แ€กแ€–แ€ผแ‚•แ€แ€„แ€กแ€ปแ€–แ€… แ€แ€€แ€€แ€ผแ€…แ€ผแ€ฌ แ€•แ€ซแ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แแ‰แ‰แˆ แ‚แ€…แ€แ€ผแ€„ แ€›แ€”แ€€แ€”แ€แ€€แ€žแ€œแ€™ แ‚แ‚ˆแ€•แ€ฑแ€—แ€’แ€žแ€•แธแ€˜แ€ผแ‚•แ€ปแ€–แ€„ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ€‚แ€•แ€”แ€˜แ€ฌแ€žแ€ฌแ€…แ€€แ€ฌแ€ธ แ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€…แ€ผแ€ฌ แ€ฑแ€ปแ€•แ€ฌแ€†แ‚แ€„แ€•แ€ซแ€žแ€Šแ‹

MYANMAR THILAWA SEZ 34

Page 36: report CONTENTS - MTSH

U AUNG SOE THA

U AUNG NYUNT

DIRECTOR

INDEPENDENT DIRECTOR

U Aung Nyunt is an Independent Director of the Company. He was appointed in October 2016. From 1966 to 2007, nearly (41) years of services at Myanmar Timber Enterprise - Finance/Account Department, Planning Department and retired as a General Manager (Planning). As an attached duty in 1991, he served as a Director (Finance) for two years at National Industrial Holding Company Limited (NIHL) (Public Company). In 1995 to 1996, he was a part time Director of Myanmar Forest Products Joint Venture Company Limited (Forest J.V), Myanmar Korea Timber International Company Ltd (MKTI), Myanmar Seal Company Limited (M.S.L) and International Business Centre (I.B.C) Co Ltd. Starting from 2008 to 2013, he was an Independent Auditor for the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), Myanmar Engineering Society (MES), NGO-Japan Seeds Asia Project, Trustee Board of Pyi Shwe San Taw Pagoda and International Business Centre Company Limited (I.B.C) under the name of Aung Nyunt and Associates (Auditors). During his service at the Ministry, he has joined and attended various Financial Management Seminars in 9 different countries. He was born in 1944 and studied at Myoma National High School. He graduated with B.Com (Accounting) in 1964 and Registered Accountant (Full-fledge) (now CPA) in 1965 respectively.

U Aung Soe Tha is one of Directors in MTSH and MJTD as well. He is a Managing Director and Board of Director of MTI Corporation, which is one of the Principal Shareholders of our Compny. MTI Corporation is a Public Company established to invest and to become a leading player in the info-communications and telecommunications and telecommunications-related fields in Myanmar. He also performs as a Board of Director of Myanmar Information Technology Pte Ltd. since 2002. U Aung Soe Tha is the Executive Chairman of the Myanmar ComBiz Group, which is engaged in the business of Export, Import and Distribution of Agriculture Products, FMCG Products, Electronic Products, Petroleum Products, Constructions Materials, and various commodities, and the services in the information communications and technology sector.He is a Joint Treasurer of the UMFCCI, Vice President of the Myanmar Computer Industries Association, Central Executive Committee member of the Myanmar Young Entrepreneurs Association and Central Executive Committee member of the Myanmar Rice Industry Association. U Aung Soe Tha was conferred the ASEAN Outstanding Entrepreneur Award in Vietnam in 2011. One of his company, Myanmar ComBiz Trading Co., Ltd., was achieved the Runner up of ASEAN Busines Award 2016 (Employment) in 2016.He holds a Master of Business Administration, as well as degrees in Economics and Information Technology, from the Yangon Institute of Economics.

แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แซแ€ผแ€”แ‚”แ€žแ€Š แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€แ€„แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธ แ‚แ€แแ† แ€แ‚แ€…แŠ แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌแ€œ แ€™แ€…แ แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ€›แ€€แ€แ€ฌแ€กแ€ปแ€–แ€… แ€แ€”แ‚”แ€กแ€•แ€ปแ€แ€„แ€ธแ€แ€แ€›แ€•แ€ซแ€žแ€Šแ‹ แแ‰แ†แ† แ€™ แ‚แ€แ€แ‡ แ€แ‚แ€…แ€กแ€‘ (แ„แ) แ‚แ€…แ€แ€”แ‚” แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€… แ€œแ€•แ€„แ€”แ€ธ-แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ/ แ€ฑแ€„แ€ผแ€…แ€ฌแ€›แ€„แ€ธแ€Œแ€ฌแ€”แ‚แ€„ แ€…แ€™แ€€แ€”แ€ธแ€Œแ€ฌแ€”แ€แ‚”แ€แ€ผแ€„ แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แฟแ€•แ€ธ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผ แ€™แ€”แ€ฑแ€”แ€‚แ€ฌ (แ€…แ€™แ€€แ€”แ€ธ) แ€›แ€ฌแ€‘แ€ธ แ€ปแ€–แ€„แ€กแฟแ€„แ€™แ€ธแ€…แ€ฌแ€ธ แ€›แ€šแ€แ€•แ€ซแ€žแ€Šแ‹ แ€แ€ผแ€–แ€€แ€แ€ฌแ€แ€”แ€ปแ€–แ€„ แแ‰แ‰แ แ€แ€”แ€…แ€แ€ผแ€„ แ€ฑแ€”แ€›แ€„แ€”แ€š แ€กแ€„แ€’แ€แ€…แ€‘แ€›แ€›แ€šแ€Ÿแ€œแ€’แ€„แ€ธ แ€€แ€™แธแ€แ€œแ€™แ€แ€€ (NIHL) (แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€) แ€แ€ผแ€„ แ‚ แ‚แ€…แ€แ€ผ แ€แ€”แ‚” แ€’แ€ซแ‚แ€€แ€แ€ฌ (แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ) แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แแ‰แ‰แ… แ€แ‚แ€…แ€™ แแ‰แ‰แ† แ€กแ€‘ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€…แ€ฑแ€แ€ฌแ€‘แ€ผแ€€แ€•แ€…แฅแ€Šแ€ธแ€–แ€€แ€…แ€• แ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€œแ€™แ€แ€€ (Forest J.V) (แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€)แŠ แ€”แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€–แ€€แ€…แ€•-แ€ปแ€™แ€”แ€™แ€ฌ แ€€แ€›แ€ธแ€šแ€ฌแ€ธ แ€กแ€ปแ€•แ€Šแ€ปแ€•แ€Šแ€†แ€„แ€›แ€ฌ แ€€แ€”แ€žแ€ผแ€š แ€™แ‚ˆแ€€แ€™แธแ€ (MKTI) แ€ปแ€™แ€”แ€™แ€ฌแ€†แ€ธแ€œ แ€€แ€™แธแ€แ€œแ€™แ€แ€€ (M.S.L)แ‚แ€„ แ€กแ€ปแ€•แ€Šแ€ปแ€•แ€Šแ€†แ€„แ€›แ€ฌ แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ€—แ€Ÿแ€Œแ€ฌแ€” แ€€แ€™แธแ€แ€œแ€™แ€แ€€ (I.B.C) แ€แ‚”แ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€…แ€œแ€•แ€„แ€”แ€ธแ แ€กแ€แ€”แ€•แ€„แ€ธ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€šแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แ€แˆ แ€แ€”แ€…แ€™แ€…แ แ‚แ€แแƒ แ€แ‚แ€…แ€กแ€‘ แ€ฑแ€กแ€ฌแ€„แซแ€ผแ€”แ‚”แ‚แ€„ แ€กแ€–แ€ผแ‚•แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€กแ€™แ€Šแ€ปแ€–แ€„ แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€… แ€ปแ€™แ€”แ€™แ€ฌแ€”แ€„แ€„ แ€€แ€”แ€žแ€Š/แ€…แ€€แ€™แ‚ˆ แ€กแ€žแ€„แ€ธแ€แ€• (UMFCCI)แŠ แ€ปแ€™แ€”แ€™แ€ฌแ€”แ€„แ€„ แ€กแ€„แ€‚แ€„แ€”แ€šแ€ฌแ€กแ€žแ€„แ€ธ (MES)แŠ NGO-Japan Seeds Asia ProjectแŠ แ€ปแ€•แ€Šแฟแ€™แ‚• แ€ฑแ€›แ‚Šแ€†แ€ฑแ€แ€ฌแ€ฑแ€‚แ€ซแ€•แ€€ แ€˜แ‚‘แ€ฌแ€ฑแ€แ€ฌแ€‘แ€”แ€ธ แ€กแ€–แ€ผแ‚•แŠ แ€กแ€ปแ€•แ€Šแ€ปแ€•แ€Šแ€†แ€„แ€›แ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€—แ€Ÿแ€Œแ€ฌแ€” แ€œแ€™แ€แ€€ (I.B.C)แ€แ‚”แ€€ (แ†) แ‚แ€…แ€แ€”แ‚” แ€œแ€€แ€™แ€แ€› แ€ปแ€•แ€Šแ€žแ‚” แ€…แ€ฌแ€›แ€„แ€ธแ€€แ€„แ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€šแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แฟแ€•แ€ธ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€… แ€กแ€…แ€›แ€„แ€แ€…แ€ฌแ€™แ€ฌแ€ธ แ€‘แ€แ€ปแ€•แ€” แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€…แ€ธแ€›แ€แ€ฌแ€แ€”แ€ปแ€–แ€„ แ€”แ€„แ€„ (แ‰) แ‚แ€„แ€„แ€แ€ผแ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€…แ€™แ€แ€”แ‚•แ€แ€ผแ€™แ‚ˆแ€•แ€Šแ€ฌ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€•แ€ผแ€™แ€ฌแ€ธ แ€แ€€แ€ฑแ€›แ€ฌแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แแ‰แ„แ„ แ€แ‚แ€…แ€แ€ผแ€„ แ€ฑแ€™แ€ผแ€ธแ€–แ€ผแ€ฌแ€ธแฟแ€•แ€ธแŠ แฟแ€™แ‚•แ€™แ€กแ€™แ€ธแ€žแ€ฌแ€ธ แ€กแ€‘แ€€แ€แ€”แ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแ€แ€ผแ€„ แ€•แ€Šแ€ฌแ€†แ€Šแ€ธแ€•แ€ธแ€แ€•แ€ซแ€žแ€Šแ‹ แแ‰แ†แ„ แ€แ‚แ€…แ€แ€ผแ€„ B.Com (Accounting)แŠ แแ‰แ†แ… แ€แ‚แ€…แ€แ€ผแ€„ Registered Accountant (Full-fledge) (แ€šแ€ C.P.A) แ€˜แ€ผแ‚” แ€กแ€žแ€ธแ€žแ€ธ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แ€…แ€ธแ€žแ€ฌแ€žแ€Š MTSH แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€€แ€žแ‚” MJTD แ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€žแ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€›แ€šแ€šแ€ฌแ€กแ€™แ€ฌแ€ธแ€†แ€ธ แ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธแ€กแ€”แ€€แ€™ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€Š MTI Corporationแ Managing Director แ‚แ€„ Board of Director แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€Šแ‹ MTI Corporationแ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€แ€ผแ€„ แ€žแ€แ€„แ€ธแ€กแ€แ€€แ€กแ€œแ€€ แ€†แ€€แ€žแ€ผแ€šแ€ฑแ€›แ€ธแŠ แ€แ€šแ€œแ€€แ€ผแ€”แ€ธแ€†แ€€แ€žแ€ผแ€šแ€ฑแ€›แ€ธแŠ แ€แ€šแ€œแ€€แ€ผแ€”แ€ธแ€†แ€€แ€žแ€ผแ€šแ€ฑแ€›แ€ธแ‚แ€„ แ€†แ€€แ‚แ€ผแ€šแ€žแ€Šแ€€แ‚‘ แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แฟแ€•แ€ธ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€žแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€›แ€” แ€›แ€Šแ€›แ€ผแ€šแ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€‘แ€ฌแ€ธแ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€แ€แ€…แ€แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€žแ€žแ€Š แ‚แ€แ€แ‚ แ€แ‚แ€…แ€€แ€แ€Šแ€ธแ€€ Myanmar Information Technology Pte Ltd แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€ปแ€–แ€… แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แ€ž แ€แ€…แ€ฆแ€ธ แ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แ€…แ€ธแ€žแ€ฌแ€žแ€Š แ€žแ€แ€„แ€ธแ€กแ€แ€€แ€กแ€œแ€€ แ€†แ€€แ€žแ€ผแ€šแ€ฑแ€›แ€ธแ‚แ€„ แ€”แ€Šแ€ธแ€•แ€Šแ€ฌแ€€แ‚‘แŠ แ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ€€แ€”แ€žแ€ผแ€šแ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแŠ แ€ฑแ€›แ€”แ€‘แ€ผแ€€แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€€แ€”แ€™แ€ธแ€… แ€€แ€”แ€žแ€ผแ€šแ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ€แ‚” แ€œแ€•แ€€แ€„แ€ฑแ€”แ€ฑแ€žแ€ฌ Myanmar ComBiz แ€œแ€•แ€„แ€”แ€ธแ€…แ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€œแ€€แ€›แ€žแ€Šแ‹ แ€žแ€žแ€Š UMFCCI แ แ€แ€ผแ€˜แ€€แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€™แ€ธแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€€แ€ฌ Myanmar Computer Industries Association แ€แ€ผแ€„ แ€’แ€แ€šแ€ฅแ€€แ‚’ แ€แ€ฌแ€แ€”แŠ Myanmar Young Entrepreneurs Association แ€แ€ผแ€„ แ€—แ€Ÿแ€กแ€œแ€•แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€แ€ฌแ€แ€”แŠ Myanmar Rice Industry Association แ€แ€ผแ€„ แ€—แ€Ÿแ€กแ€œแ€•แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€ฑแ€€แ€ฌแ€™แ€แ€แ€„ แ€แ€ฌแ€แ€”แ€แ‚”แ€€แ€œแ€Šแ€ธ แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แ€…แ€ธแ€žแ€ฌแ€žแ€Š ASEAN Outstanding Entrepreneur Award แ€กแ€ฌแ€ธ แ‚แ€แแ แ€แ‚แ€…แŒ แ€—แ€šแ€€แ€”แ€™แ‚แ€„แ€„แ€แ€ผแ€„ แ€กแ€•แ‚แ€„แ€ธแ€ปแ€แ€„แ€ธแ€แ€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ‚”แ€กแ€ปแ€•แ€„ แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แ€…แ€ธแ€žแ€ฌแ แ€€แ€™แธแ€แ€แ€…แ€แ€ปแ€–แ€…แ€ฑแ€žแ€ฌ Myanmar ComBiz Traing Co., Ltd. แ€žแ€Š แ‚แ€แแ†แ€แ‚แ€…แ€แ€ผแ€„ the Runner up of ASEAN Busines Award 2016 (Employment) แ€†แ€€ แ€›แ€›แ€ แ€•แ€ซแ€žแ€Šแ‹แ€žแ€žแ€Š แ€›แ€”แ€€แ€”แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€แ€€แ€žแ€œแ€™ B.ECom แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€•แ€Šแ€ฌแ€˜แ€ผแ‚•แ€€แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ MBA แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€™แ€Ÿแ€ฌแ€•แ€Šแ€ฌแ€˜แ€ผแ‚• แ€€แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ IT แ€•แ€Šแ€ฌแ€˜แ€ผแ‚• แ€€แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธ แ€›แ€›แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 35

Page 37: report CONTENTS - MTSH

Chairman - U Tin Htut Oo (Independent Director)Members - Prof. Dr. Aung Tun Thet (Independent Director) , U Khin Maung Aye , U Tun Lwin , U Nyan Thit Hlaing

The Remuneration Committee supports the Board of Directors in establishing and periodically reviewing MTSHโ€™s compensation strategy, guidelines and performance criteria as well as preparing the proposals to the General Meeting regarding the compensation of the members of the Board of Directors and of Key Management personnel.

The Remuneration Committee consists of the Chairman (an Independent Director of the Board) and a minimum of 2 other members. The Remuneration Committee currently consists of 5 members.

The success of MTSH is dependent on its ability to attract, retain and incentivize the right talented employees. MTSH employee remuneration comprises of fixed and variable components, with the variable components directly correlated with Key Performance Indicators aligned with the Companyโ€™s Business Plan.

แ€ฅแ€€แ‚’ - แ€ฆแ€ธแ€แ€„แ€‘แ€ผแ€‹แ€ฆแ€ธ (แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌ)แ€ฑแ€€แ€ฌแ€™แ€แ€แ€„แ€™แ€ฌแ€ธ - แ€ฑแ€’แ€ซแ€€แ€แ€ฌแ€ฑแ€กแ€ฌแ€„แ€‘แ€ผแ€”แ€ธแ€žแ€€ (แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌ) แŠ แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€ฑแ€กแ€ธ แŠ แ€ฆแ€ธแ€‘แ€ผแ€”แ€ธแ€œแ€ผแ€„ แŠ แ€ฆแ€ธแ€‰แ€ฌแ€แ€žแ€…แ€œแ‚ˆแ€„

แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€แ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€“แ€€แ€€แ€ฑแ€žแ€ฌ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€†แ€„แ€›แ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแŠ แ€œแ€€แ€”แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€”แ€™แ€ฌแ€ธแ‚แ€„ แ€…แ€ผแ€™แ€ธแ€ฑแ€†แ€ฌแ€„ แ€›แ€Šแ€กแ€ฌแ€ธ แ€กแ€€แ€ปแ€–แ€แ€›แ€”แ€แ‚”แ€€ แ€žแ€แ€™แ€แ€›แ€”แ‚แ€„ แ€กแ€แ€”แ‚แ€„ แ€แ€ฑแ€ปแ€•แ€ธแ€Š แ€žแ€ธแ€žแ€•แแ€œแ€กแ€•แ€žแ€Šแ€™แ€ฌแ€ธแ€€ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€†แ€ปแ€• แ‚แ€„แ€›แ€” แ€กแ€แ€ผแ€€ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผ แ€ฑแ€€แ€ฌแ€™แ€แ€žแ€Š แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€žแ‚” แ€กแ‚€แ€€แ€ปแ€• แ€แ€„แ€ปแ€•แ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€”แ€Šแ€ธแ€†แ€ธ แ€กแ€–แ€ผแ‚”แ€แ€„ (แƒ) แ€ฆแ€ธแ€•แ€ซแ€›แ€™แ€Š แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€ฑแ€€แ€ฌแ€™แ€แ€แ€ผแ€„ แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€™ แ€ฑแ€€แ€ฌแ€™แ€ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€š แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ€Šแ€ปแ€–แ€…แฟแ€•แ€ธ แ€œแ€€แ€›แ€แ€ผแ€„ แ€กแ€–แ€ผแ‚•แ€แ€„ (แ…) แ€ฆแ€ธแ€ปแ€–แ€„ แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€‘แ€ฌแ€ธ แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€”แ€›แ€ฌแ€กแ‚แ‚”แ€กแ€ปแ€•แ€ฌแ€ธแ€™ แ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€žแ€™แ€ฌแ€ธแŠ แ€•แ€Šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€” แ€™แ€แ€žแ€Š แ€กแ€€แ€ธแ€แ€…แ€ฌแ€ธแ€แ€ผแ€„แ€™แ€ฌแ€ธแ€ฑแ€•แ€ธแ แ€›แ€ฌแ€ฑแ€–แ€ผแ€แ€”แ‚”แ€กแ€•แ€‘แ€ฌแ€ธแ€ปแ€แ€„แ€ธแ€ฑแพแ€€แ€ฌแ€„ แ€€แ€™แธแ€แ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™แ‚ˆแ€€ แ€แ€„แ€™แ€ฌแ€กแ€ฌแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแ€ฑแ€…แ€•แ€ซแ€žแ€Šแ‹ แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแ แ€œแ€…แ€ฌ แ€แ€…แ€ฌแ€ธแ€แ€ผแ€„แ€™แ€ฌแ€ธแ€€แ€œแ€Šแ€ธ แ€•แ€ฑแ€žแ€แ€…แ€ฌแ€ธแ€แ€ผแ€„แ€กแ€ปแ€•แ€„ แ€แ€…แ€ฆแ€ธแ€แ€„แ€ธแ€…แ แ€…แ€ผแ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€Šแ‚แ€„ แ€€แ€™แธแ€แ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€กแ€…แ€กแ€™แ€™แ€ฌแ€ธแ€กแ€ฑแ€•แš แ€กแ€ฑแ€€แ€ฌแ€„ แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌ แ‚แ€„แ€™แ‚ˆแ€™แ€ฌแ€ธแ€ฑแ€•แšแ€™แ€แ€Šแ แ€กแ€•แ€แ€ธแ€ปแ€™แ‚‡แ€„แ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธ แ€แ€…แ€ฌแ€ธแ‚แ€„แ€›แ€” แ€…แ€…แ€ฅแ€‘แ€ฌแ€ธแ€›แ€•แ€ซแ€žแ€Šแ‹

Our Board has established three committees, (a) the Audit Committee, (b) the Nomination Committee, and (c) the Remuneration Committee.

แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€™ (แ€€) แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€€แ€ฌแ€™แ€แŠ (แ€) แ€œแ€™แ€”แ€ฑแ€”แ€›แ€ฌแ€™แ€”แ€›แ€›แ€ฑแ€›แ€ธแ€ฑแ€€แ€ฌแ€™แ€แŠ (แ€‚) แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€ฑแ€€แ€ฌแ€™แ€ แ€Ÿแ€ฑแ€žแ€ฌ แ€ฑแ€€แ€ฌแ€™แ€แ€žแ€ธแ€›แ€•แ€กแ€ฌแ€ธ แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

BOARDCOMMITTEES

REMUNERATION COMMITTEE

MYANMAR THILAWA SEZ 36

Page 38: report CONTENTS - MTSH

Chairman - U Aung Nyunt (Independent Director) Members - U Win Aung , U Nyi Khin , U Tin Maung Hlaing , U Aung Soe Tha

The Audit Committee consists of the Chairman (an Independent Director of the Board) and a minimum of 2 other members. The Audit Committee currently consists of 5 members. At least one member has to have recent and relevant financial expertise, the others must be familiar with the issues of accounting and audit. In discharging its responsibilities, it has unrestricted access to the Companyโ€™s management, books and records. The Audit Committee supports the Board of Directors in its supervision of financial controls through a direct link to Win Thin & Associates (external auditors) and the internal audit department.The Audit Committee regularly reports to the Board on its findings and proposes appropriate actions. The responsibility for approving the Annual and Semi-Annual Financial Statements remains with the Board of Directors.

แ€ฅแ€€แ‚’ - แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แซแ€ผแ€”แ‚” (แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌ)แ€ฑแ€€แ€ฌแ€™แ€แ€แ€„แ€™แ€ฌแ€ธ - แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„ แŠ แ€ฆแ€ธแ€Šแ€แ€„ แŠ แ€ฆแ€ธแ€แ€„แ€ฑแ€™แ€ฌแ€„แ€œแ‚ˆแ€„ แŠ แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แ€…แ€ธแ€žแ€ฌ

แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€€แ€ฌแ€™แ€แ€แ€ผแ€„ แ€กแ€”แ€Šแ€ธแ€†แ€ธ แ€กแ€–แ€ผแ‚•แ€แ€„ (แƒ) แ€ฆแ€ธแ€•แ€ซแ€แ€„แ€™แ€Šแ€ปแ€–แ€…แฟแ€•แ€ธ แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€™ แ€ฑแ€€แ€ฌแ€™แ€แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€šแ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€›แ€แ€ผแ€„ แ€ฑแ€€แ€ฌแ€™แ€แ€กแ€ฌแ€ธ แ€กแ€–แ€ผแ‚”แ€แ€„ (แ…) แ€ฆแ€ธแ€ปแ€–แ€„ แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€‘แ€ฌแ€ธ แ€•แ€ซแ€žแ€Šแ‹ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€„ แ€žแ€€แ€†แ€„แ€žแ€Š แ€œแ€•แ€„แ€”แ€ธแ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€ž แ€กแ€”แ€Šแ€ธแ€†แ€ธ แ€แ€…แ€ฆแ€ธแ€ฑแ€€แ€ฌแ€™แ€แ€แ€ผแ€„แ€•แ€ซแ€›แฟแ€•แ€ธแŠ แ€€แ€”แ€žแ€™แ€ฌแ€ธแ€™แ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€€แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€€แ€…แฅ แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€แ€›แ€žแ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€€แ€ฌแ€™แ€แ€žแ€Š แ€แ€ฌแ€แ€”แ€กแ€› แ€€แ€™แธแ€แ แ€…แ€™แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ‚แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€‡แ€šแ€ฌแ€ธแŠ แ€™แ€แ€แ€™แ€ธแ€™แ€แ€›แ€ฌแ€™แ€ฌแ€ธแ€€ แ€œแ€กแ€•แ€žแ€œ แ€…แ€…แ€…แ‚แ€„แ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€•แ€„แ€•แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€™ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€†แ€ธแ€ปแ€แ€„แ€ธแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€ฌแ€แ€ผแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แŠ แ€…แ€™แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ‚แ€„แ€กแ€แ€ผแ€„แ€ธ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€แ‚”แ€กแพแ€€แ€ฌแ€ธ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€€แ€ฌแ€™แ€แ€™ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€€แ€ฌแ€™แ€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธ แ€…แ€…แ€ฑแ€†แ€ธแ€ฑแ€แ€ผแ‚”แ€›แ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€ฑแ€แ€ผแ‚•แ€›แ€แ€€แ€กแ€ฑแ€•แš แ€žแ€ธแ€žแ€•แ€กแ‚€แ€€แ€ปแ€•แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€…แ€ฅแ€†แ€€แ€™แ€ปแ€•แ€ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€žแ‚” แ€แ€„แ€ปแ€•แ€ฑแ€•แ€ธแ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ‚”แ€›แ€ฌแ€แ€ผแ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแŠ แ‚แ€…แ€แ€€แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€แ‚”แ€€ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€™ แ€†แ€ธแ€ปแ€–แ€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

Chairman - Prof. Dr. Aung Tun Thet (Independent Director)Members - U Tin Htut Oo (Independent Director) , U Win Aung , U Theim Wai @ Mr. Serge Pun , U Thein Han

The Nomination Committee consists of the Chairman (an Independent Director of the Board) and a minimum of 2 other members. The Nomination Committee currently consists of 5 members.The purpose of the Nomination Committee is to assist the Board in ensuring that it maintains the appropriate balance of skills, knowledge and diversity to support the Companyโ€™s strategic objectives, and that a clear and transparent appointment process for directors is in place. The principal responsibilities of the Committee are to: (A) Review the size, structure and composition of the Board, including the skills, knowledge, experience and diversity of Board members, and make recommendations accordingly; (B) Identify and nominate candidates for appointment to the Board, based on merit and against objective criteria; (C) Make recommendations to the membership of the Audit, Remuneration and Nomination Committees in consultation with the chairmen of those committees; and(D) Develop and periodically review, any objectives established for the implementation of diversity on the Board and monitor progress toward the achievements of those objectives.

แ€ฅแ€€แ‚’ - แ€ฑแ€’แ€ซแ€€แ€แ€ฌแ€ฑแ€กแ€ฌแ€„แ€‘แ€ผแ€”แ€ธแ€žแ€€ (แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌ)แ€ฑแ€€แ€ฌแ€™แ€แ€แ€„แ€™แ€ฌแ€ธ - แ€ฆแ€ธแ€แ€„แ€‘แ€ผแ€‹แ€ฆแ€ธ (แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌ) แŠ แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„ แŠ แ€ฆแ€ธแ€žแ€™แ€ธแ€ฑแ€ แŠ แ€ฆแ€ธแ€žแ€”แ€ธแ€Ÿแ€”

แ€œแ€™แ€”แ€ฑแ€”แ€›แ€ฌแ€™แ€”แ€›แ€›แ€ฑแ€›แ€ธ แ€ฑแ€€แ€ฌแ€™แ€แ€€ แ€กแ€”แ€Šแ€ธแ€†แ€ธแ€กแ€–แ€ผแ‚”แ€แ€„ (แƒ) แ€ฆแ€ธแ€ปแ€–แ€„ แ€–แ€ผแ‚•แ€…แ€Šแ€ธ แ€›แ€™แ€Šแ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€œแ€€แ€›แ€แ€ผแ€„ แ€กแ€–แ€ผแ‚”แ€แ€„ (แ…) แ€ฆแ€ธ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€€แ€ฌแ€™แ€แ แ€ฅแ€€แ‚’แ€กแ€ปแ€–แ€… แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธแ€™ แ€แ€ฌแ€แ€”แ€šแ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€แ€„แ€™แ€ฌแ€ธ แ€แ€”แ‚”แ€กแ€•แ€›แ€ฌแ€แ€ผแ€„ แ€€แ€™แธแ€แ แ€™แ€Ÿแ€ฌแ€—แ€Ÿแ€ฌแ€ฑแ€ปแ€™แ€ฌแ€€ แ€›แ€Šแ€™แ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธแ€€ แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€แ€„แ€™แ€ฌแ€ธแ€กแ€แ€ผแ€„แ€ธ แ€กแ€žแ€‰แ€ฌแ€แ€•แ€Šแ€ฌแ€€แ€ผแ€šแ€แ€™แ‚ˆแŠ แ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€™แ‚ˆแ‚แ€„ แ€€แ€ผแ€ปแ€•แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€แ€›แ€™แ‚ˆ แ€แ‚”แ€ปแ€–แ€„ แ€ฑแ€•แ€ซแ€„แ€ธแ€…แ€•แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ‚แ€„แ€›แ€”แ‚แ€„ แ€ฑแ€›แ€ผแ€ธแ€แ€šแ€แ€”แ‚”แ€กแ€•แ€žแ€Š แ€œแ€•แ€„แ€”แ€ธแ€…แ€ฅแ€€ แ€•แ€ผแ€„แ€œแ€„แ€ธแ€ปแ€™แ€„แ€žแ€ฌแ€…แ€ผแ€ฌแ€ปแ€–แ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€” แ€›แ€Šแ€›แ€ผแ€šแฟแ€•แ€ธแŠ แ€œแ€™แ€”แ€ฑแ€”แ€›แ€ฌแ€™แ€”แ€›แ€›แ€ฑแ€›แ€ธ แ€ฑแ€€แ€ฌแ€™แ€แ€€ แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€€แ€ฌแ€™แ€แ แ€กแ€“แ€€แ€แ€ฌแ€แ€”แ€™แ€ฌ - (แ€€) แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ แ€กแ€›แ€ผแ€šแ€กแ€…แ€ฌแ€ธแŠ แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€•แ‚แ€„ แ€ฑแ€•แ€ซแ€„แ€ธแ€…แ€•แ€™แ‚ˆแ€แ‚”แ€กแ€ฌแ€ธ แ€žแ€ธแ€žแ€•แ€›แ€”แ‹ แ€‘แ€žแ‚”แ€žแ€ธแ€žแ€•แ€›แ€ฌแ€แ€ผแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€กแ€แ€ผแ€„แ€ธ แ€กแ€–แ€ผแ‚”แ€แ€„แ€™แ€ฌแ€ธแ แ€กแ€žแ€‰แ€ฌแ€แ€•แ€Šแ€ฌแ€€แ€ผแ€šแ€แ€™แ‚ˆแŠ แ€แ€…แ€ฆแ€ธแ€แ€„แ€ธ แ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€™แ‚ˆแŠ แ€€แ€ผแ€ปแ€•แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€ฑแ€แ€ผแ‚• แ€กแ‚€แ€€แ€›แ€™แ‚ˆแ€แ‚”แ€€ แ€‘แ€Šแ€žแ€ผแ€„แ€ธแ€žแ€ธแ€žแ€•แ€›แ€”แ‚แ€„ แ€žแ€ธแ€žแ€•แ€แ€€แ€กแ€ฌแ€ธ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚•แ€žแ‚” แ€แ€„แ€ปแ€•แ€›แ€”แ‹ (แ€) แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€แ€„แ€ปแ€–แ€…แ€›แ€” แ€œแ€กแ€•แ€žแ€Šแ€กแ€›แ€Šแ€กแ€ฑแ€žแ€ผแ€ธแŠ แ€žแ€แ€™แ€แ€แ€€ แ€™แ€ฌแ€ธแ‚แ€„ แ€€แ€€แ€Šแ€žแ€กแ€ฌแ€ธ แ€…แ€…แ€…แ แ€กแ€™แ€Šแ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ€žแ€ผแ€„แ€ธแ€›แ€”แ‹ (แ€‚) แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€€แ€ฌแ€™แ€แŠ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€ฑแ€€แ€ฌแ€™แ€แŠ แ€œแ€™แ€”แ€ฑแ€”แ€›แ€ฌแ€™แ€”แ€›แ€›แ€ฑแ€›แ€ธ แ€ฑแ€€แ€ฌแ€™แ€แ€แ€„แ€™แ€ฌแ€ธแ€€ แ€žแ€€แ€†แ€„แ€›แ€ฌ แ€ฑแ€€แ€ฌแ€™แ€ แ€ฅแ€€แ‚’ แ€™แ€ฌแ€ธแ‚แ€„ แซแ‚‡แ‚แ‚ˆแ€„แ€ธแ€แ€„แ€•แ€„แ แ€กแ€†แ€ปแ€• แ€แ€„แ€žแ€ผแ€„แ€ธแ€›แ€”แ‹ (แ€ƒ) แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€กแ€€แ€ธแ€กแ€แ€ผแ€€ แ€แ€™แ€แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€›แ€Šแ€›แ€ผแ€šแ€แ€€ แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€ฌแ€แ€ผแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€ปแ€–แ€…แ€ฑแ€•แšแ€แ€ธแ€แ€€แ€™แ‚ˆแ€€ แ€™แ€€แ€ฑแ€ปแ€แ€™แ€ปแ€•แ€แ€žแ€›แ‚แ€„แ€›แ€” แ€œแ€กแ€•แ€žแ€Šแ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธ แ€žแ€แ€™แ€แ€›แ€”แ‚แ€„ แ€€แ€ฌแ€œแ€กแ€œแ€€แ€žแ€ธแ€žแ€•แ€›แ€”แ‹

AUDIT COMMITTEENOMINATION COMMITTEE

ANNUAL REPORT 2016 - 2017 37

Page 39: report CONTENTS - MTSH

BOARDMEETINGS

Our Board and Board Committees have held the following meetings to assess and evaluate Companyโ€™s business performance, key activities and strategic policies.

Above meetings are for the period starting from 3rd AGM to 31st July 2017.

MTSH BODMeeting

Audit Committee Meeting

RemunerationCommittee Meeting

NominationCommittee Meeting

แ€’แ€ซแ€›แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€…แ€›แ€„แ€แ€แ€„แ€ปแ€•แ€žแ€Š แ€€แ€ฌแ€œแ€กแ€แ€ผแ€„แ€ธ แ€€แ€™แธแ€แแ€œแ€•แ€„แ€”แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€…แ€›แ€„แ€žแ€ธแ€žแ€•แ€›แ€”แ‚แ€„ แ€™แ€Ÿแ€ฌแ€—แ€Ÿแ€ฌแ€™แ€ฌแ€ธ แ€แ€™แ€แ€”แ€„แ€›แ€” แ€’แ€ซแ€›แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚• แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€€ (แ„) แ‚€แ€€แ€™แŠ แ€ฑแ€€แ€ฌแ€™แ€ (แƒ) แ€›แ€•แ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€€แ€ฌแ€™แ€แ€™ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธ (แƒ) แ‚€แ€€แ€™แŠ แ€œแ€™แ€”แ€ฑแ€”แ€›แ€ฌแ€™แ€”แ€›แ€›แ€ฑแ€›แ€ธแ€ฑแ€€แ€ฌแ€™แ€แ€™ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธ (แ‚) แ‚€แ€€แ€™ แ‚แ€„ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผ แ€ฑแ€€แ€ฌแ€™แ€แ€™ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธ (แ) แ‚€แ€€แ€™แ€… แ€€แ€„แ€ธแ€•แ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹

4TIMES

3TIMES

2TIMES

1TIME

Director Board Meeting Audit Committee Meeting

Nomination Committee Meeting

Remuneration Committee Meeting

U Win Aung 4 3 2

U Theim Wai 3

U Khin Maung Aye 3 1

U Aung Nyunt 4 3

U Aung Soe Tha 3 2

Prof. Dr. Aung Tun Thet 3 2

U Nyan Thit Hlaing 4 1

U Nyi Khin 4 2

U Thein Han 4 2

U Tin Htut Oo 3 2 1

U Tin Maung Hlaing 4 2

U Tun Lwin 4 1

MYANMAR THILAWA SEZ 38

Page 40: report CONTENTS - MTSH

On 23rd October 2016, our third AGM and EGM were held successfully at Thuwana National Indoor Stadium (1). The ordinary and special resolutions were passed at that Meeting. The highlights of the ordinary resolutions included electing 3 Board of Directors and appointing 3 Independent Directors to the Board. In addition, the ordinary dividend of Ks. 2,500 per pre-split share were paid to shareholders and 2% of net profit after tax was distributed to members of the Board in respect of their contribution to the success and profitability of the company. Two special resolutions are amendments to MOA and AOA of the Company and they have also been approved by shareholders at the AGM and EGM.

แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€แ€แ€šแ€กแ‚€แ€€แ€™ แ‚แ€…แ€•แ€แ€œแ€Šแ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ‚แ€„ แ€žแ€ฌแ€™แ€”แ€‘แ€€แ€‘แ€ธแ€€แ€ฑแ€žแ€ฌ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€กแ€…แ€Šแ€ธ แ€กแ€ฑแ€แ€ธแ€กแ€ฌแ€ธ แ‚แ€แแ† แ€แ‚แ€…แŠ แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌแ€œ (แ‚แƒ) แ€›แ€€แ€ฑแ€”แ‚” แ€แ€ผแ€„ แ€กแ€™แ€ธแ€žแ€ฌแ€ธ แ€กแ€ฌแ€ธแ€€แ€…แ€ฌแ€ธ แฟแ€•แ€„แ€•แ€ผแ€› (แ) แ€žแ€แ€แฐแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€…แ€ผแ€ฌ แ€€แ€„แ€ธแ€•แ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€แ€ผแ€„ แ€žแ€ฌแ€™แ€”แ€†แ€ธแ€ปแ€–แ€แ€แ€€ แ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€‘แ€ธแ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€™ แ€žแ€ฑแ€˜แ€ฌแ€ แ€†แ€ธแ€ปแ€–แ€ แ€แพแ€€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ แ€žแ€ฌแ€™แ€” แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€™แ€ฌแ€ธ แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€€แ€™แธแ€แ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€แ€ผแ€€ แ€กแ€–แ€ผแ‚•แ€แ€„แ€’แ€ซแ‚แ€€แ€แ€ฌ (แƒ) แ€ฆแ€ธแ‚แ€„ แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌ (แƒ) แ€ฆแ€ธแ€แ‚”แ€กแ€ฌแ€ธ แ€ฑแ€›แ€ผแ€ธแ€แ€š แ€แ€”แ‚”แ€กแ€•แ€แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ‚”แ€ปแ€•แ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€€ แ€กแ€แ€Šแ€ปแ€•แ€แ€žแ€Š แ€กแ€แ€„แ€ธ แ€แ€ผแ€ปแ€แ€™แ€ธแ€ปแ€แ€„แ€ธ แ€™แ€ปแ€•แ€›แ€ฑแ€žแ€ธแ€žแ€Š แ€กแ€…แ€›แ€šแ€šแ€ฌ แ€แ€…แ€…แ€œแ€„ แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€€แ€• (แ‚แ…แ€แ€) แ€กแ€ฌแ€ธ แ€แ€ผแ€ฑแ€แ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ แ€€แ€™แธแ€แ€กแ€ฌแ€ธ แ€แ€ธแ€แ€€แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€ฑแ€…แ€›แ€” แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แพแ€€แ€ฑแ€žแ€ฌ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚•แ€แ€„แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€šแ€แ€„แ‚แ€…แ€กแ€žแ€ฌแ€ธแ€แ€„แ€กแ€ปแ€™แ€แ (แ‚) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธ แ€€ แ€†แ€ฑแ€„แ€ผแ€กแ€ปแ€–แ€… แ€แ€ธแ€ปแ€™แ‚‡แ€„แ€ปแ€แ€„แ€ธแ€แ‚” แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธ แ แ€กแ€‘แ€ธ แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€™แ€ฌแ€ธแ€™แ€ฌ แ€€แ€™แธแ€แ แ€žแ€„แ€ธแ€–แ€ผแ‚•แ€™แ€แ€แ€™แ€ธแ‚แ€„ แ€žแ€„แ€ธแ€–แ€ผแ‚• แ€…แ€Šแ€ธแ€™แ€ฅแ€ธแ€กแ€ฌแ€ธ แ€ปแ€•แ€„แ€†แ€„ แ€กแ€แ€Šแ€ปแ€•แ€ปแ€แ€„แ€ธแ€แ‚” แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

HOLDING OF 3RD ANNUAL GENERAL MEETINGAND EXTRAORDINARY GENERAL MEETING

ANNUAL REPORT 2016 - 2017 39

Page 41: report CONTENTS - MTSH

U THEIN HANMANAGING DIRECTOR

ADMIN DIRECTOR

The profile of U Thein Han is on page 32. Please refer to the page for details.

แ€ฅแ€ธแ€žแ€”แ€ธแ€Ÿแ€”แ แ€€แ€šแ€ฑแ€›แ€ธแ€กแ€€แ€ฅแ€ธแ€กแ€ฌแ€ธ แ€…แ€ฌแ€™แ€€แ‚แ€ฌ ( แƒแ‚ ) แ€แ€ผแ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแฟแ€•แ€ธแ€ปแ€–แ€…แ€žแ€ปแ€–แ€„ แ€กแ€†แ€•แ€ซแ€…แ€ฌแ€™แ€€แ‚แ€ฌแ€แ€ผแ€„ แพแ€€แ€Šแ‚แ‚แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€ฑแ€กแ€ธแ€แ€„แ€ธแ€žแ€Š แ€€แ€™แธแ€แ แ€กแ€•แ€แ€•แ€ฑแ€›แ€ธแ‚แ€„ แ€œแ‚”แ€กแ€›แ€„แ€ธแ€กแ€ปแ€™แ€… แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€ฑแ€กแ€ธแ€แ€„แ€ธแ€žแ€Š แ€คแ€€แ€™แธแ€แ แ€€แ€”แ€ฆแ€ธแ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€žแ‚แ€„ แ€•แ€„แ€™แ€›แ€šแ€šแ€ฌ แ€•แ€„แ€†แ€„ แ€žแ€™แ€ฌแ€ธแ€กแ€”แ€€ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€Š MEICO แ€แ€ผแ€„ แ‚แ€แแ‚ แ€แ‚แ€…แ€™ แ€…แ€แ€„แ แ€กแ€•แ€แ€•แ€™แ‚ˆ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ MEICO แ€žแ€Š แ€…แ€ฌแ€ธแ€žแ€ธแ€†แ‚แ€„ แ€†แ€‘แ€ผแ€€ แ€•แ€…แฅแ€Šแ€ธ แ€กแ€™แ€ธแ€™แ€ธแ€กแ€ฌแ€ธ แ€‘แ€แ€œแ€•แ€ปแ€แ€„แ€ธแŠ แ€€แ€”แ€žแ€ผแ€šแ€ปแ€แ€„แ€ธแŠ แ€แ€„แ€žแ€ผแ€„แ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ แ€แ€„แ€•แ‚”แ€ปแ€แ€„แ€ธแ€แ‚”แ€กแ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€แ€…แ€ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ‚”แ€ปแ€•แ€„ Thuriya Win Co.,Ltd. แ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€’แ€ซแ‚แ€€แ€แ€ฌ แ€œแ€Šแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Thuriya Win Co., Ltd. แ€žแ€Š แ€…แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€€แ€€แ€” แ€‘แ€แ€œแ€•แ€ปแ€แ€„แ€ธ แ€œแ€•แ€„แ€”แ€ธแŠ แ€ปแ€–แ€”แ‚”แ€แ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแŠ แ€œแ€šแ€šแ€ฌแ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€€ แ€กแ€“แ€€แ€‘แ€ฌแ€ธแ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€•แ€ซแ€žแ€Šแ‹ แ€…แ€€แ€™แ‚ˆแ€œแ€€แ€™แ‚ˆ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€€แ‚‘แŠ แ€žแ€แ€„แ€ธแ€กแ€แ€€ แ€กแ€œแ€€แ‚แ€„ แ€แ€šแ€œแ€€แ€ผแ€”แ€ธ แ€†แ€€แ€žแ€ผแ€šแ€ฑแ€›แ€ธแ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ‚แ€„ แ€…แ€ผแ€™แ€ธแ€กแ€„แ€€แ‚‘ แ€”แ€šแ€•แ€š แ€แ‚”แ€แ€ผแ€„ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€œแ€•แ€€แ€„แ€™แ€Š Myanmar Industries Alliances Public Limited แ€กแ€ฌแ€ธแ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€žแ€™แ€ฌแ€ธ แ€กแ€”แ€€แ€™ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€šแ€„แ€ธแ€€แ€™แธแ€แ แ€’แ€ซแ€›แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚•แ€แ€„ แ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€€แ€”แ€žแ€Šแ€™แ€ฌแ€ธแ‚แ€„ แ€…แ€€แ€™แ€œแ€€แ€™ แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธ แ€กแ€žแ€„แ€ธแ€แ€•แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€แ€ผแ€–แ€€ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€กแ€แ€ผแ€„แ€ธแ€ฑแ€›แ€ธแ€™แ€ธ แ€กแ€ปแ€–แ€… แ€แ€€แ€ปแ€€แ€ผแ€…แ€ผแ€ฌ แ€แ€ฌแ€แ€”แ€šแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€ปแ€•แ€ธ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€…แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€€แ€€แ€”แ€‘แ€แ€œแ€• แ€แ€„แ€•แ‚”แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€žแ€™แ€ฌแ€ธ แ€กแ€žแ€„แ€ธแ แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผ แ€กแ€แ€ผแ€„แ€ธแ€ฑแ€›แ€ธแ€™แ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€ฑแ€กแ€ธแ€แ€„แ€ธแ€žแ€Š แแ‰แ‰แ‚ แ€แ‚แ€…แ€แ€ผแ€„ Bachelor of Commerce แ€˜แ€ผแ‚•แ€ปแ€–แ€„ แ€›แ€”แ€€แ€” แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€แ€€แ€žแ€œแ€™ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€แ€•แ€ซแ€žแ€Šแ‹

U Aye Win is the Administrative and Human Resources Director of our Company. Since 2012, he has been the Managing Director of MEICO, one of our principal shareholders. MEICO engages in manufacturing, trading, importing and exporting all kinds of edible oil and oil-related products. Adding on, U Aye Win is concurrently the Managing Director of Thuriya Win Company Limited, which is mainly involved in food processing, distribution and the agribusiness. He is also a founder and board member of the Myanmar Industries Alliances Public Limited: a company that carries out business in the industrial development sector, information and telecommunication sector and energy sector. In addition to being an active Joint General Secretary of Union of Myanmar Federation of the Chambers of Commerce and Industry, Hon. Auditor of Myanmar Industrial Association, and he also holds the post of General Secretary at the Myanmar Food Processors and Exporters Association. He graduated in 1992 with a Bachelorโ€™s degree of Commerce from the Yangon Institute of Economics.

MANAGEMENTPERSONNEL

U AYE WIN

MYANMAR THILAWA SEZ 40

Page 42: report CONTENTS - MTSH

MR. WUI-HUA TAN CHIEF FINANCIAL OFFICER

Mr. Wui-Hua Tan is the Chief Financial Officer of Myanmar Thilawa SEZ Holdings Public Limited and concurrently the Chief Finance Officer of Myanmar Japan Thilawa Development Limited.Mr. Tan has more than 20 years of holistic real estate experience, covering markets in Asia, the Middle East, North Africa and Europe. His most recent 6 years was based in the United Arab Emirates working for an Abu Dhabi government-linked company as their Group CFO. During the course of his career, he has acquired real estate assets worth more than US$700 million, managed private equity real estate funds with gross assets in excess of US$600 million, raised more than US$850 million in bank financing, and managed development projects with gross development values greater than US$10 billion. His last notable project in 2015 was the successful acquisition of a real estate company in Morocco valued at US$150 million.Mr. Tan graduated with a Master of Business in Professional Accounting, and also holds Bachelor degrees in Mathematical Science and Business Administration with a major in Economics. He is also a Fellow of the Institute of Public Accountants, Australia.

Mr. Wui-Hua Tan แ€žแ€Š แ€คแ€€แ€™แธแ€แ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€›แ€ฌแ€›แ€แ€•แ€ปแ€–แ€…แฟแ€•แ€ธ แ€™แ€™แ€แ‚”แ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€ แ€ปแ€–แ€…แ€žแ€Š MJTD แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€•แ€ธแ€แ€ผแ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แฟแ€™แ‚•แ€ปแ€•แ€กแ€™แ€šแ€ฌ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€กแ€ฌแ€›แŠ แ€กแ€ฑแ€›แ‚• แ€กแ€œแ€šแ€•แ€„แ€ธแŠ แ€ฑแ€ปแ€™แ€ฌแ€€แ€กแ€ฌแ€–แ€›แ€€แ‚แ€„ แ€ฅแ€ฑแ€›แ€ฌแ€•แ€ฑแ€’แ€žแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ‚แ€…แ€ฑแ€•แ€ซแ€„แ€ธ (แ‚แ€) แ€กแ€ฑแ€แ€ผแ‚• แ€กแ‚€แ€€แ€›แ€žแ€Š แ€•แ€‚แข แ€œแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แธแ€แ€žแ‚” แ€™แ€แ€„แ€ฑแ€›แ€ฌแ€€แ€™ (แ†) แ‚แ€…แ€€แ€ฌแ€œ แ€กแ€แ€ผแ€„แ€ธแŒ United Arab Emirates แ€› Abu Dhabi แ€แ€ผแ€„แ€กแ€ฑแ€ปแ€แ€ปแ€•แ€žแ€Š แ€กแ€…แ€ธแ€›แ‚แ€„ แ€แ€แ€†แ€€แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€„ แ€กแ€•แ€…แ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€กแ€›แ€ฌแ€›แ€แ€•แ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€” แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹แ€žแ€žแ€Š แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€…แ€™แ€€แ€”แ€ธแ€แ€”แ€–แ€ธแ€ฑแ€„แ€ผ แ€กแ€ฑแ€™แ€›แ€€แ€”แ€ฑแ€’แšแ€œแ€ฌ (แแ€) แ€˜แ€œแ€šแ€™ แ‚แ€„แ€กแ€‘แ€€แ€›แ€žแ€Š แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€ปแ€แ€„แ€ธแŠ แ€•แ€‚แขแ€œแ€€ แ€›แ€šแ€šแ€ฌ แ€แ€”แ€–แ€ธแ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€ฑแ€žแ€ฌ แ€กแ€™แฟแ€แ€ฑแ€ปแ€™แ€†แ€„แ€›แ€ฌ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€›แ€”แ€•แ€ฑแ€„แ€ผแ€แ€ผแ€„ แ€กแ€ฑแ€™แ€›แ€€แ€”แ€ฑแ€’แšแ€œแ€ฌ (แ†แ€แ€) แ€™แ€œแ€šแ€™แ€ฑแ€€แ€ฌแŠ แ€˜แ€แ€”แ€„แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€†แ€„แ€›แ€ฌ แ€›แ€”แ€•แ€ฑแ€„แ€ผแ€แ€ผแ€„ แ€กแ€ฑแ€™แ€›แ€€แ€” แ€ฑแ€’แšแ€œแ€ฌ (แˆแ…แ€) แ€™แ€œแ€šแ€™แ€กแ€‘ แ€ปแ€™แ€„แ€แ€€แ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ‚แ€„ แฟแ€™แ‚•แ€ปแ€• แ€กแ€™แ€šแ€ฌแ€…แ€™แ€€แ€”แ€ธแ€แ€ผแ€„ แ€แ€”แ€–แ€ธแ€ฑแ€„แ€ผแ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€กแ€ฑแ€™แ€›แ€€แ€”แ€ฑแ€’แšแ€œแ€ฌ (แ‡แ€แ€) แ€™แ€œแ€šแ€™ แ€ฑแ€€แ€ฌแ€แ‚”แ€€ แ€›แ€šแ€”แ€„แ€แ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธแ€žแ€Š แ€žแ แ€žแ€žแ€ฌแ€‘แ€„แ€›แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€œแ€•แ€„แ€”แ€ธ แ€…แ€ผแ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€Šแ€™แ€ฌแ€ธแ€•แ€„ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แแ… แ€แ‚แ€…แ€แ€ผแ€„ Morocco แฟแ€™แ‚•แ€› แฟแ€™แ‚•แ€ปแ€• แ€กแ€™แ€šแ€ฌแ€€แ€™แธแ€ แ€แ€…แ€แ€€ แ€กแ€ฑแ€™แ€›แ€€แ€”แ€ฑแ€’แšแ€œแ€ฌ (แแ…แ€) แ€™แ€œแ€šแ€™แ€แ€”แ€–แ€ธแ€ปแ€–แ€„ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€…แ€ผแ€ฌ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ‚แ€„แ€ปแ€แ€„แ€ธแ€žแ€Šแ€œแ€Šแ€ธ แ€žแ แ€™แ€แ€ฑแ€€แ€ฌแ€€แ€แ€„แ‚แ€„แ€ฑแ€žแ€ฌ แ€…แ€ผแ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€€ แ€แ€…แ€แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹แ€žแ€žแ€Š แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€˜แ€ฌแ€žแ€ฌ แ€กแ€“แ€€แ€ปแ€–แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€•แ€Šแ€ฌแ€˜แ€ผแ‚”แŠ แ€žแ€ แคแ€ฌแ‚แ€„ แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€žแ€•แธ แ€•แ€Šแ€ฌแ€˜แ€ผแ‚•แ€›แ€›แ€แฟแ€•แ€ธแŠ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€™แ€Ÿแ€ฌแ€•แ€Šแ€ฌแ€˜แ€ผแ‚•แ€€ แ€…แ€ฌแ€›แ€„แ€ธแ€กแ€„แ€ธ แ€•แ€Šแ€ฌแ€กแ€‘แ€ธแ€ปแ€•แ€ปแ€–แ€„ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š Institute of Public Accountants (Australia) แ แ€กแ€–แ€ผแ‚•แ€แ€„แ€แ€…แ€ฆแ€ธแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

U MYINT ZAWMARKETING DIRECTOR

U Myint Zaw is the Sales & Marketing Director of MTSH & TPD, also Officer & General Manager, Administration & HR of MJTD. U Myint Zaw has joined Myanma Agriculture and General Development Public Ltd (MAGDPL) as a Director since the company was founded in 2012. He has an experience of managing in import and export business for 20 years. He has been working as a Director of Lim Family Co., Ltd. since 1996. He has been appointed as a Managing Director in Aung Si Linn International (Trading House) and Mahar Shwe Yadanar Myay Co., Ltd. which dealing with importing of Palm Oils and Wholesales Distributors. In 2006, he has become a Director of Proven Technology Industry Co., Ltd which engage in the business of manufacturing Car and Motorcycle batteries, Yangon Metal Industry Ltd., which involve in the business of Lead smelting plant, Myanmar Poly World Ltd., main business is Plastic injection business and Green Myanmar Group Limited is developer of the condominium and real estate. He graduated with B.Sc. (Chemistry) from Yangon University and received the Master Degree in Business Administration (MBA) from University of Thai Chamber of Commerce in 2014.

แ€ฆแ€ธแ€ปแ€™แ€„แ€ฑแ€‡แ€ฌแ€žแ€Š MTSH แ‚แ€„ TPD แ€€แ€™แบแ€แ€แ‚”แ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€›แ€ฌแ€ฑแ€–แ€ผแ€ฑแ€›แ€ธ แ€กแ€›แ€ฌแ€›แ€แ€•แ€ปแ€–แ€…แฟแ€•แ€ธ MJTD แ แ€กแ€•แ€แ€•แ€ฑแ€›แ€ธแ‚แ€„ แ€œแ‚”แ€กแ€›แ€„แ€ธแ€กแ€ปแ€™แ€…แ€กแ€›แ€ฌแ€›แ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แ€€แ€‘ แ€ปแ€•แ€žแ€™แ€ฌแ€ธแ€กแ€”แ€€ แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€žแ€Š Myanmar Agriculture and General Development Public Limited แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€แ€…แ€ฆแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€ผแ€„แ€ธแ€€แ€”แ€‘แ€แ€€แ€”แ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€„ (แ‚แ€) แ‚แ€…แ€แ€”แ‚”แ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€แ€›แ€žแ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Lim Family Co.,Ltd แ€แ€ผแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€›แ€ฌแ€‘แ€ธแ€ปแ€–แ€„ แแ‰แ‰แ† แ€แ‚แ€…แ€แ€ผแ€„ แ€…แ€แ€„แ€แ€„แ€ฑแ€›แ€ฌแ€€แ€œแ€•แ€€แ€„แ€แฟแ€•แ€ธแŠ แ€œแ€€แ€›แ€แ€ผแ€„ แ€ฑแ€€แ€ฌแ€€แ€• แ€žแ€ธแ‚แ€™แ€ธแ€…แ‚แ€„ แ€œแ€šแ€šแ€ฌแ€‘แ€ผแ€€แ€€แ€”แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€žแ‚” แ€แ€„แ€•แ‚”แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ‚แ€„ แ€…แ€ฌแ€ธแ€กแ€”แ€ธแ€† แ€แ€„แ€žแ€ผแ€„แ€ธแ€ปแ€แ€„แ€ธแŠ แ€ปแ€–แ€”แ‚”แ€ปแ€–แ€ธแ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€ฑแ€žแ€ฌ แ€ฑแ€กแ€ฌแ€„แ€…แ€Šแ€œแ€„แ€ธ แ€กแ€„แ€แ€ฌ แ€ฑแ€”แ€›แ€„แ€”แ€šแ€€แ€™แธแ€แ€œแ€™แ€แ€€แ‚แ€„ แ€™แ€Ÿแ€ฌแ€ฑแ€›แ‚Šแ€›แ€แ€”แ€ฌแ€ฑแ€ปแ€™ แ€€แ€™แธแ€แ€œแ€™แ€แ€€แ€แ€ผแ€„ แ€™แ€”แ€ฑแ€”แ€‚แ€„แ€ธ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€›แ€ฌแ€‘แ€ธแ€ปแ€–แ€„ แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แ€แ† แ€แ‚แ€…แ€แ€ผแ€„ แ€ฑแ€™แ€ฌแ€ฑแ€แ€ฌแ€€แ€ฌแ€ธแ‚แ€„ แ€ฑแ€™แ€ฌแ€ฑแ€แ€ฌแ€†แ€„แ€€แ€š แ€˜แ€€แ€‘แ€›แ€™แ€ธแ€… แ€‘แ€แ€œแ€•แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ฑแ€žแ€ฌ Proven Technology Industry Co., Ltd. แ€แ€žแ€”แ‚”แ€…แ€„แ€œแ€•แ€„แ€”แ€ธ แ€œแ€•แ€€แ€„แ€ฑแ€”แ€ฑแ€žแ€ฌ Yangon Metal Industry Ltd., Plastic Injection แ€œแ€•แ€„แ€”แ€ธแ€™แ€ธแ€… แ€œแ€•แ€€แ€„แ€ฑแ€”แ€ฑแ€žแ€ฌ Myanmar Poly World Ltd. แ‚แ€„ Condominium แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ‚แ€„ Property Development แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€œแ€•แ€€แ€„แ€ฑแ€”แ€ฑแ€žแ€ฌ Green Myanmar Group Ltd. แ€แ‚”แ€แ€ผแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€ปแ€–แ€… แ€แ€ฌแ€แ€”แ€š แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€ปแ€™แ€„แ€ฑแ€‡แ€ฌแ€žแ€Š แ€›แ€”แ€€แ€” แ€แ€€แ€žแ€œแ€™ B.Sc (Chemistry) แ€˜แ€ผแ‚”แ€›แ€›แฟแ€•แ€ธแŠ Master of Business Administration (MBA)แ€˜แ€ผแ‚•แ€€ University of Thai Chamber of Commerce แ€™ แ‚แ€แแ„ แ€แ‚แ€…แ€แ€ผแ€„ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 41

Page 43: report CONTENTS - MTSH

U THURANE AUNG PROJECT DIRECTOR

U Thurane Aung is the Project Director of Thiliwa SEZ of our company and Vice President of Myanmar Japan Thilawa Development. U Thurane Aung has more than 15 years of working experience in the Dagon Group, which is one of the leading conglomerates in Myanmar with diversified businesses in sectors that include property development and construction, hospitality, timber, agriculture, commodity trading, plantation, retail and distribution, petroleum, automobile and food processing. His primary responsibility is planning and implementation of real estate projects including town planning, commercial and residential developments. His 15 years of experience in property development gives him a greater understanding of project management and project implementation.He is also responsible for the business strategies and expansion plans for the Dagon Group and specializes in identifying new businesses for the Dagon Group. He actively leads and works on feasibility studies on the Dagon Groupโ€™s expansion into new industries in Myanmar through the establishment of new business, privatizations and acquisitions. He holds a Bachelor of Arts (Honors) in Business Information Management in Finance, which he obtained from the University of Westminister in 2004.

แ€ฆแ€ธแ€žแ€›แ€”แ€ฑแ€กแ€ฌแ€„แ€žแ€Š แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ แ€•แ€ฑแ€›แ€ฌแ€‚แ€€ แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€ปแ€–แ€…แฟแ€•แ€ธ แ€ปแ€™แ€”แ€™แ€ฌแ€‚แ€•แ€”แ€žแ€œแ€แ€ซแ€’แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚”แ แ€’แ€แ€šแ€ฅแ€€แ‚’แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€žแ€›แ€”แ€ฑแ€กแ€ฌแ€„แ€žแ€Š Dagon Group แŒ (แแ…) แ‚แ€…แ€ฑแ€€แ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€ แ€›แ€žแ€แ€…แ€ฆแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Dagon Group แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ€”แ€„แ€„แ€แ€ผแ€„แ€ธ แ€ฑแ€›แ‚•แ€ฑแ€†แ€ฌแ€„ แ€€แ€™แธแ€แ€กแ€•แ€…แ‚€แ€€แ€ธแ€™แ€ฌแ€ธแ€กแ€”แ€€ แ€แ€…แ€แ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€กแ€™แฟแ€แ€ฑแ€ปแ€™แ‚แ€„ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแŠ แ€งแ€Šแ€แ€ แ€ฑแ€€แ€•แ€ผแ€”แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแŠ แ€žแ€…แ€œแ€•แ€„แ€”แ€ธแŠ แ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแŠ แ€€แ€”แ€…แ€Š แ€กแ€ฑแ€›แ€ฌแ€„แ€ธ แ€กแ€แ€šแ€œแ€•แ€„แ€”แ€ธแŠ แ€…แ€€แ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแŠ แ€œแ€€แ€œ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธ แ‚แ€„ แ€ปแ€–แ€”แ‚”แ€ปแ€–แ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแŠ แ€ฑแ€›แ€”แŠ แ€ฑแ€™แ€ฌแ€ฑแ€แ€ฌแ€šแ€ฌแ€ฅแ€œแ€•แ€„แ€”แ€ธแ‚แ€„ แ€…แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€€แ€€แ€”แ€œแ€•แ€„แ€”แ€ธแ€แ‚” แ€กแ€•แ€ซแ€กแ€แ€„ แ€œแ€•แ€„แ€”แ€ธแ€€แ‚‘ แ€™แ€ธแ€…แ€แ€ผแ€„ แ€œแ€•แ€€แ€„แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ แ€กแ€“แ€€แ€แ€ฌแ€แ€”แ€™แ€ฌ แฟแ€™แ‚•แ€ปแ€•แ€…แ€™แ€€แ€”แ€ธแ€แ€™แ€แ€ปแ€แ€„แ€ธแŠ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€ฑแ€”แ€‘แ€„แ€™แ‚ˆแ€†แ€„แ€›แ€ฌ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€•แ€ซแ€กแ€แ€„ แ€กแ€™แฟแ€แ€ฑแ€ปแ€™แ€…แ€™แ€€แ€”แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€…แ€™แ€€แ€”แ€ธแ€แ€™แ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€ปแ€แ€„แ€ธแ€แ‚” แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€กแ€™แฟแ€แ€ฑแ€ปแ€™แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€€แ‚‘แ€กแ€แ€ผแ€„แ€ธ (แแ…) แ‚แ€… แ€œแ€•แ€„แ€”แ€ธ แ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€แ€›แ€ปแ€แ€„แ€ธแ€ฑแพแ€€แ€ฌแ€„ แ€…แ€™แ€€แ€”แ€ธแ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ‚แ€„ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Š แ€ฑแ€–แ€ฌแ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€ฌแ€แ€ผแ€„ แ€ฑแ€€แ€ฌแ€„แ€ธแ€…แ€ผแ€ฌแ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€”แ€ฌแ€ธแ€œแ€Šแ€•แ€ซแ€žแ€Šแ‹แ€žแ€žแ€Š Dagon Group แ แ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌ แ€™แ€Ÿแ€ฌแ€—แ€Ÿแ€ฌแ‚แ€„ แ€แ€ธแ€แ‚•แ€ฑแ€›แ€ธแ€…แ€™แ€€แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€แ€ฌแ€แ€”แ€š แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แฟแ€•แ€ธแŠ Dagon Group แ€แ€ธแ€แ‚•แ€œแ€•แ€€แ€„แ‚แ€„แ€™แ€Š แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€”แ€šแ€•แ€šแ€žแ€…แ€™แ€ฌแ€ธ แ€ฑแ€–แ€ฌแ€‘แ€แ€žแ€แ€™แ€แ€™แ‚ˆแ€€ แ€กแ€‘แ€ธแ€ปแ€•แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€แ€ผแ€„ Dagon Group แ€™ แ€œแ€•แ€„แ€”แ€ธแ€žแ€…แ€™แ€ฌแ€ธ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€ปแ€แ€„แ€ธแŠ แ€•แ€‚แขแ€œแ€€แ€•แ€„ แ€กแ€ปแ€–แ€… แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€ปแ€แ€„แ€ธแ‚แ€„ แ€แ€šแ€šแ€ปแ€แ€„แ€ธแ€แ‚” แ€ปแ€•แ€œแ€•แ€ปแ€แ€„แ€ธ แ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€แ€ธแ€แ‚• แ€œแ€•แ€€แ€„แ‚แ€„แ€™แ€Š แ€œแ€•แ€„แ€”แ€ธแ€€แ‚‘แ€กแ€žแ€…แ€™แ€ฌแ€ธแ แ€ปแ€–แ€…แ‚แ€„แ€ฑแ€ปแ€ แ€ฑแ€œแ€œแ€ฌแ€แ€€แ€™แ€ฌแ€ธแ€€ แ€แ€€แ€€แ€ผแ€…แ€ผแ€ฌ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„ แ€œแ€•แ€€แ€„แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š University of Westminster แ€™ Business Information Management in Finance แ€˜แ€ฌแ€žแ€ฌแ€›แ€•แ€†แ€„แ€›แ€ฌ Bachelor of Arts (Honours) แ€˜แ€ผแ‚•แ€€ แ‚แ€แ€แ„ แ€แ‚แ€…แ€แ€ผแ€„ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹

MR. DAVID LAWCHIEF OPERATING OFFICER

Mr. David Law is the Chief Operating Officer (COO) of the company and also the appointed Chief Executive Officer (CEO) of our subsidiary Thilawa Property Development Limited (TPD). He joined the company on 02 May 2017. Mr. Law has over 20 years of experience in the construction and property development industry holding key positions with multinational companies in the United Kingdom, the Republic of Ireland, Malaysia, and Singapore. He is an industry veteran with background in the development and construction of residential, commercial, hospitals, infrastructure, and educational facilities. Mr. Lawโ€™s primary focus at the moment is the development of the residential & commercial zones and the logistics zones within the Thilawa SEZ through TPD. He is also responsible for the development of construction arm and other new businesses for TPD. Mr. Law qualifies with a Bachelor of Engineering (Civil & Structural) degree from Nanyang Technological University Singapore.

Mr. David Law แ€žแ€Š แ€€แ€™แธแ€แ แ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€กแ€›แ€ฌแ€›แ€แ€•แ€ปแ€–แ€…แฟแ€•แ€ธ แ€™แ€™แ€แ‚”แ แ€€แ€™แธแ€แ€แ€ผแ€ปแ€–แ€…แ€žแ€Š แ€žแ€œแ€แ€ซ แ€•แ€ฑแ€›แ€ฌแ€•แ€ซแ€ธแ€แ€ธแ€’แ€แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” แ€œแ€™แ€แ€€(TPD) แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€กแ€›แ€ฌแ€›แ€แ€• แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„ แ€ฑแ€”แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€žแ€Š แ‚แ€แแ‡ แ€แ‚แ€…แŠแ€ฑแ€™แ€œ (แ‚) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€™แธแ€แ€žแ‚” แ€…แ€แ€„แ€แ€„แ€ฑแ€›แ€ฌแ€€แ€แ€•แ€ซแ€žแ€Šแ‹Mr. Law แ€žแ€Š แ€กแ€‚แคแ€œแ€”แŠ แ€กแ€„แ€šแ€ฌแ€œแ€”แŠ แ€™แ€ฑแ€œแ€ธแ€›แ€ฌแ€ธ แ‚แ€„ แ€…แ€„แ€€แ€ฌแ€•แ‚แ€„แ€„แ€™แ€ฌแ€ธแ€› แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ‚แ€„ แ€กแ€™แ€›แ€ฌแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ฑแ€›แ€ธแ€…แ€™แ€€แ€”แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ‚แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ‚แ€…แ€†แ€šแ€ฑแ€€แ€ฌ แ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€แ€›แ€แ€ž แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€ฑแ€”แ€กแ€™แ€›แ€ฌ แ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€€แ‚‘แŠ แ€ฑแ€†แ€ธแ€›แ€™แ€ฌแ€ธแŠ แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€™แ€ฌแ€ธ แ‚แ€„ แ€•แ€Šแ€ฌแ€ฑแ€›แ€ธ แ€†แ€„แ€›แ€ฌแ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€™แ€ฌแ€ธ แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€žแ€Š แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€แ€ผแ€„แ€œแ€Šแ€ธ แ€œแ€•แ€„แ€”แ€ธ แ€กแ€ฑแ€แ€ผแ‚”แ€กแ‚€แ€€แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ฌแ€ธแ€…แ€ผแ€ฌแ€›แ€žแ€œแ€Šแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€šแ€ แ€œแ€€แ€›แ€แ€ผแ€„ แ€žแ€žแ€Š แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€กแ€แ€ผแ€„แ€ธ แ€œแ€ฑแ€”แ€กแ€™แ€›แ€ฌแ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€†แ€„แ€›แ€ฌ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€‡แ€”แ‚แ€„ แ€žแ€šแ€šแ€•แ‚”แ€ฑแ€†แ€ฌแ€„แ€ฑแ€›แ€ธแ€‡แ€”แ€แ‚”แ แ€–แ€ผแ‚•แฟแ€–แ€ธ แ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€€แ‚‘แ€€ แ€กแ€“แ€€แ€‘แ€ฌแ€ธ แ€แ€ฌแ€แ€”แ€šแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ‚”แ€ปแ€•แ€„ แ€žแ€žแ€Š แ€žแ€œแ€แ€ซ แ€•แ€ฑแ€›แ€ฌแ€•แ€ซแ€ธแ€แ€ธแ€’แ€แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” (TPD) แ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€กแ€„แ€กแ€ฌแ€ธ แ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€žแ€…แ€™แ€ฌแ€ธ แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€ฑแ€›แ€ธแ€แ€ผแ€„แ€œแ€Šแ€ธ แ€แ€ฌแ€แ€”แ€š แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€žแ€ผแ€ฌแ€ธแ€™แ€Š แ€ปแ€–แ€…แ€žแ€Šแ‹Mr. Law แ€žแ€Š แ€…แ€„แ€€แ€ฌแ€•แ‚แ€„แ€„แŠ Nanyang Technological University แ€™ Bachelor of Engineering (Civil & Structural) แ€˜แ€ผแ‚•แ€€ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹

MYANMAR THILAWA SEZ 42

Page 44: report CONTENTS - MTSH

This page is Intentionally Left Blank

ANNUAL REPORT 2016 - 2017 43

Page 45: report CONTENTS - MTSH

As of (31.3.2017 and 11.8.2017), none of our Directors, Executive Officers hold Shares in our Company except of as set out below;

BOARD OF DIRECTORSโ€™ INTEREST IN SHARES

Holdings Registered in name of director

The CompanyNumber of Ordinary SharesU Win AungU Theim WaiU Khin Maung AyeU Thein HanU Tun LwinU Tin Maung HlaingU Nyi Khin Dr. Nyan Thit HlaingU Aung Soe ThaU Tun TunU Thurane Aung U Aye Win U Myint ZawU Aung Win

At 31.3.2017 At 11.8.2017 At 31.3.2017 At 11.8.2017

256,340 - - -

523,850

- - - -

493,540 11,020 11,21014,650

2,181,557 686,820

1,933,360 1,860,000 1,921,010 1,954,740 1,659,700 1,788,416 1,859,000

- 143,150

- -

80,000

256,340 - - -

523,850

- - - -

493,540 11,020 11,21014,650

2,166,025 643,503

1,933,360 1,860,000 1,921,010 1,954,740 500,000

1,788,416 1,829,000

- 143,150

- -

80,000

Holdings in which director is deemed to have an interest

MYANMAR THILAWA SEZ 44

Page 46: report CONTENTS - MTSH

BoardofDirectors

U Win Aung

U Khin Maung Aye

U Theim Wai

Dr. Aung Tun Thet

U Tin Htut Oo

U Aung Nyunt

U Thein Han

U Tun Lwin

Dr. Nyan Thit Hlaing

U Tin Maung Hlaing

U Aung Soe Tha

U Nyi Khin

SUBTOTAL

ExecutiveDirectorsforManagementRole

U Thein Han

U Tun Lwin

Dr. Nyan Thit Hlaing

SUBTOTAL

SeniorManagement

U Aye Win

U Myint Zaw

U Thurane Aung

U Tun Tun

U Aung Win

SUBTOTAL

ComplianceOfficer

U Win Thin

GRANDTOTAL

SeniorManagement

Mr. Wui Hua Tan

TOTAL

Chairman - MTSH & TPD

Vice Chairman, MTSH & TPD

Vice Chairman, MTSH & TPD

Independent Director, MTSH

Independent Director, MTSH

Independent Director, MTSH

ED - MTSH & MJTD, NED - TPD

ED - TPD, NED - MTSH & MJTD

ED - TPD, NED - MTSH & MJTD

NED - MTSH & TPD

NED - MTSH, MJTD & TPD

NED - MTSH & TPD

MD - MTSH & Chairman - MJTD

MD - TPD

Project Director - TPD

Admin & HR Director - MTSH & TPD

Sales & Marketing Director - MTSH & TPD

Officer & GM, Admin & HR of MJTD

VP - MJTD, Project Director - MTSH & TPD

CFO - MTSH (Apr 16 to Sep 16)

CFO - MJTD (Apr 16 to Sep 16)

Compliance Officer - MTSH

CFO - MTSH (Oct 16 to Mar 17)

CFO - MJTD (Oct 16 to Mar 17)

Honorarium

-

-

-

24.00

24.00

10.00

-

-

-

-

-

-

58.00

Honorarium

-

-

-

-

Honorarium

-

-

-

-

-

-

-

Honorarium

12.00

70.00

OtherBenefit

38.38

-

38.38

Salary

-

-

-

-

-

-

-

-

-

-

-

-

-

Salary

78.56

-

58.92

137.47

Salary

65.99

58.92

-

65.99

28.24

28.24

247.36

Salary

-

384.83

Salary

80.27

-

80.27

16/17ProposedBonus

40.00

36.00

36.00

32.00

32.00

32.00

32.00

32.00

32.00

32.00

32.00

32.00

400.00

400.00

-

15/16Bonus

50.00

36.30

36.30

36.30

36.30

-

36.30

36.30

36.30

36.30

36.30

36.30

413.00

15/16Bonus

19.58

-

14.68

34.26

15/16Bonus

16.44

14.68

-

16.44

14.68

14.68

76.93

-

524.19

-

Total

90.00

72.30

72.30

92.30

92.30

42.00

68.30

68.30

68.30

68.30

68.30

68.30

871.00

Total

98.13

73.60

171.73

Total

82.43

73.60

-

82.43

42.92

42.92

324.29

-

Total

12.00

1379.02

Total

118.65

-

118.65

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

1.

2.

3.

1.

2.

3.

4.

5.

1.

1.

BOARD OF DIRECTORSโ€™ AND KEY MANAGEMENT PERSONNELโ€™S REMUNERATION Kyats in Millions

Legend:MD - Managing Director, VP - Vice-President, NED - Non-Executive Director, ED - Executive Director, GM - General Manager, CFO - Chief Financial Officer

ANNUAL REPORT 2016 - 2017 45

Page 47: report CONTENTS - MTSH

INVESTORRELATIONS

We have always taken part in Investor Relations activities such as seminars and discussions aiming to provide information about the activities and operations of our Company, to take an initiative of reaching out to our investors and be accessible for their inquiries. As one of the significant activities, our Company participated in the Panel Discussion on the subject of โ€œStock Exchange Establishment in Myanmarโ€ and it was organized and held by Yangon University of Economics and United Nations Educational, Scientific and Cultural Organization (UNESCO) on 27th August 2016 at Yangon University of Economics. The title of discussion was โ€œLessons Thus Far and the Way Forwardโ€ and our Administrative and HR Director, U Aye Win joined in the discussion and shared information and knowledge about our Companyโ€™s preparation for listing at Yangon Stock Exchange.

STOCK EXCHANGE ESTABLISHMENTIN MYANMAR: LESSONS THUS FAR AND THE WAY FORWARD

MYANMAR THILAWA SEZ 46

Page 48: report CONTENTS - MTSH

แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€€แ€™แธแ€แ€žแ€Š แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€žแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€†แ€€แ€žแ€ผแ€šแ€žแ€แ€„แ€ธ แ€ฑแ€•แ€ธแ€›แ€”แ‚แ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚ แ€žแ€แ‚”แ€žแ€œแ€žแ€Š แ€กแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€กแ€›แ€ฌแ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€žแ€แ€„แ€ธแ€ฑแ€•แ€ธแ‚แ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€žแ€€แ€†แ€„แ€›แ€ฌ แ€ฑแ€Ÿแ€ฌแ€ฑแ€ปแ€•แ€ฌแ€•แ€ผแ€™แ€ฌแ€ธ แ‚แ€„ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€•แ€ผแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€“แ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€แ€…แ€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€›แ€”แ€€แ€” แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€แ€€แ€žแ€œแ‚แ€„ แ€šแ€”แ€€แ€…แ€€แ€แ‚”แ€™ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€€แ€„แ€ธแ€•แ€ฑแ€žแ€ฌ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แŒ แ€…แ€ฑแ€แ€ฌ แ€กแ€แ€แ€”แ€ธ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€•แ€ผแ€แ€ผแ€„ แ€€แฝแ€ผแ‚แ€•แ€แ‚” แ€€แ€™แธแ€แ แ€กแ€•แ€แ€•แ€ฑแ€›แ€ธแ‚แ€„ แ€œแ‚•แ€กแ€›แ€„แ€ธแ€กแ€ปแ€™แ€… แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€ฆแ€ธแ€ฑแ€กแ€ธแ€แ€„แ€ธแ€™ แ€€แฝแ€ผแ‚แ€•แ€แ‚” แ€€แ€™แธแ€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€…แ€ฑแ€แ€ฌแ€กแ€แ€แ€”แ€ธแ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ€›แ€” แ€กแ€แ€ผแ€€ แ€ปแ€•แ€„แ€†แ€„แ€แ€›แ€•แ€™แ€ฌแ€ธแŠ แ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€œแ€€แ€›แ€แ€ธแ€แ€€แ€™แ‚ˆแ€™แ€ฌแ€ธ แ€กแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€€ แ€ฑแ€ปแ€•แ€ฌแพแ€€แ€ฌแ€ธ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€ฑแ€•แ€ธแ€แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 47

Page 49: report CONTENTS - MTSH

No. Name Certificate of incorporation/ number of certificate of citizen-ship

Number of shares

%

1 Myanmar Agribusiness Public Corporation Limited** 134/2012-2013 1,948,640 5.01

2 Golden Land East Asia Development Limited 1372/2006-2007 1,908,525 4.90

3 Myanma Agricultural & General Development Public Limited

2346/2012-2013 1,900,000 4.88

4 New City Development Public Company Limited 3053/2012-2013 1,900,000 4.88

5 Myanmar Edible Oil Industrial Public Corporation Limited

2609/2012-2013 1,860,000 4.78

6 Myanmar Technologies and Investment Corporation Limited

3493/2012-2013 1,829,000 4.70

7 National Development Company Group Limited 567/1998-1999 1,783,256 4.58

8 First Myanmar Investment Company Limited 159/1992-1993(3-7-1992) 643,503 1.65

9 U Naing Moe 12/LAMATA(N)011754 537,980 1.38

10 U Tun Lwin 12/LAMATA(N)013763 523,850 1.35

11 Myanmar Sugar Development Public Company Limited

1138/2012-2013 500,000 1.28

12 U Thurane Aung 12/KAMAYA(N)050839 493,540 1.27

13 Daw Ei Hnin Pwint 12/KAMAYA(N)050838 412,040 1.06

14 U Kyaw Zaw Thant 12/LAMATA(N)034764 277,220 0.71

15 Daw Moe Mya Mya 12/KAMAYA(N)045039 257,500 0.66

16 U Win Aung 12/KAMAYA(N)008220 256,340 0.66

17 Asia Mega Link Co., Ltd 1679/2009-2010 254,806 0.65

18 Daw Ei Hnin Khine 12/KAMAYA(N)050840 236,830 0.61

19 U Zaw Min Thike 12/LAMANA(N)005039 217,200 0.56

20 Asia Mega Link Services Co., Ltd 2652/2010-2011 205,298 0.53

As of 11th August 2017, the following are our Top 20 sharholders;

** Out of which, 1,900,000 shares are being pledged to AYEYARWADY BANK LTD.

MAJOR BENEFICIAL SHAREHOLDERS

MYANMAR THILAWA SEZ 48

Page 50: report CONTENTS - MTSH

We set out below our Companyโ€™s Shareholder Statistics as at 11th August 2017.

Range of Shares Number of shareholders Percentage (%) Number of shares Percentage (%) 1-1,000 13,910 80.78% 4,266,207 10.96%

1,001-2,000 1,061 6.16% 1,778,247 4.57% 2,001-3,000 567 3.29% 1,535,359 3.94% 3,001-4,000 154 0.89% 553,150 1.42% 4,001-5,000 461 2.68% 2,264,964 5.82% 5,001-6,000 724 4.20% 3,813,725 9.80% 6,001-7,000 88 0.51% 576,009 1.48% 7,001-8,000 40 0.23% 295,752 0.76% 8,001-9,000 22 0.13% 187,853 0.48%

9,001-10,000 29 0.17% 282,646 0.73% 10,001-100,000 129 0.75% 3,065,325 7.87%

100,001-1,000,000 28 0.16% 7,229,132 18.57% 1,000,001 and above 7 0.04% 13,080,781 33.60%

Total 17,220 100% 38,929,150 100%

SHAREHOLDING STATISTICS

ANNUAL REPORT 2016 - 2017 49

Page 51: report CONTENTS - MTSH

A final dividend at the rate of (26 %) of the par value per Share or (Ks 260) for every Share has been proposed as per a resolution made at the Board of Directorsโ€™ meeting of the company held on 29th June 2017. The proposed dividend shall be paid from the Companyโ€™s unrestricted retained profits to the Shareholders who are Shareholders of record date as at 11th August 2017.

แ‚แ€แแ‡ แ€แ€”แ€…แŠ แ€‡แ€ผแ€”แ€œ (แ‚แ‰) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€„แ€ธแ€•แ€žแ€Š แ€’แ€ซแ‚แ€€แ€แ€ฌ แ€กแ€–แ€ผแ‚• แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแŒ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ€žแ€Š แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ€แ€„แ€ธแ€… แ€กแ€แ€ผแ€€ แ€™แ€œแ€แ€”แ€–แ€ธแ (แ‚แ†) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€ปแ€–แ€…แ€žแ€Š แ€ฑแ€„แ€ผแ€€แ€• (แ‚แ†แ€) แ€€ แ€กแ€…แ€›แ€šแ€šแ€ฌ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€กแ€ปแ€–แ€… แ€ฑแ€•แ€ธแ€™แ€Šแ€Ÿ แ€†แ€ธแ€ปแ€–แ€แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€ แ‚แ€แแ‡ แ€แ€”แ€…แŠ แพแ€žแ€‚แ€แ€œ (แแ) แ€›แ€€แ€ฑแ€”แ‚”แ€กแ€‘ แ€…แ€ฌแ€›แ€„แ€ธแ€›แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธ แ€‘แ€žแ‚” แ€€แ€™แธแ€แ แ€€แ€”แ‚”แ€žแ€แ€™แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€…แ€…แ€Šแ€ธแ€‘แ€ฌแ€ธแ€žแ€Š แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€‘แ€™ แ€ฑแ€•แ€ธแ€™แ€Š แ€ปแ€–แ€…แ€žแ€Šแ‹

FY 2014/15 FY 2015/16 FY 2016/17

Return on Equity 30% 28% 26%

Return on Assets 28% 25% 24%

Current Ratio 13 21 19

Quick Ratio 6 12 11

Earnings per Share Ks 461 Ks 532 Ks 553

Earning Yield 9% 10% 13%

PE Ratio 11x 9.6x 7.4x

PB Ratio 3.6x 2.7x 1.9x

Dividend per Share Ks 200 Ks 250 Ks 260

Dividend Yield 4% 5% 6%

Dividend Payout ratio 43% 47% 47%

KEY FINANCIAL RATIOS

DIVIDEND

MYANMAR THILAWA SEZ 50

Page 52: report CONTENTS - MTSH

แ€€แ€ผแ‚แ€•แ€แ‚”แ แ€€แ€™แธแ€แ€แ€ผแ€„แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€žแ€™แ€ฌแ€ธแ แ€šแพแ€€แ€Šแ€™แ‚ˆแ€›แ€ฑแ€…แ€›แ€”แ‚แ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€™แ‚ˆแ‚แ€„ แ€žแ€€แ€†แ€„แ€žแ€Š แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€™แ€ฌแ€ธแ€แ€™แ€แ€›แ€ฌแ€แ€ผแ€„ แ€ปแ€•แ€Šแ€…แ€…แ€ผแ€ฌแ€žแ€แ€„แ€ธแ€›แ€›แ€ฑแ€…แ€›แ€” แ€›แ€”แ€€แ€”แ€…แ€ฑแ€แ€ฌแ€กแ€แ€แ€”แ€ธแ แ€ปแ€•แ‚’แ€ฌแ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€…แ€ผแ€™แ€ธแ€€แ€” แ€œแ€€แ€”แ€ฌแ€œแ€€ แ€ฑแ‚แ€ฌแ€„แ€ฑแ‚แ€ธแ€ปแ€แ€„แ€ธแ€™แ€›แ€ฑแ€žแ€ฌ แ€…แ€ฅแ€†แ€€แ€™แ€ปแ€•แ€แ€‘แ€แ€ฑแ€–แ€ฌแ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€‘แ€แ€ฑแ€–แ€ฌแ€ฑแพแ€€แ€Šแ€ฌแ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€›แ€”แ€€แ€”แ€…แ€ฑแ€แ€ฌแ€กแ€แ€แ€”แ€ธแ‚แ€„ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€แ€€แ€˜แ€†แ€€แ€™แ€ฌแ€ธแ€แ€ผแ€„ แพแ€€แ€Šแ‚แ‚ˆแ‚แ€„แฟแ€•แ€ธ แ€‘แ€‘แ€แ€ฑแ€–แ€ฌแ€แ€€แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€€แ€™แธแ€แ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ‚แ€„ แ‚แ€…แ€…แ€ฅแ€กแ€…แ€›แ€„แ€แ€…แ€ฌแ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€แ‚”แ€™แ€ฌ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€‘แ€แ€ฑแ€–แ€ฌแ€‘แ€ฌแ€ธแฟแ€•แ€ธแ€ฑแ€žแ€ฌ แ€ฅแ€•แ€ฑแ€’แ‚แ€„แ€†แ‚แตแ€กแ€› แ€‘แ€แ€ฑแ€–แ€ฌแ€แ€€แ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

We are in compliance with YSXโ€™s Disclosure Outline and Requirements which were set up to build public confidence in the fairness and soundness of the Stock Trading and our best efforts have been put in disclosing our company corporate information to the public and investors for them to make informed investment decisions without delay. Our companyโ€™s corporate information is promptly disclosed on YSXโ€™s website and our companyโ€™s website. Our Companyโ€™s financial statements and annual reports can be accessed on both above mentioned websites. We have made the following statutory and voluntary disclosures since the listing at YSX.

Date Disclosed Matter

30th Sep. 2016 Appointment of New Chief Financial Officer

30th Sep. 2016 Annual Report

30th Sep. 2016 Notice of companyโ€™s Extra Ordinary General Meeting and 3rd Annual General Meeting

30th Sep. 2016 Notice of proposed Share Split

21st Oct. 2016 Signing of Joint Venture Agreement for Zone B Project

24th Oct. 2016 Resolutions Passed at the 3rd AGM and EGM Held on 23rd Oct 2016

24th Oct. 2016 Closing of register of members and suspension of trading of companyโ€™s shares at Yangon Stock Exchange

16th Dec. 2016 Unaudited Consolidated Financial Statements for the period ended 30 September 2016

16th Dec. 2016 Interim Results- Management Discussion & Analysis

26th Dec. 2016 Notice of Tender Award

27th Feb. 2017 Notice of Dividend from Joint Venture Company

2nd May 2017 Appointment of Chief Operating Officer

30th Jun. 2017 Financial Results and Proposed Dividend for FY 2016-17, Record Date and Ex-Dividend Date

30th Jun. 2017 Management Discussion and Analysis

TIMELY & CONTINUOUS DISCLOSURE

ANNUAL REPORT 2016 - 2017 51

Page 53: report CONTENTS - MTSH

SUSTAINABILITY HIGHLIGHTS

We believe that MTSH has an important role to play in addressing societal needs and help people live better.

แ€™แ€™แ€แ‚” MTSH แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€œแ€™แ‚ˆแ€•แ€แ€แ€”แ€ธแ€€แ€„ แ€แ€ธแ€แ€€แ‚แ€„แ€ฑแ€…แ€›แ€” แ€แ€…แ€–แ€€แ€แ€…แ€œแ€™แ€ธแ€™ แ€•แ€•แ€ธแ€€แ€Šแ€›แ€” แ€กแ€…แ€ฅแ€กแฟแ€™ แ‚€แ€€แ€ธแ€•แ€™แ€ธแ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹

Achieve gender equality and empower all women and girls. MSTH endeavors to close the gender gap in order to boost womenโ€™s empowerment. Legislation is one approach to closing the gap, but we believe a market led solution is better suited for a company to get a competitive edge in the market place. MTSH aspires to bring about a positive change to employment of women giving them equal pay for equivalent work, recruitment and promotion, leadership development training & mentoring and flexible working hours (wherever practical and implementable).

GENDER EQUALITY

OUR PEOPLE

53%Male Employees

47%Female Employees

MYANMAR THILAWA SEZ 52

Page 54: report CONTENTS - MTSH

MTSH employees are individuals whom their loved ones have entrusted to us during the working hours. It is our duty and responsibility to ensure that all our employees work in a safe environment and are not exposed to abnormal or excessive risks beyond the scope of their work. On the development site of our subsidiary, a full-time safety officer is always on hand to ensure site safety.

The entire office of MTSH on the top floor of UMFCCI uses LED bulbs. LED lights typically use about 25% to 80% less energy than traditional incandescents and can last 3 to 25 times longer.

MTSH constantly applies a learning needs analysis process, based on strategic organizational priorities aligned to business objectives. Training classes are then organized to address the deficiencies.

We proactively engage with industry and academic bodies to fulfil our role as a responsible citizen and to ensure our long-term viability in a highly competitive market. MTSH provides paid internships to university undergraduates to assist with the practical aspects of the education process.

แ€™แ€™แ€แ‚”แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€™แ€ธแ€žแ€™แ€ธแ€™แ€ฌแ€ธแ‚แ€„ แ€™แ€”แ€ธแ€€แ€ฑแ€œแ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€™แ€ธแ€žแ€ฌแ€ธแ€™แ€ฌแ€ธ แ€”แ€Šแ€ธแ€ แ€แ€”แ€ธแ€ แ€กแ€แ€ผแ€„แ€กแ€ฑแ€›แ€ธ แ€›แ€›แ€ฑแ€…แ€›แ€” แ€กแ€ฌแ€ธแ€ฑแ€•แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€žแ€ผแ€ฌแ€ธแ€™แ€Šแ€ปแ€–แ€…แฟแ€•แ€ธ แ€กแ€™แ€ธแ€žแ€™แ€ธแ€™แ€ฌแ€ธแ แ€…แ€ผแ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€Šแ€€ แ€ฑแ€–แ€ฌแ€‘แ€แ‚แ€„แ€›แ€”แ‚แ€„ แ€€แ€ฌแ€ธแŠ แ€™ แ€€แ€ผแ€ฌแ€Ÿแ€แ€€แ€€ แ€ฑแ€œแ€ฌแ€แ€›แ€” แ‚€แ€€แ€ธแ€•แ€™แ€ธแ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€ฅแ€•แ€ฑแ€’แ€†แ€„แ€›แ€ฌ แ€ปแ€•แ‚’แ€ฌแ€”แ€ธแ€แ€€แ€ปแ€–แ€„ แ€€แ€ฌแ€ธแŠ แ€™แ€€แ€ผแ€ฌแ€Ÿแ€แ€€แ€€ แ€ฑแ€œแ€ฌแ€แ€ปแ€แ€„แ€ธแ€žแ€Š แ€”แ€Šแ€ธแ€œแ€™แ€ธแ€แ€…แ€ แ€ปแ€–แ€…แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€ฑแ€…แ€ธแ€€แ€ผแ€€ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ€žแ€Š แ€•แ€™แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€žแ€Š แ€”แ€Šแ€ธแ€œแ€™แ€ธแ€ปแ€–แ€…แ€žแ€Šแ€Ÿ แ€šแพแ€€แ€Šแ€•แ€ซแ€žแ€Šแ‹ แ€กแ€™แ€ธแ€žแ€™แ€ธแ€™แ€ฌแ€ธ แ€กแ€ฌแ€ธ แ€แ€”แ€ธแ€แ€กแ€แ€ผแ€„แ€กแ€ฑแ€›แ€ธ แ€ฑแ€•แ€ธแ€žแ€Šแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€€แ€ธแ€แ€…แ€ฌแ€ธแ€แ€ผแ€„แ€แ€”แ€ธแ€ แ€›แ€›แ€ฑแ€…แ€ปแ€แ€„แ€ธแŠ แ€แ€”แ€‘แ€™แ€ธแ€ฑแ€›แ€ผแ€ธแ€แ€šแ€แ€”แ‚”แ€‘แ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€›แ€ฌแ€‘แ€ธแ€แ€ธแ€ฑแ€›แ€ธแŠ แ€ฑแ€แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆ แ€…แ€ผแ€™แ€ธแ€›แ€Š แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธ แ€žแ€„แ€แ€”แ€ธแ€™แ€ฌแ€ธแ€•แ‚”แ€แ€ปแ€แ€„แ€ธแŠ แ€œแ€€แ€ฑแ€œแ€ฌแ€Šแ€ฑแ€‘แ€ผแ€›แ€ฑแ€žแ€ฌ แ€กแ€œแ€•แ€แ€” แ€…แ€…แ€ฅแ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธแ€แ‚”แ€แ€ผแ€„ แ€แ€”แ€ธแ€แ€กแ€แ€ผแ€„แ€กแ€œแ€™แ€ธแ€™แ€ฌแ€ธ แ€–แ€”แ€แ€ธแ€ฑแ€•แ€ธแ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€™แธแ€แ€แ€ผแ€„ แ€…แ€ผแ€™แ€ธแ€กแ€„แ€ฑแ‚แ€แ€ผแ€แ€ฌแ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€žแ€แ€™แ€แ€‘แ€ฌแ€ธแ€›แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แธแ€แ€™ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€œแ€€แ€›แ€ฑแ€žแ€ฌ แ€…แ€™แ€€แ€”แ€ธ แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ก แ€’แ€‡แ€„แ€ธแ€™แ€…แ€แ€„แ แ€…แ€ผแ€™แ€ธแ€กแ€„แ€ฑแ‚แ€แ€ผแ€แ€ฌแ€ฑแ€›แ€ธ แ€™แ€แ€ซแ€’แ€œแ€™แ€ธแซแ‚Šแ€”แ€แ€€แ€™แ€ฌแ€ธแ€กแ€แ€„แ€ธ แ€ฑแ€›แ€ธแ€†แ€ผแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แธแ€ แ‚แ€ธแ€แ€”แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„แ€œแ€Šแ€ธ แ€žแ€˜แ€ฌแ€แ€กแ€œแ€„แ€ธแ€ฑแ€›แ€ฌแ€„แ€กแ€ฌแ€ธ แ€กแ€ฑแ€€แ€ฌแ€„แ€ธแ€†แ€ธแ€กแ€žแ€ธแ€ปแ€•แฟแ€•แ€ธแŠ แ€ฑแ€œแ€ฑแ€กแ€ธแ€ฑแ€•แ€ธแ€…แ€€แ‚แ€„ แ€œแ€•แ€…แ€…แ€™แ€ธแ€žแ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€…แ€ผแ€™แ€ธแ€กแ€„แ€กแ€”แ€Šแ€ธแ€†แ€ธ แ€กแ€žแ€ธแ€ปแ€•แ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ‚แ€„แ€™แ€Š แ€•แ€แ€แ€”แ€ธแ€€แ€„แ€€แ€–แ€”แ€แ€ธแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€‘แ€ฌแ€ธ แ€•แ€ซแ€žแ€Šแ‹

HEALTH & SAFETY

RESPONSIBLE CONSUMPTION

PEOPLE DEVELOPMENT

COMMUNITY ENGAGEMENT

แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ แŽแ€แ‚”แ แ€™แ€žแ€ฌแ€ธแ€…แ€™แ€ฌแ€ธแ€™ แ€กแ€œแ€•แ€แ€”แ€กแ€แ€ผแ€„แ€ธ แ€™แ€™แ€แ‚”แ‚แ€„ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ‚แ€„แ€›แ€” แ€šแพแ€€แ€Šแ€…แ€ผแ€ฌแ€ปแ€–แ€„ แ€กแ€•แ‚แ€‘แ€ฌแ€ธแพแ€€แ€žแ€ปแ€–แ€„ แŽแ€แ‚”แ แ€ฑแ€˜แ€ธแ€กแ‚แ€›แ€ฌแ€šแ€€แ€„แ€ธแ€›แ€„แ€ธ แ€œแฟแ€แ€ฑแ€›แ€ธแ€žแ€Š แ€กแ€“แ€€แ€กแ€ฑแ€›แ€ธแ‚€แ€€แ€ธแ€žแ€Š แ€กแ€แ€€ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€œแ€•แ€แ€”แ€กแ€แ€ผแ€„แ€ธ แ€™แ€œแ€œแ€ฌแ€ธแ€กแ€•แ€ฑแ€žแ€ฌ แ€ฑแ€˜แ€ธแ€กแ‚แ€›แ€ฌแ€š แ€™แ€€แ€ฑแ€›แ€ฌแ€€แ‚แ€„แ€ฑแ€…แ€›แ€”แ€กแ€แ€ผแ€€ แ€€แ€™แธแ€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€‘แ€ธแ€กแ€ฑแ€œแ€ธแ€‘แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€œแ€€แ€›แฟแ€•แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€žแ€Š แ€งแ€›แ€šแ€ฌแ€แ€ผแ€„ แ€€แฝแ€ผแ€™แ€ธแ€€แ€„ แ€•แ€Šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€™ แ€ฑแ€˜แ€ธแ€กแ‚แ€›แ€ฌแ€šแ€€แ€„แ€ธแ€›แ€„แ€ธแ€ฑแ€…แ€›แ€”แ€กแ€แ€ผแ€€ แ€กแ€…แ€ฅแ€แ€…แ€€ แพแ€€แ€Šแ‚แ‚ˆ แ€…แ€…แ€ฑแ€†แ€ธแ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€€แ€™แธแ€แ แ€™แ€Ÿแ€ฌแ€—แ€Ÿแ€ฌแ€™แ€ฌแ€ธแ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€ฆแ€ธแ€แ€Šแ€แ€€ แ€™แ€ฌแ€ธแ€€ แ€•แ€•แ€ธแ‚แ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€œแ€กแ€•แ€žแ€Šแ€žแ€„แ€แ€”แ€ธแ€™แ€ฌแ€ธ แ€•แ‚”แ€แ€ฑแ€•แ€ธแ€œแ€€แ€›แฟแ€•แ€ธ แ€กแ€†แ€•แ€ซแ€žแ€„แ€แ€”แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ แ€แ€…แ€ฆแ€ธแ€แ€„แ€ธแ€…แ แ€…แ€ผแ€™แ€ธแ€›แ€Šแ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€กแ€ฑแ€•แšแ€กแ€ฑแ€ปแ€แ€แ แ€žแ€„แพแ€€แ€ฌแ€ธแ€•แ‚”แ€แ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€œแ€•แ€„แ€”แ€ธแ€•แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€žแ€•แ€Šแ€ฌแ€›แ€„แŠ แ€กแ€แ€แ€•แ€Šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€แ€€แ€€แ€ผแ€…แ€ผแ€ฌ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ€ปแ€–แ€„ แ‚แ€„แ€„แ€žแ€ฌแ€ธแ€แ€…แ€ฆแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€™แ€Š แ€œแ€•แ€„แ€”แ€ธแ€…แ€ฅแ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€ปแ€แ€„แ€ธแ€ปแ€–แ€„ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„ แ€แ€„แ€™แ€ฌแ€…แ€ผแ€ฌ แ€›แ€•แ€แ€Šแ‚แ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€กแ€…แ€ฅแ‚€แ€€แ€ธแ€•แ€™แ€ธแ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แธแ€แ€แ€ผแ€„ แ€แ€€แ€žแ€œแŒ แ€•แ€Šแ€ฌแ€žแ€„แพแ€€แ€ฌแ€ธแ€œแ€€แ€›แ€žแ€Š แ€ฑแ€€แ€ฌแ€„แ€ธแ€žแ€ฌแ€ธแŠ แ€ฑแ€€แ€ฌแ€„แ€ธแ€žแ€™แ€ฌแ€ธ แ€กแ€ฌแ€ธ แ€กแ€œแ€•แ€žแ€„แ€™แ€ฌแ€ธแ€กแ€ปแ€–แ€…แ€ฑแ€แšแ€šแฟแ€•แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€กแ€ฑแ€แ€ผแ‚•แ€กแ‚€แ€€ แ€›แ€›แ€ฑแ€…แ€ปแ€แ€„แ€ธแ€ปแ€–แ€„ แ€ฑแ€€แ€ฌแ€„แ€ธแ€žแ€„แ€แ€”แ€ธแ€…แ€ฌแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€€แ€ปแ€•แ‚แ€„แ€ฑแ€…แ€›แ€” แ€›แ€Šแ€›แ€ผแ€šแ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 53

Page 55: report CONTENTS - MTSH

Our Group comprising of Myanmar Thilawa SEZ Holdings Public Limited (โ€œMTSHโ€), subsidiary Thilawa Property Development (โ€œTPDโ€) and associate Myanmar Japan Thilawa Development (โ€œMJTDโ€) have organized and carried out numerous CSR activities that benefitted the community.MJTD and TPD have coordinated to develop a new road named โ€œThilawa Development Roadโ€ situated in Thilawa SEZ area. The opening ceremony of Thilawa Development Road was held on the 26th of November 2016. On the same day, MJTD donated financial aid and clinical supplies to the โ€œShwe Myit Tar Voluntary Clinicโ€ located in Shwe Pyout Village. On the 31st of August 2016, MJTD arranged and provided โ€œHealth Education, Dental Checkup Activity and Nutrition Programmeโ€ for the schools of Aye Mya Thida Village located in the Thilawa SEZ area. The activities included donating health education knowledge books to school, carrying out dental checkup and providing proper nutrition for students.We also believe that education development will deliver positive outcomes to the community. In October 2016, our Company (MTSH) contributed Ks. 3,000,000 to Myanmar Japan Association (โ€œMJAโ€), an organization that has spearheaded โ€œMJA Outstanding Students Award - Japan Exchange Visitโ€ since 2014.MTSH is a member of the UN Global Compact (โ€œUNGCโ€). UNGC abides by and promotes four principles: (1) maintain and respect the protection of human rights, (2) respect the Labour Law, (3) protect the environment and (4) avoid corruption, with a vision of promoting peace and responsible business conduct.The first Business for Peace (โ€œB4Pโ€) seminar held on the 4th of April 2017 in Yangon was initiated by UNGC and co-organized by MTSH, relevant government personnel, the Union of Myanmar Federation Chambers of Commerce and Industry (โ€œUMFCCIโ€) and the Chairman of United Nations Global Compact Network Myanmar, Prof. Dr. Aung Tun Thet.

The seminars were organized to promote peace and development through business.There is a close correlation between Business and Peace. Business owners have a key role to play in creating and operating responsible businesses, which in turn, promotes organic growth and also attract foreign investments, thus leading to increased employment opportunities and higher incomes for the domestic workforce. With support from the Union and State Governments, B4P can bring about improved economic and social harmony across Myanmar. The second B4P seminar was held in Mawlamyine Mon State on the 13th of May, third in Hpa-An Kayin State on the 14th of May and fourth on 28th of May in Mandalay. The fifth B4P seminar was held on the 3rd of June in Yangon University of Economics. For each seminar, the local education sector has been roped-in to support the cause by incorporating the lessons of Business ethics and social responsibilities into their curriculum.

CSR ACTIVITIES IN FOCUS

MYANMAR THILAWA SEZ 54

Page 56: report CONTENTS - MTSH

แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€œแ€™แ‚ˆแ€กแ€žแ€€แ€กแ€แ€”แ€ธแ€กแ€ฌแ€ธ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌ แ€กแ€€แ€ธแ€ฑแ€€แ€ธแ€‡แ€ธ แ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€‘แ€ผแ€”แ€ธแ€ฑแ€…แ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ แ€€แฝแ€ผแ‚แ€•แ€แ‚” แ€€แ€™แธแ€แ‚แ€„แ€กแ€ MJTD แ‚แ€„ TPD แ€แ‚”แ€™ แ€œแ€™แ‚ˆแ€•แ€แ€แ€”แ€ธแ€€แ€„แ€†แ€„แ€›แ€ฌ แ€แ€ฌแ€แ€”แ€šแ€™แ‚ˆ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€…แ€…แ€ฅ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€แพแ€€แ€•แ€ซแ€žแ€Šแ‹แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€žแ€Š MJTDแŠ TSMC แ€แ‚”แ‚แ€„ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€€แ€ฌ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€กแ€แ€ผแ€„แ€ธแ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธ แ€œแ€™แ€ธแ€™แ‚€แ€€แ€ธแ€€ แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€แพแ€€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€œแ€™แ€ธแ€–แ€ผแ€„แ€•แ€ผแ€€ แ‚แ€แแ† แ€แ‚แ€…แŠ แ‚แ€แ€„แ€˜แ€ฌแ€œ (แ‚แ†) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แŒ แ€€แ€„แ€ธแ€•แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹ แŽแ€ฑแ€”แ‚”แ€›แ€€แŒแ€•แ€„ แ€ฑแ€€แ€ฌแ€€แ€แ€”แ€ธ แฟแ€™แ‚•แ€”แ€šแŠ แ€ฑแ€›แ‚Šแ€ฑแ€•แ€ฌแ€€ แ€ฑแ€€แ€ธแ€›แ€ผแ€ฌแ€› โ€œแ€ฑแ€›แ‚Šแ€ฑแ€™แ€แ€ฌ แ€€แ€žแ€œแ€ปแ€–แ€…แ€ฑแ€†แ€ธแ€แ€”แ€ธโ€ แ€žแ‚” แ€ฑแ€†แ€ธแ€€แ€ž แ€…แ€›แ€แ‚แ€„ แ€ฑแ€†แ€ธแ€แ€”แ€ธแ€žแ€ธแ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€€แ€œแ€Šแ€ธ MJTD แ€™ แ€ฑแ€•แ€ธแ€กแ€•แ€œแ€’แ€ซแ€”แ€ธแ€แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แแ† แพแ€žแ€‚แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ MJTD แ€™ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€› แ€ฑแ€กแ€ธแ€ปแ€™แ€žแ€แ€ฌ แ€กแ€œแ€šแ€แ€”แ€ธ แ€ฑแ€€แ€ฌแ€„แ€ธแ€แ€ผแ€„ แ€ฑแ€€แ€ฌแ€„แ€ธแ€žแ€ฑแ€€แ€ฌแ€„แ€ธแ€žแ€ฌแ€ธแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€€แ€”แ€ธแ€™แ€ฌแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€žแ€•แ€Šแ€ฌแ€ฑแ€•แ€ธ แ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€แ€…แ€แ€€ แ€€แ€„แ€ธแ€•แ€ฑแ€•แ€ธแ€แ€•แ€ซแ€žแ€Šแ‹ แŽแ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€แ€ผแ€„ แ€€แ€”แ€ธแ€™แ€ฌแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€•แ€Šแ€ฌแ€ฑแ€•แ€ธ แ€…แ€ฌแ€กแ€•แ€…แ€ฌแ€แ€™แ€ธแ€™แ€ฌแ€ธ แ€œแ€’แ€ซแ€”แ€ธแ€ปแ€แ€„แ€ธแŠ แ€ฑแ€€แ€ฌแ€„แ€ธแ€žแ€ฑแ€€แ€ฌแ€„แ€ธแ€žแ€ฌแ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€žแ€ผแ€ฌแ€ธแ€€แ€”แ€ธแ€™แ€ฌแ€ฑแ€›แ€ธ แ€…แ€…แ€ฑแ€†แ€ธแ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธ แ‚แ€„ แ€กแ€ฌแ€Ÿแ€ฌแ€› แ€ฑแ€€แฝแ€ผแ€ธแ€ฑแ€™แ€ผแ€ธแ€ปแ€แ€„แ€ธแ€แ‚”แ€€ แ€ปแ€•แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€žแ€Š แ€œแ€™แ‚ˆแ€•แ€แ€แ€”แ€ธแ€€แ€„แ€แ€ผแ€„ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€ฑแ€žแ€ฌ แ€กแ€€แ€ธแ€ฑแ€€แ€ธแ€‡แ€ธแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€‘แ€ผแ€”แ€ธแ€ฑแ€…แ€›แ€” แ€•แ€Šแ€ฌแ€ฑแ€›แ€ธแ€€แ‚‘ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€€แ€œแ€Šแ€ธ แ€แ€–แ€€แ€แ€œแ€™แ€ธแ€™ แ€กแ€ฑแ€œแ€ธแ€‘แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แแ† แ€แ‚แ€…แŠ แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌแ€œแ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌ-แ€‚แ€•แ€” แ€กแ€žแ€„แ€ธ (MJA) แ€™ แ€ฆแ€ธแ€…แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€แ€›แ€žแ€Š โ€œแ€ปแ€™แ€”แ€™แ€ฌ-แ€‚แ€•แ€” แ€กแ€žแ€„แ€ธแ แ€•แ€Šแ€ฌแ€›แ€Šแ€‘แ€ธแ€แฝแ€ผแ€”แ€†แŠ แ€‚แ€•แ€”แ‚แ€„แ€„แ€ฑแ€œแ€œแ€ฌแ€ฑแ€›แ€ธ แ€กแ€…แ€กแ€…แ€ฅ (MJA Oustanding Students Award - Japan Exchange Visit)โ€ แ€กแ€แ€ผแ€€ แ€€แฝแ€ผแ‚แ€•แ€แ‚” แ€€แ€™แธแ€แ€™ แ€œแ€กแ€•แ€žแ€Šแ€™แ€ฌแ€ธแ€€ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€‘แ€Šแ€แ€„ แ€œแ€’แ€ซแ€”แ€ธแ€แ€•แ€ซแ€žแ€Šแ‹แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€€แ€™แธแ€แ€žแ€Š UN Global Compact แ€กแ€–แ€ผแ‚”แ€แ€„แ€€แ€™แธแ€แ€แ€…แ€ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ UNGC แ แ€กแ€ฑแ€ปแ€แ€แ€™ แ€ฑแ€œแ€ธแ€›แ€•แ€ปแ€–แ€…แ€žแ€Š (แ) แ€œแ‚”แ€กแ€แ€ผแ€„แ€กแ€ฑแ€›แ€ธแ€€ แ€ฑแ€œแ€ธแ€…แ€ฌแ€ธแ€กแ€žแ€กแ€™แ€แ€ปแ€• แ€‘แ€”แ€ธแ€žแ€™แ€ธแ€€แ€ฌแ€€แ€ผแ€šแ€ปแ€แ€„แ€ธแŠ (แ‚) แ€แ€”แ€‘แ€™แ€ธแ€ฑแ€›แ€ธแ€›แ€ฌ แ€ฅแ€•แ€ฑแ€’แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€ฑแ€œแ€ธแ€…แ€ฌแ€ธแ€œแ€€แ€”แ€ฌแ€ปแ€แ€„แ€ธแŠ (แƒ) แ€•แ€แ€แ€”แ€ธแ€€แ€„แ€€ แ€‘แ€”แ€ธแ€žแ€™แ€ธแ€€แ€ฌแ€€แ€ผแ€š แ€ฑแ€…แ€ฌแ€„แ€ฑแ€›แ€ฌแ€€แ€ปแ€แ€„แ€ธแŠ (แ„) แ€กแ€‚แ€แ€œแ€€แ€…แ€ฌแ€ธแ€™แ‚ˆแ€€ แ€œแ€ธแ€แ€ฑแ€›แ€ฌแ€„แ€›แ€ฌแ€ธแ€ปแ€แ€„แ€ธ แ€…แ€žแ€Šแ€แ‚”แ€€ แฟแ€„แ€™แ€ธแ€แ€™แ€ธแ€ฑแ€›แ€ธแ€€ แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€€แ€ปแ€•แ€ฑแ€›แ€ธแ‚แ€„ แ€แ€ฌแ€แ€”แ€ฑแ€€แ€•แ€ผแ€”แ€ฑแ€žแ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€œแ€ฌแ€ฑแ€…แ€›แ€”แ€›แ€Šแ€›แ€ผแ€šแ€•แ€ซแ€žแ€Šแ‹

Business for Peace (B4P) โ€œแฟแ€„แ€™แ€ธแ€แ€™แ€ธแ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธโ€ แ€ฑแ€แ€ซแ€„แ€ธแ€…แ€ฅแ€ปแ€–แ€„ แ€ฑแ€Ÿแ€ฌแ€ฑแ€ปแ€•แ€ฌ แ€ฑแ€†แ€ผแ€ธแ€ฑแ‚แ€ผแ€ธแ€•แ€ผแ€™แ€ฌแ€ธแ€€ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€€แ€™แธแ€แ€žแ€Š United Nations Global Compact Network Myanmar แ แ€ฅแ€€แ‚’ แ€ฑแ€’แ€ซแ€€แ€แ€ฌ แ€ฑแ€กแ€ฌแ€„แ€‘แ€ผแ€”แ€ธแ€žแ€€แŠ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€€แ€”แ€žแ€Šแ€…แ€€แ€™แ‚ˆ แ€กแ€žแ€„แ€ธแ€แ€• (UMFCCI) แ‚แ€„แ€žแ€€แ€†แ€„แ€›แ€ฌ แ€แ€ฌแ€แ€”แ€›แ€•แ€‚แข แ€œแ€™แ€ฌแ€ธแ‚แ€„แ€กแ€ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€€แ€ฌ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€งแฟแ€•แ€œ (แ„) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€›แ€”แ€€แ€”แฟแ€™แ‚•แŒ แ€…แ€แ€„ แ€€แ€„แ€ธแ€•แ€ฑแ€•แ€ธแ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€ฑแ€Ÿแ€ฌแ€ฑแ€ปแ€•แ€ฌแ€•แ€ผแ แ€›แ€Šแ€›แ€ผแ€šแ€แ€€แ€™แ€ฌ แฟแ€„แ€™แ€ธแ€แ€™แ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€™แ‚ˆแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€˜แ€ แ€แ€Šแฟแ€„แ€™ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€•แ€ซแ€แ€„แ‚แ€„แ€™แ€Š แ€€แ‚‘แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€žแ€›แ€ฑแ€…แ€›แ€” แ€ปแ€–แ€…แ€•แ€ซ แ€žแ€Šแ‹แฟแ€„แ€™แ€ธแ€แ€™แ€ธแ€ฑแ€›แ€ธแ‚แ€„แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€žแ€Š แ€กแ€ปแ€•แ€”แ€กแ€œแ€” แ€†แ€€แ‚แ€ผแ€šแ€ฑแ€”แ€žแ€Šแ€กแ€แ€ผแ€€ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธ แ€กแ€ฑแ€” แ€ปแ€–แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€แ€ฌแ€แ€”แ€ฑแ€€แ€•แ€ผแ€”แ€…แ€ผแ€ฌ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€ž แ€กแ€€แ€ธแ€ฑแ€€แ€ธแ€‡แ€ธแ€ปแ€–แ€…แ€‘แ€ผแ€”แ€ธแ€ฑแ€…แฟแ€•แ€ธ แ‚แ€„แ€„แ€แ€€แ€ฌ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡ แ€•แ‚แ€™แ‚ˆแ€™แ€ฌแ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ‚แ€„แ€žแ€Š แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€ปแ€–แ€… แ€›แ€•แ€แ€Šแ แ€แ€„แ€ฑแ€„แ€ผแ€แ€ธแ€แ€€แ€ฑแ€…แ€™แ€Š แ€กแ€œแ€•แ€กแ€€แ€„แ€กแ€แ€ผแ€„แ€กแ€œแ€™แ€ธแ€™แ€ฌแ€ธ แ€–แ€”แ€แ€ธแ€ฑแ€•แ€ธแ€›แ€” แ€›แ€Šแ€›แ€ผแ€š แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€กแ€…แ€ธแ€›แŠ แ€แ€„แ€ธแ‚แ€„แ€ปแ€•แ€Šแ€”แ€šแ€กแ€žแ€ธแ€žแ€ธแ€™ แ€กแ€…แ€ธแ€›แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธ แ€แ‚”แ แ€•แ€•แ€ธแ€€แ€Šแ€™แ‚ˆแ€ฑแพแ€€แ€ฌแ€„ B4P แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ‚แ€„แ€„แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€™แ‚ˆแ€–แ€ผแ‚”แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€™แ€ฌแ€ธแ€€ แ€แ€–แ€€แ€แ€œแ€™แ€ธแ€™ แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€€แ€ปแ€•แ‚แ€„แ€™แ€Šแ€Ÿ แ€šแพแ€€แ€Šแ€•แ€ซแ€žแ€Šแ‹ แ€’แ€แ€šแ€กแ‚€แ€€แ€™แ€ฑแ€Ÿแ€ฌแ€ฑแ€ปแ€•แ€ฌแ€•แ€ผแ€€ แ€™แ€ผแ€”แ€ปแ€•แ€Šแ€”แ€šแŠ แ€ฑแ€™แ€ฌแ€œแฟแ€™แ€„แฟแ€™แ‚•แ€แ€ผแ€„ แ€ฑแ€™แ€œ (แแƒ) แ€›แ€€แ€ฑแ€”แ‚”แŒ แ€€แ€„แ€ธแ€•แ€ปแ€•แ€œแ€•แ€แฟแ€•แ€ธ แ€แ€แ€šแ€กแ‚€แ€€แ€™แ€ฑแ€Ÿแ€ฌแ€ฑแ€ปแ€•แ€ฌแ€•แ€ผแ€€ แ€€แ€›แ€„แ€ปแ€•แ€Šแ€”แ€šแŠ แ€˜แ€ฌแ€ธแ€กแฟแ€™แ‚•แ€แ€ผแ€„ แ€ฑแ€™แ€œ (แแ„) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„แŽแŠ แ€…แ€แ€แ€กแ‚€แ€€แ€™แ€€ แ€™แ‚แ€ฑแ€œแ€ธแ€แ€„แ€ธแŠ แ€™แ‚แ€ฑแ€œแ€ธแฟแ€™แ‚•แ€แ€ผแ€„ แ€ฑแ€™แ€œ (แ‚แˆ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„แŽแŠ แ€•แชแฅแ€™แ€กแ‚€แ€€แ€™แ€€ แ€›แ€”แ€€แ€” แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€แ€€แ€žแ€œแ€แ€ผแ€„ แ€‡แ€ผแ€”แ€œ (แƒ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€กแ€žแ€ธแ€žแ€ธแ€€แ€„แ€ธแ€• แ€ปแ€•แ€œแ€•แ‚แ€„แ€ แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…) แ€กแ€ธแ€‡แ€€แ€Ÿแ€ธแ€’แ€„แ€ธ แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€ แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€†แ€•แ€ซแ€€แ€„แ€ธแ€•แ€ปแ€•แ€œแ€•แ€แ€žแ€Š แ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€˜แ€€แ€˜แ€€แ€™ แ€œแ€กแ€•แ€žแ€Šแ€™แ€ฌแ€ธแ€€ แ€แ€„แ€ฑแ€›แ€ฌแ€€แ€กแ€ฌแ€ธแ€ปแ€–แ€Š แ€€แ€Šแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แฟแ€•แ€ธ แ€†แ€€แ€œแ€€แ€ฑแ€†แ€ฌแ€„ แ€›แ€ผแ€€แ€™แ€Š แ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€™แ€ฌแ€ธแ€€แ€œแ€Šแ€ธ แ€แ€„แ€ธแ€แ€”แ€ธแ€€แ€Šแ€•แ€•แ€ธแ€žแ€ผแ€ฌแ€ธแ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 55

Page 57: report CONTENTS - MTSH

56MYANMAR THILAWA SEZ

Page 58: report CONTENTS - MTSH

Zone amain gate

ANNUAL REPORT 2016 - 2017 57

Page 59: report CONTENTS - MTSH

MJTDโ€™s establishment has been for the purpose of Operating and Development of Thilwa SEZ and driving the demand for industrial land with quality infrastructures with effective marketing.

Business Activities of MJTD

MJTD แ€กแ€ฌแ€ธ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€› แ€ฑแ€ปแ€™แŠ แ€กแ€™แ€šแ€ฌแ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€กแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€แ€„แ€ธแŠ แ€‘แ€ฑแ€›แ€ฌแ€€แ€…แ€ผแ€ฌ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€ปแ€™แ‚‡แ€„แ€แ€„แ€ปแ€แ€„แ€ธ แ‚แ€„ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธ แ€แ‚”แ€กแ€แ€ผแ€€ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹

REVIEW OF OPERATION & PROGRESS

BUSINESS ACTIVITIES OF MJTD

MYANMAR THILAWA SEZ 58

Page 60: report CONTENTS - MTSH

Thilawa SEZ has total of 2400 hectares which consist of Industrial Zone, Residential and Commercial zone and Logistics Dependent Zone.

Our first and current focus of the total Zone Development is on the Zone A which consists of 404 hectares. The development of Zone A involves 3 phases which are Phase 1, Phase 2 and Residential and Commercial Development. Within the Zone A, there are two different zones namely, Free Zone and Promotion Zone. The main objective of Zone A Project is to turn it to an industrial park with an

aim of creating job opportunities and promoting exports of products manufactured in the industrial park. Zone A project is attracting light-industry manufacturers and in the longer term, we are expecting that it will attract international manufacturers from a wide range of industries.

แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€žแ€Š แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ (แ‚แ„แ€แ€)แ€Ÿแ€€แ€แ€ฌแ€›แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€•แ€‘แ€™แ€†แ€ธแ‚แ€„ แ€œแ€€แ€›แ€กแ€“แ€€ แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€™แ€ฌ แ€‡แ€” (A) แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€‡แ€” (A) แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€แ€ผแ€„ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆ แ€กแ€†แ€„ (แƒ) แ€†แ€„ แ€ปแ€–แ€…แ€ฑแ€žแ€ฌ แ€กแ€†แ€„(แ)แŠ แ€กแ€†แ€„(แ‚) แ‚แ€„ แ€œแ€™แ‚ˆแ€ฑแ€”แ€‘แ€„แ€›แ€ฌแ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€…แ€แ€กแ€•แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆ แ€กแ€†แ€„ แ€แ‚”แ€•แ€ซแ€แ€„แ€žแ€Šแ‹ แ€‡แ€” (A) แ€กแ€ฌแ€ธ แ€œแ€ผแ€แ€œแ€•แ€ฑแ€žแ€ฌแ€‡แ€”แ‚แ€„ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธ แ€ปแ€™แ‚‡แ€„แ€แ€„แ€žแ€Šแ€‡แ€”แ€Ÿ แ€แ€ผแ€ปแ€แ€ฌแ€ธแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€‡แ€” (A) แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแแ€กแ€“แ€€

แ€›แ€Šแ€›แ€ผแ€šแ€แ€€แ€™แ€ฌแ€ธแ€™แ€ฌ แ€œแ€•แ€กแ€€แ€„แ€กแ€แ€ผแ€„แ€กแ€œแ€™แ€ธแ€™แ€ฌแ€ธแ€–แ€”แ€แ€ธแ€›แ€”แ‚แ€„ แ€‡แ€”แ€กแ€แ€ผแ€„แ€ธ แ€‘แ€แ€œแ€• แ€žแ€Šแ€‘แ€แ€€แ€”แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ€•แ€™แ€™แ€ฌแ€ธแ€ปแ€•แ€ฌแ€ธแฟแ€•แ€ธ แ€ปแ€•แ€Šแ€•แ€žแ‚”แ€แ€„แ€•แ‚”แ€žแ€Šแ‚แ‚ˆแ€”แ€ธ แ€ปแ€™แ€„แ€™แ€ฌแ€ธแ€ฑแ€…แ€›แ€”แ€แ‚” แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€›แ€แ€ผแ€„ แ€‡แ€” (A) แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ฑแ€žแ€ธแ€…แ€ฌแ€ธ แ€…แ€€แ€™แ‚ˆแ€€แ€”แ€‘แ€แ€œแ€•แ€žแ€™แ€ฌแ€ธ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€œแ€€แ€›แฟแ€•แ€ธ แ€ฑแ€›แ€›แ€Šแ€แ€ผแ€„ แ‚แ€„แ€„แ€แ€€แ€ฌแ€™ แ€€แ€”แ€‘แ€แ€œแ€•แ€žแ€Š แ€œแ€•แ€„แ€”แ€ธแ€กแ€›แ€ผแ€šแ€กแ€…แ€ฌแ€ธแ€™แ€ธแ€… แ€œแ€ฌแ€ฑแ€›แ€ฌแ€€แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹

In Hectares Phase 1 Phase 2 R&C TotalTotal Development Area 211 158 35 404Saleable Area 170 130 35 335

BUSINESS ACTIVITIES OF MJTD

PROGRESS OF DEVELOPMENT PHASES (MJTD)

ZONE A DEVELOPMENT PHASES

ZONE A

ANNUAL REPORT 2016 - 2017 59

Page 61: report CONTENTS - MTSH

At this moment, 314 hectares which is 94% of Zone Aโ€™s total saleable area has been leased or reserved. Out of the 79 companies, the Thilawa SMC has granted investment permits to 79 companies. There are 35 companies that have begun construction of their factories. Majority of the investors in the Zone A Project come from manufacturing-based businesses seeking cheaper labor costs and generous incentive schemes for export-oriented activities. The

industries range from low-level and labor-intensive basic garment industry to manufacturing of steel and electronic products. Factories and businesses found in Zone A are various Materials Manufacturing including Electrical Parts, Garment, Automotive Parts, Shoes, Construction Material, Food Processing, Industrial Machinery, Logistic & Warehouse, Packaging, Agriculture Product, Electricity Supply, Health Care and Supporting Services.

แ€œแ€€แ€›แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€แ€ผแ€„ แ€‡แ€” (A) แ แ€ฑแ€›แ€ฌแ€„แ€ธแ‚แ€„แ€ฑแ€žแ€ฌแ€งแ€›แ€šแ€ฌแ€ปแ€–แ€…แ€žแ€Š (แ‰แ„)

แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€กแ€ฌแ€ธ แ€ฑแ€ปแ€™แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ แ€•แ€‘แ€™แ€กแ€†แ€„ แ€…แ€ฌแ€แ€• แ€ฑแ€›แ€ธแ€‘แ€ธแ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธ

แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€€แ€™แธแ€ (แ‡แ‰) แ€แ€›แฟแ€•แ€ธ แ€กแ€†แ€•แ€ซ แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ

แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€ฑแ€€แ€ฌแ€™แ€แ€™ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€แ€ผแ€„

แ€•แ€ซแ€™แ€…แ€‘แ€แ€ฑแ€•แ€ธแ€แฟแ€•แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แธแ€ (แƒแ…) แ€แ€žแ€Š แŽแ€แ‚”แ แ€…แ€€แ‚

แ€™แ€ฌแ€ธแ€€ แ€…แ€แ€„แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€”แฟแ€• แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Zone (A) Project แ€แ€ผแ€„

แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€žแ€™แ€ฌแ€ธแ€žแ€Š แ€•แ‚”แ‚”แ€€แ€”แ€ฆแ€ธแ€…แ€ฌแ€ธแ€ฑแ€•แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€กแ€œแ€•

แ€žแ€™แ€ฌแ€ธแ€ แ€žแ€€แ€žแ€ฌแ€™แ‚ˆแ‚แ€„ แ€™แ€€แ€œแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแ€ฑแ€•แ€ธแ€ฑแ€žแ€ฌ แ€กแ€…แ€กแ€…แ€ฅแ€™แ€ฌแ€ธแ€€

แ€›แ€ฌแ€ฑแ€–แ€ผแ€ฑแ€”แ€žแ€Š แ€€แ€”แ€‘แ€แ€œแ€•แ€™แ‚ˆแ€€ แ€กแ€ฑแ€ปแ€แ€แ€ฑแ€žแ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธ

แ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€žแ€Šแ‹ แŽแ€แ‚”แ‚”แแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ แ€ฑแ€กแ€ฌแ€€แ€ฑแ€ปแ€ แ€œแ€•แ€žแ€ฌแ€ธ แ€กแ€„แ€กแ€ฌแ€ธ

แ€™แ€ฌแ€ธแ€…แ€ผแ€ฌ แ€œแ€กแ€•แ€ฑแ€žแ€ฌ แ€กแ€‘แ€Šแ€แ€•แ€œแ€•แ€„แ€”แ€ธแ€™แ€กแ€… แ€žแ€™แ€แ‚แ€„ แ€กแ€œแ€€แ€‘แ€›แ€ผแ€”แ€”แ€…

แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ€‘แ€แ€œแ€•แ€žแ€Š แ€œแ€•แ€„แ€”แ€ธแ€™แ€ธแ€… แ€ปแ€–แ€…แ€žแ€Šแ‹

Zone (A) Project แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€ฑแ€žแ€ฌแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ แ€กแ€œแ€€แ€‘แ€›แ€ผแ€”แ€”แ€…

แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ€‘แ€แ€œแ€•แ€žแ€Šแ€œแ€•แ€„แ€”แ€ธแŠ แ€กแ€‘แ€Šแ€แ€•แ€œแ€•แ€„แ€”แ€ธแŠ แ€ฑแ€™แ€ฌแ€ฑแ€แ€ฌแ€šแ€ฌแ€ฅแ€žแ€ธ

แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ€‘แ€แ€œแ€•แ€žแ€Šแ€œแ€•แ€„แ€”แ€ธแŠ แ€–แ€”แ€•แ€œแ€•แ€„แ€”แ€ธแŠ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธ

แ€žแ€ธแ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ€‘แ€แ€œแ€•แ€žแ€Šแ€œแ€•แ€„แ€”แ€ธแŠ แ€…แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€€แ€€แ€” แ€‘แ€แ€œแ€•แ€™แ‚ˆ แ€œแ€•แ€„แ€”แ€ธแŠ

แ€…แ€€แ€™แ‚ˆแ€œแ€šแ€šแ€ฌ แ€žแ€ธแ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ€‘แ€แ€œแ€•แ€žแ€Šแ€œแ€•แ€„แ€”แ€ธแŠ แ€‘แ€แ€•แ€ธแ€™แ‚ˆ แ€•แ€…แฅแ€Šแ€ธ

แ€‘แ€แ€œแ€•แ€žแ€Šแ€œแ€•แ€„แ€”แ€ธแŠ แ€…แ€€แ€•แ€ธแ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€žแ€ธแ€‘แ€แ€œแ€•แ€žแ€Šแ€œแ€•แ€„แ€”แ€ธแŠ

แ€œแ€•แ€…แ€…แ€“แ€ซแ€แ€กแ€ฌแ€ธ แ€‘แ€แ€œแ€•แ€žแ€Šแ€œแ€•แ€„แ€”แ€ธแŠ แ€€แ€”แ€ธแ€™แ€ฌแ€ฑแ€›แ€ธแ€žแ€ธ แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ‚แ€„

แ€กแ€ปแ€แ€ฌแ€ธแ€•แ€•แ€ธแ€™แ‚ˆแ€ฑแ€•แ€ธแ€žแ€Š แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€แ‚” แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

INVESTORS STATISTICS

MYANMAR THILAWA SEZ 60

Page 62: report CONTENTS - MTSH

Zone B was established due to the initial and continuous strong demand from investors and success of implementation of Zone A and the MOU includes a future development of additional 700 hectares of development in the Thilawa SEZ which is called Zone B. Grand Opening of Zone B was held on 24th February 2017 at Thilawa SEZ Project Area. At this moment, 19.3 hectares which is 23.4% of Zone Bโ€™s phase 1 total saleable area has been leased and reserved.

แ€žแ€œแ€แ€ซ แ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€” แ€‡แ€”(แ€˜)แ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Š แ€ฑแ€–แ€ฌแ€›แ€ปแ€แ€„แ€ธแ แ€›แ€Šแ€›แ€ผแ€šแ€แ€€แ€™แ€ฌ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚ แ€œแ€žแ€™แ€ฌแ€ธแ แ€…แ€แ€แ€„แ€…แ€ฌแ€ธแ€™แ‚ˆแŠ แ€ฑแ€…แ€ธแ€€แ€ผแ€€ แ€œแ€กแ€•แ€แ€€ แ€กแ€›แ‚แ€„ Zone (A) Project แ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™แ‚ˆแ€แ‚”แ€ฑแพแ€€แ€ฌแ€„ แ€ปแ€–แ€…แฟแ€•แ€ธ Zone (B) Project แ€žแ€Š (แ‡แ€แ€) แ€Ÿแ€€แ€แ€ฌแ€แ€”แ‚”แ‚” แ€€แ€šแ€แ€”แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€šแ€„แ€ธแ€กแ€แ€ผแ€€ แ€ฑแ€ปแ€™แ€ฑแ€”แ€›แ€ฌ แ€ฑแ€›แ€ผแ€ธแ€แ€šแ€™แ‚ˆแŠ แ€•แ€แ€แ€”แ€ธแ€€แ€„ แ€‘แ€แ€€แ€™แ‚ˆแ€†แ€”แ€ธแ€…แ€…แ€™แ‚ˆแ‚แ€„ แ€’แ€‡แ€„แ€ธแ€แ‚”แ‚”แ€€ แ€œแ€€แ€›แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€”แฟแ€• แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Zone (B) Project แ€œแ€•แ€„แ€”แ€ธแ€…แ€แ€„แ€ปแ€แ€„แ€ธ แ€กแ€แ€™แ€ธแ€กแ€”แ€ฌแ€ธแ€€ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€ฑแ€–แ€ฑแ€–แšแ€แ€ซแ€›แ€œ (แ‚แ„) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€„แ€ธแ€•แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€› แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€แ€ผแ€„ แ€‡แ€” (B) แ€กแ€•แ€„แ€ธ (แ) แ แ€ฑแ€›แ€ฌแ€„แ€ธแ‚แ€„แ€ฑแ€žแ€ฌแ€งแ€›แ€šแ€ฌแ (แ‚แƒ.แ„) แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธ (แ€žแ‚”) (แแ‰.แƒ) แ€Ÿแ€€แ€แ€ฌแ€กแ€ฌแ€ธ แ€ฑแ€ปแ€™แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ แ€•แ€‘แ€™แ€กแ€†แ€„ แ€…แ€ฌแ€แ€• แ€ฑแ€›แ€ธแ€‘แ€ธแ€แ€•แ€ซแ€žแ€Šแ‹

ZONE B

ANNUAL REPORT 2016 - 2017 61

Page 63: report CONTENTS - MTSH

For most of the year, TPD has been ably led by CEO U Tun Lwin. He was assisted by Project Directors U Thurane Aung & Dr Nyan Thit Hlaing and U Myint Zaw as Marketing Director. However, in line with the Board of Directors long term direction for the company to be run by full time professionals, CEO U Tun Lwin has decided to step down in May this year and his position is now assumed by Mr. David Law, the COO of MTSH. Since joining the company, Mr. Law has been busy reviewing the company business direction and strategy with the assistance of a dedicated team of professionals. A big part of this is the review of the development strategy for the Residential & Commercial Zone A in order to address the weak property market and other external challenges facing the company.

THILAWA PROPERTY DEVELOPMENT (TPD) MANAGEMENT UPDATE

TPD PROGRESS UPDATE

MYANMAR THILAWA SEZ 62

Page 64: report CONTENTS - MTSH

แ€žแ€œแ€แ€ซแ€•แ€ฑแ€›แ€ฌแ€•แ€ซแ€ธแ€แ€ธแ€’แ€แ€—แ€ฑแ€œแ€ฌแ€™แ€”แ‚” (แ€) แ€œแ€™แ€แ€€ (TPD) แ€€ แ€…แ€กแ€ธแ€ก แ€ฆแ€ธแ€‘แ€ผแ€”แ€ธแ€œแ€ผแ€„แ แ€ฆแ€ธแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€ปแ€–แ€„ แ€แ€…แ‚แ€…แ€•แ€แ€œแ€ธแ€”แ€ธแ€•แ€ซแ€ธ แ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€” แ‚แ€„แ€”แ€„แ€ธแ€…แ€ผแ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ„แ€„แ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€•แ€ฑแ€›แ€ฌแ€‚แ€€ แ€’แ€ซแ€›แ€€แ€แ€ฌ (R & C) แ€ฑแ€’แ€ซแ€€แ€แ€ฌ แ€ฅแ€ฌแ€แ€žแ€…แ€œแ‚ˆแ€„แŠ แ€ฆแ€ธแ€žแ€›แ€”แ€ฑแ€กแ€ฌแ€„ แ‚แ€„ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€‘แ€ธแ€ฑแ€–แ€ฌแ€€แ€ฑแ€›แ€ธ แ€’แ€ซแ€›แ€€แ€แ€ฌ แ€ฆแ€ธแ€ปแ€™แ€„แ€ฑแ€‡แ€ฌแ€แ‚”แ แ€€แ€Šแ€•แ€•แ€ธแ€™แ‚ˆแ€€แ€œแ€Šแ€ธ แ€›แ€šแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ€’แ€ซแ€›แ€€แ€แ€ฌ แ€˜แ€แ€กแ€–แ€ผแ‚”แ€แ€„ แ€แ€…แ€ฑแ€šแ€ฌแ€€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€€แ€™แธแ€แ€€ แ€กแ€”แ€ธแ€€แ€•แ€•แ€™แ€‘แ€ฑแ€›แ€ฌแ€€แ€…แ€ผแ€ฌ แ€แ€ฌแ€แ€”แ€šแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ‚แ€„แ€ฑแ€…แ€›แ€” แ€ฅแ€ธแ€‘แ€ผแ€”แ€ธแ€œแ€ผแ€„แ€€ แ€žแ แ€…แ€กแ€ธแ€กแ€›แ€ฌแ€‘แ€ธแ€€ แ€ปแ€™แ€”แ€™แ€ฌ แ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ แ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„ แ€กแ€›แ€ฌแ€›แ€แ€• Mr. David Law แ€‘แ€žแ‚” แ€šแ€แ‚แ€… แ€ฑแ€™แ€œแ€แ€ผแ€„ แ€œแ€ผแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€ฑแ€•แ€ธแ€กแ€•แ€›แ€” แ€†แ€ธแ€ปแ€–แ€แ€แ€•แ€ซแ€žแ€Šแ‹ Mr. Law แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€€แ€™แธแ€แแ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€€ แ€œแ€€แ€แ€›แ€šแฟแ€•แ€ธแ€ฑแ€”แ€ฌแ€€ แ€€แ€™แธแ€แ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€›แ€Šแ€™แ€”แ€ธแ€แ€€แ‚แ€„ แ€ฆแ€ธแ€แ€Šแ€แ€€ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€™แ€Ÿแ€ฌแ€—แ€Ÿแ€ฌแ€ฑแ€ปแ€™แ€ฌแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ‚แ€„แ€›แ€” แ€แ€”แ‚”แ€กแ€•แ€แ€ฌแ€แ€”แ€ฑแ€•แ€ธ แ€‘แ€ฌแ€ธแ€žแ€Š แ€•แ€ฑแ€›แ€ฌแ€–แ€€แ€›แ€„แ€”แ€š (Professional) แ€กแ€–แ€ผแ‚”แ แ€กแ€€แ€กแ€Š แ€›แ€šแ€œแ€€ แ€ฑแ€แ€–แ€”แ€žแ€ธแ€žแ€• แ€กแ‚€แ€€แ€ปแ€• แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ‚แ€„แ€ฑแ€›แ€ธ แ‚€แ€€แ€ธแ€•แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€แ€•แ€ซแ€žแ€Šแ‹ แ€‡แ€” (A) แ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€กแ€™แ€›แ€ฌแ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€ฑแ€›แ€ธ แ€™แ€Ÿแ€ฌแ€—แ€Ÿแ€ฌแ€€ แ€ปแ€•แ€”แ€œแ€Šแ€žแ€ธแ€žแ€•แ€›แ€žแ€Šแ€กแ€•แ€„แ€ธแ€™แ€ฌ แ€‘แ€žแ‚” แ‚€แ€€แ€ธแ€•แ€™แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ‚ˆแ€™แ€ฌแ€ธแ€‘แ€™ แ€กแ€ฑแ€›แ€ธแ‚€แ€€แ€ธแ€ฑแ€žแ€ฌ แ€กแ€…แ€แ€กแ€•แ€„แ€ธแ€แ€…แ€ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€™แธแ€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€™แฟแ€แ€ฑแ€ปแ€™แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€ธแ€แ€€แ€™แ‚ˆ แ€แ‚”แ€ฑแ‚แ€ธแ€ฑแ€”แ€™แ‚ˆแ€กแ€ปแ€•แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€ปแ€•แ€„แ€•แ€…แ€”แ€ฑแ€แšแ€™แ‚ˆ แ€™แ€ฌแ€ธแ€€แ€œแ€Šแ€ธ แ€›แ€„แ€†แ€„แ€ฑแ€ปแ€–แ€›แ€„แ€ธแ€ฑแ€”แ€›แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 63

Page 65: report CONTENTS - MTSH

The Residential and Commercial Zone development works commenced in 2015. Since then we have virtually completed all of the infrastructure works including the internal roads, canals, storm water drainage system, electrical mains, water supply mains. The construction works for Central Operations Centre and Water Treatment Plant are also in advanced stages. To top things off, we have also completed the construction of 24 units of shophouses. The shophouses, Water Treatment Plant, Central Operations Centre will be completed by the end of 2017.

We have also commenced the rental of the workers dormitory. Although the response has been slow, we believe that with sustainable effort, we will be able to rent out all of the remaining dormitory units. In a major victory, we have managed to sell the land leases for the โ€˜bankโ€™ plots to 8 major local banks (Yoma, KBZ, CB, MCB, Aya, MAB, MOB, UAB), the hotel plot (to Japanese hotel chain Superhotel), and the two petrol stations plots (Max Energy and MMHK). The construction work on these plots is expected to commence within the next year.

REPORT OF PROGRESS IN RESIDENTIAL & COMMERCIAL ZONE A

แ€‡แ€” (A) แ€› แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ‚แ€„ แ€กแ€™แ€›แ€ฌแ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€แ‚”แ แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€™แ‚ˆ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ‚แ€แแ… แ€แ‚แ€…แ€แ€ผแ€„ แ€…แ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€ฑแ€ปแ€แ€ แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€•แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แพแ€€แ€žแ€Š แ€กแ€แ€ผแ€„แ€ธแ€œแ€™แ€ธแ€™แ€ฌแ€ธแŠ แ€แ€ธแ€ฑแ€ปแ€™แ€ฌแ€„แ€ธแ€™แ€ฌแ€ธแŠ แ€ฑแ€›แ€…แ€ธแ€ฑแ€›แ€œแ€ฌแ€ฑแ€€แ€ฌแ€„แ€ธแ€™แ€ผแ€”แ€žแ€Š แ€ฑแ€›แ‚แ‚ˆแ€แ€ฑแ€ปแ€™แ€ฌแ€„แ€ธแ€™แ€ฌแ€ธแŠ แ€œแ€•แ€…แ€…แ€•แ€„แ€ธแ€†แ€„แ€›แ€ฌแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ‚แ€„ แ€ฑแ€›แ€žแ€ผแ€šแ€šแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ แ€กแ€ฌแ€ธแ€œแ€ธแฟแ€•แ€ธแ€…แ€ธแ€œแ€”แ€ธแ€•แ€ซแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹แ€—แ€Ÿแ€‘แ€”แ€ธแ€แ€•แ€ฑแ€›แ€ธแ€…แ€„แ€แ€ฌ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ปแ€แ€„แ€ธแ‚แ€„ แ€ฑแ€›แ€žแ€”แ‚”แ€…แ€„แ€™แ‚ˆ แ€…แ€”แ€…แ€™แ€ฌแ€ธแ€€แ€œแ€Šแ€ธแ€†แ€€แ€œแ€€แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€œแ€€ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ€„แ€žแ€ฌแ€ปแ€™แ€„แ€žแ€ฌ แ€แ€„แ€ปแ€•แ€œแ€žแ€Šแ€™แ€ฌ แ€œแ€ฑแ€”แ€†แ€„แ€แ€”แ€ธ (แ‚แ„) แ€แ€”แ€ธแ€€ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แฟแ€•แ€ธแ€…แ€ธแ€ปแ€แ€„แ€ธแ€•แ€„ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€…แ€ธแ€†แ€„ แ€แ€”แ€ธแ€™แ€ฌแ€ธแŠ แ€ฑแ€›แ€žแ€”แ‚”แ€…แ€„แ€™แ‚ˆ แ€…แ€”แ€… แ‚แ€„ แ€—แ€Ÿแ€‘แ€”แ€ธแ€แ€•แ€ฑแ€›แ€ธแ€…แ€„แ€แ€ฌแ€™แ€ฌแ€ธแ€žแ€Š แ‚แ€แแ‡ แ‚แ€… แ€กแ€€แ€”แ€•แ€„แ€ธแ€แ€ผแ€„ แฟแ€•แ€ธแ€…แ€ธแ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแ€ฑแ€”แ€‘แ€„แ€›แ€” แ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€€แ€œแ€Šแ€ธ แ€…แ€แ€„แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ฑแ€”แฟแ€• แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€›แ€™แ‚ˆ แ€”แ€Šแ€ธแ€ฑแ€”แ€ฑแ€žแ€ธแ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€žแ€€แ€†แ€„แ€›แ€ฌ แ€•แ€ฑแ€›แ€ฌแ€–แ€€ แ€›แ€„แ€”แ€šแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธ แ€…แ€ฅแ€†แ€€แ€™แ€ปแ€•แ€ แ‚€แ€€แ€ธแ€•แ€™แ€ธแ€กแ€ฌแ€ธแ€‘แ€แ€™แ‚ˆแ€ฑแพแ€€แ€ฌแ€„ แ€„แ€ฌแ€ธแ€›แ€” แ€€แ€”แ€› แ€ฑแ€”แ€ฑแ€žแ€ธแ€žแ€Š แ€แ€”แ€‘แ€™แ€ธ แ€กแ€ฑแ€†แ€ฌแ€„แ€™แ€ฌแ€ธแ€™ แ€กแ€แ€”แ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€€ แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ‚แ€„แ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€™แ€€ (แ€…) แ€กแ€”แ€”แ€ฌแ€‚ (Max Energy) แ‚แ€„ แ€ปแ€™แ€„แ€ปแ€™แ€แ€‘แ€ผแ€‹แ€ฑแ€แ€ซแ€„

(MMHK) แ€€แ€™แธแ€ แ‚แ€…แ€แ€แ‚”แ แ€…แ€€แ€žแ€ธแ€† แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€†แ€„ แ‚แ€…แ€†แ€„แ€กแ€แ€ผแ€€ แ€ฑแ€ปแ€™แ€€แ€ผแ€€ (แ‚) แ€€แ€ผแ€€แŠ แ€‚แ€•แ€”แ€…แ€•แ€ซแ€Ÿแ€แ€š แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€›แ€”แ€ฑแ€ปแ€™แ€€แ€ผแ€€แ‚แ€„ แ€ปแ€•แ€Šแ€แ€ผแ€„แ€ธแ€˜แ€แ‚€แ€€แ€ธ (แˆ) แ€แ€ปแ€–แ€…แพแ€€แ€ฑแ€žแ€ฌ แ€›แ€ธแ€™แ€˜แ€แŠ แ€€แ€ฑแ€™แปแ€ฌแ€‡แ€˜แ€แŠ แ€…แ€˜แ€˜แ€แŠ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€žแ€ฌแ€ธแ€™แ€ฌแ€ธแ€˜แ€แŠ แ€งแ€›แ€ฌแ€แ€แ€˜แ€แŠ แ€ปแ€™แ€”แ€™แ€ฌแ€ฑแ€›แ‚•แ€ฑแ€†แ€ฌแ€„ แ€˜แ€แŠ แ€ปแ€™แ€”แ€™แ€ฌแ€กแ€ฑแ€›แ‚• แ€แ€„แ€ธแ€˜แ€แ‚แ€„ แ€šแ‚แ€€แ€แ€€ แ€กแ€™แ€›แ€ฌแ€˜แ€แ€แ‚”แ€กแ€แ€ผแ€€ แ€˜แ€แ€ฑแ€ปแ€™แ€€แ€ผแ€€แ€™แ€ฌแ€ธ แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ‚แ€„แ€™แ‚ˆแ€™แ€ฌ แ€กแ‚€แ€€แ€ธแ€€แ€šแ€†แ€ธ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€™แ‚ˆ แ€™แ€ฌแ€ธแ€•แ€„ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แฟแ€•แ€ธ แ€ฑแ€ปแ€™แ€€แ€ผแ€€แ€™แ€ฌแ€ธแ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€€แ€œแ€Šแ€ธ แ€œแ€ฌแ€™แ€Šแ‚แ€…แ€กแ€แ€ผแ€„แ€ธแ€แ€ผแ€„ แ€…แ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€” แ€›แ€Šแ€™แ€”แ€ธแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

MYANMAR THILAWA SEZ 64

Page 66: report CONTENTS - MTSH

For the past year, we have been awarded through competitive bidding, the contract to upgrade and construct the municipal road (Thilawa Development Road) which flanks the eastern border of the Special Economic Zone. Despite the challenges faced from relocation of squatters, removal of existing electrical & telecommunications posts, removal of existing teak trees, and inclement weather, works on site has progress well and we are expecting to complete the works by the end of 2017. Our construction team has also been actively tendering for new construction projects to ensure a steady pipeline of works in the future.

CONSTRUCTION WORKS UPDATE

แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ แ€กแ€ฑแ€›แ‚•แ€˜แ€€ แ€”แ€šแ€”แ€™แ€แ‚แ€„ แ€‘แ€…แ€•แ€œแ€€ แ€›แ€žแ€Š แ€ปแ€™แ€”แ€…แ€•แ€šแ€œแ€™แ€ธแ€™แ‚€แ€€แ€ธ (แ€žแ€œแ€แ€ซแ€–แ€ผแ‚”แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€œแ€™แ€ธแ€™แ‚€แ€€แ€ธ) แ€แ€ธแ€แ‚• แ€ฑแ€–แ€ฌแ€€แ€œแ€•แ€ปแ€แ€„แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌ แ€€แ€ผแ€”แ€‘แ€›แ€€(แ€) แ€…แ€ฌแ€แ€•แ€€ แ€šแ€™แ€”แ‚แ€…แ€€ แ€แ€„แ€’แ€ซแ€แ€„แ€ฑแ€›แ€ฌแ€€ แ€šแ€ฅแฟแ€•แ€„แ€แฟแ€•แ€ธ แ€…แ€ฌแ€แ€•แ€แ€•แ แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ฑแ€›แ€ธ แ€œแ€•แ€„แ€”แ€ธ แ€™แ€ฌแ€ธ แ€œแ€•แ€€แ€„แ‚แ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€ธแ€ฑแ€€แ€ฌแ€กแ€™แ€›แ€ฌแ€™แ€ฌแ€ธ แ€›แ€„แ€ธแ€œแ€„แ€ธแ€ปแ€•แ€”แ€œแ€Š แ€ฑแ€”แ€›แ€ฌแ€แ€‘แ€ฌแ€ธแ€ปแ€แ€„แ€ธแŠ แ€›แฟแ€•แ€ธแ€ปแ€–แ€…แ€žแ€Š แ€œแ€•แ€…แ€…แ€™แ€ธแ€แ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€†แ€€แ€žแ€ผแ€šแ€ฑแ€›แ€ธ แ€ฑแพแ€€แ€ธแ€”แ€”แ€ธแ€แ€„แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€–แ€šแ€›แ€ฌแ€ธแ€ฑแ€”แ€›แ€ฌแ€แ€‘แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแŠ แ€…แ€€แ€•แ€ธ แ€‘แ€ฌแ€ธแ€žแ€Š แ€€แฝแ€ผแ€”แ€ธแ€•แ€„แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€–แ€šแ€›แ€ฌแ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€›แ€ฌแ€žแ€ฅแ€ แ€†แ€ธแ€แ€ซแ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธ แ€…แ€žแ€Šแ€…แ€”แ€ฑแ€แšแ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€›แ€„แ€†แ€„แ€ฑแ€ปแ€–แ€›แ€„แ€ธแ€ฑแ€”แ€›แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€†แ€’แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ แ€™แ€”แ€™แ€”แ€แ€ธแ€แ€€แ€œแ€€แ€›แ€ฑแ€”แฟแ€•แ€ธ แ‚แ€แแ‡ แ‚แ€…แ€€แ€”แ€แ€ผแ€„ แ€กแ€†แ€•แ€ซแ€†แ€’แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แฟแ€•แ€ธแ€…แ€ธแ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ TPD แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€กแ€–แ€ผแ‚”แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€”แ€ฌแ€‚แ€แ€แ€ผแ€„ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€กแ€…แ€กแ€…แ€ฅแ€แ€€ แ€ฑแ€›แ‚•แ€†แ€€แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€›แ€”แ€กแ€แ€ผแ€€ แ€ฑแ€†แ€ฌแ€€แ€œแ€• แ€ฑแ€›แ€ธแ€•แ€ฑแ€›แ€ฌแ€‚แ€€ แ€œแ€•แ€„แ€”แ€ธแ€กแ€žแ€…แ€™แ€ฌแ€ธ แ€แ€„แ€’แ€ซแ€›แ€šแ‚แ€„แ€ฑแ€›แ€ธแ€แ€ผแ€„ แ€แ€€แ€แ€€แ€€แ€ผแ€€แ€ผ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€ แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹

ANNUAL REPORT 2016 - 2017 65

Page 67: report CONTENTS - MTSH

66MYANMAR THILAWA SEZ

Page 68: report CONTENTS - MTSH

Dormitories residential & commercial

zone

ANNUAL REPORT 2016 - 2017 67

Page 69: report CONTENTS - MTSH

DIRECTORSโ€™REPORT The Directorsโ€™ Report for the Financial Year ended 31st March 2017 has been prepared in accordance with the Myanmar Companies Act and the Myanmar Financial Reporting Standards.

The 2016 final dividend/distribution of MMK 9,732,287,500 (MMK 2,500 per ordinary share) was paid on 28th October 2016. Post distribution, there was a shareholder approval for a stock split, with each shareholder owning one (1) share before the effective date of the split owning ten (10) shares after the effective date of the split. For comparative with the current proposed dividend proposal, all comparatives for the 2016 dividend/distribution will assume that MMK250 dividend per share was made on the enlarged share base.In respect of the current year, a final dividend/distribution of MMK 260 per share, amounting to MMK 10,121,579,000, was proposed by the Directors at a Board of Directorsโ€™ Meeting held on 29th June 2017.

There were no material events subsequent to the end of the financial year.

We have engaged U Win Thin of Win Consulting Limited (a related company of Win Thin & Associates) as our compliance officer. U Win Thin is the Chairman of Win Thin & Associates. The appointment took effect from 14th March 2016.

For and on behalf of the Board of Directors,

U Thein HanManaging Director

There has been no significant change in the Groupโ€™s state of affairs. The Company continues to engage in the business of investment holding.

A resolution will be tabled by the Board of Directors to the shareholders at the Annual General Meeting for the reappointment of Win Thin & Associates (Certified Public Accountants) as the Companyโ€™s external auditors for the Financial Year 2017/18.

DIVIDENDS/DISTRIBUTIONS

EVENTS SUBSEQUENT TO BALANCE SHEET DATE

NON-AUDIT SERVICESSIGNIFICANT CHANGES IN STATE OF AFFAIRS

AUDITORS

MYANMAR THILAWA SEZ 68

Page 70: report CONTENTS - MTSH

แ‚แ€แแ† แ€แ€”แ€…แ€แ€ผแ€„ แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ€แ€„แ€ธแ€…แ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€€แ€• (แ‚แ…แ€แ€) แ€€ แ€กแ€…แ€›แ€šแ€šแ€ฌ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€กแ€ปแ€–แ€… แ‚แ€แแ† แ€แ‚แ€…แŠ แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌแ€œ (แ‚แˆ) แ€›แ€€แ€ฑแ€”แ‚”แ€™แ€…แ€แ€„แ แ€ฑแ€•แ€ธแ€กแ€•แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€…แ€™แ€ฌแ€ธแ€แ€ผแ€ฑแ€แ€ฑแ€•แ€ธแฟแ€•แ€ธแ€€แ€ฌแ€œแŒ แ€žแ€ฌแ€™แ€” แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ€กแ€ฌแ€ธ แ€†แ€šแ€…แ€กแ€ปแ€–แ€…แ€žแ‚” แ€›แ€šแ€šแ€ฌแ€แ€ผแ€ปแ€แ€™แ€ธแ€ปแ€แ€„แ€ธแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€›แ€šแ€šแ€ฌแ€แ€ผแ€ฑแ€แ€ปแ€แ€„แ€ธแ€กแ€› แ‚แ€แแ† แ€แ€”แ€…แ€แ€ผแ€„ แ€›แ€šแ€šแ€ฌ แ€แ€…แ€…แ€แ€„แ€ธแ€…แ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€€แ€• (แ‚แ…แ€) แ€€ แ€กแ€…แ€›แ€šแ€šแ€ฌ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€กแ€ปแ€–แ€…แ€แ€ผแ€ฑแ€ แ€ฑแ€•แ€ธแ€กแ€•แ€แ€žแ€Šแ€Ÿ แ€™แ€แ€šแ€›แ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹แ€šแ€แ‚แ€…แ€กแ€แ€ผแ€€ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€‡แ€ผแ€”แ€œ (แ‚แ‰) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€„แ€ธแ€•แ€แ€žแ€Š แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแŒ แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ€แ€„แ€ธแ€…แ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€€แ€• (แ‚แ†แ€) แ€€ แ€กแ€…แ€›แ€šแ€šแ€ฌ แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€กแ€ปแ€–แ€…แ€แ€ผแ€ฑแ€แ€›แ€”แ€กแ€แ€ผแ€€ แ€†แ€ธแ€ปแ€–แ€แ€แฟแ€•แ€ธ แ€…แ€แ€แ€กแ‚€แ€€แ€™ แ‚แ€…แ€•แ€แ€œแ€Šแ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€แ€ผแ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€‘แ€™ แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€›แ€šแ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€™แ€™แ€แ‚”แ€กแ€…แ€›แ€„แ€แ€แ€„แ€ปแ€•แ€žแ€Šแ€€แ€ฌแ€œแ€กแ€แ€ผแ€„แ€ธแŒ แ€žแ€žแ€ฌแ€‘แ€„แ€›แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€•แ€„แ€ธ แ€†แ€„แ€›แ€ฌ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€ฌแ€ธ แ€™แ€›แ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€กแ€žแ€ฑแ€•แ€ธแ€กแ€•แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€•แ€ฑแ€’แ€กแ€› แ‚แ€แแ‡-แ‚แ€แแˆ แ€˜แ‚‘แ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€ปแ€•แ€„แ€•แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€แ€”แ‚”แ€กแ€ปแ€–แ€… แ€แ€„แ€ธแ€žแ€„แ‚แ€„แ€กแ€–แ€ผแ‚•แ€กแ€ฌแ€ธ แ€แ€”แ‚”แ€กแ€•แ‚แ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€™ แ€…แ€แ€แ€กแ‚€แ€€แ€™ แ‚แ€…แ€•แ€แ€œแ€Šแ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผ แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแ€แ€ผแ€„ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€‘แ€™ แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€›แ€šแ€žแ€ผแ€ฌแ€ธแ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€ผแ‚แ€•แ€แ‚”แ แ€€แ€™แธแ€แ€แ€ผแ€„ Compliance Officer แ€กแ€ปแ€–แ€… Win Consulting Limited แ€™ แ€ฆแ€ธแ€แ€„แ€ธแ€žแ€„แ€กแ€ฌแ€ธ แ‚แ€แแ† แ€แ‚แ€…แŠ แ€™แ€แ€œ (แแ„) แ€›แ€€แ€ฑแ€”แ‚”แ€™แ€…แ€แ€„แ แ€แ€”แ‚”แ€กแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€ฆแ€ธแ€แ€„แ€ธแ€žแ€„แ€žแ€Š แ€™แ€™แ€แ‚”แ แ€ปแ€•แ€„แ€•แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€กแ€ปแ€–แ€… แ€แ€”แ‚”แ€กแ€•แ€‘แ€ฌแ€ธแ€žแ€Š แ€แ€„แ€ธแ€žแ€„แ‚แ€„แ€กแ€–แ€ผแ‚•แ แ€ฅแ€€แ‚’แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธ แ€‘แ€แ€ปแ€•แ€”แฟแ€•แ€ธแ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธแ€€แ€ฌแ€œแ€แ€ผแ€„ แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€ฌแ€ธแ€™แ€›แ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€กแ€žแ€ฑแ€•แ€ธแ€กแ€•แ€•แ€ซแ€žแ€Šแ‹

แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ(แƒแ) แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ แ€แ€„แ€ปแ€•แ€แ€€แ€€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€•แ€ฑแ€’แ€•แ€ซ แ€ปแ€•แ€Œแ€ฌแ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€กแ€…แ€›แ€„แ€แ€ปแ€แ€„แ€ธ แ€†แ€„แ€›แ€ฌแ€…แ€™แ€ฌแ€ธ (Myanmar Financial Reporting Standards) แ‚แ€„แ€กแ€Š แ€ปแ€•แ€…แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แแ€€แ€šแ€…แ€ฌแ€ธ

แ€ฅแ€ธแ€žแ€”แ€ธแ€Ÿแ€”แ€กแ€•แ€แ€•แ€™แ‚ˆ แ€’แ€ซแ‚แ€€แ€แ€ฌ

ANNUAL REPORT 2016 - 2017 69

Page 71: report CONTENTS - MTSH

MYANMAR THILAWA SEZ 70

Page 72: report CONTENTS - MTSH

STATEMENT OF MANAGEMENTโ€™S RESPONSIBILITY FOR MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITED

It is the responsibility of the management to prepare the consolidated statements of financial position of Myanmar Thilawa SEZ Holdings Public Limited and its subsidiary (the Group) and statement of financial position of Myanmar Thilawa SEZ Holdings Public Limited (the Company) as at March 31, 2017, the consolidated statement of comprehensive income of the Group and statement of comprehensive income of the Company, consolidated statement of changes in equity of the Group, statement of changes in equity of the Company and consolidated statement of cash flows of the Group and statement of cash flows of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes. In preparing these consolidated financial statements, the management is required to:

โˆ’ Select suitable accounting policies and then apply them consistently; and โˆ’ Make judgments and estimates that are reasonable and prudent.

The management is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group. We, as management committee, have general responsibility for taking such steps as are reasonably open to us to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

On behalf of Management

WIN AUNGChairman Myanmar Thilawa SEZ Holdings Public Limited June 29, 2017

ANNUAL REPORT 2016 - 2017 71

Page 73: report CONTENTS - MTSH

Ref:260/ M-255/ March 2017

INDEPENDENT AUDITORโ€™S REPORT

To the Members of the Group of Myanmar Thilawa SEZ Holdings Public Limited

Report on the Financial Statements

We have audited the accompanying consolidated financial statements of Myanmar Thilawa SEZ Holdings Public Limited (โ€œthe Companyโ€) and its subsidiary (โ€œthe Groupโ€) set out on pages 74 to 99 which comprise the consolidated statement of financial position of the Group and statement of financial position of the Company as at March 31, 2017, the consolidated statement of comprehensive income of the Group and the statement of comprehensive income of the Company, the consolidated statement of changes in equity of the Group and the statement of changes in equity of the Company, consolidated statement of cash flow of the Group and the statement of cash flows of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Managementโ€™s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Myanmar Financial Reporting Standards (MFRS) and the provisions of the Myanmar Companies Act. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditorโ€™s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Myanmar Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorโ€™s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entityโ€™s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entityโ€™s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

MYANMAR THILAWA SEZ 72

Page 74: report CONTENTS - MTSH

Opinion

In our opinion, the consolidated financial statements of the Group and the financial statements of the Company are properly drawn up in accordance with the Myanmar Financial Reporting Standards and the provisions of the Myanmar Companies Act so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 March 2017, and of the results, changes in equity and cash flows of the Group and the Company for the financial year ended on that date.

Report on Other Legal and Regulatory Requirements

In accordance with the provisions of the Myanmar Companies Act, we also report that: (i) we have obtained all the information and explanations we have required; and (ii) books of account have been maintained by the Company and by those subsidiary as required by Section 130 of the Act.

U Moe Kyaw (PA-313)Managing PartnerWIN THIN & ASSOCIATESCERTIFIED PUBLIC ACCOUNTANTS

June 29, 2017

ANNUAL REPORT 2016 - 2017 73

Page 75: report CONTENTS - MTSH

Assets

Non-current assetsProperty, plant and equipmentIntangible assetInvestment in associateInvestment property

Current assetsCash and cash equivalentsTrade and other receivablesInventoriesConstruction contract work in progress Equity and liabilities

EquityCapital - value per share kyat 1,000/-Authorized- 500,000,000 sharesIssued and paid-up capitalRetained profits

Non-controlling interest

Non-current liabilitiesDeposit from suppliersAdvance from customers

Current liabilitiesTrade and other payablesCurrent tax liability

MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITED AND ITS SUBSIDIARYCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2017Currency - Myanmar Kyats (In Thousands)

Note

67810

11121314

15

16

2017

1,080,588

4,551 18,565,913 4,192,233 23,843,285

26,366,578 16,753,906 27,734,154

9,196 70,863,834 94,707,119

500,000,000 38,929,15040,453,53879,382,6886,775,621

86,158,309

- 4,783,796 4,783,796

3,240,997524,017

3,765,01494,707,119

2016

777,350 4,193 25,532,343

- 26,313,886

26,734,323 3,878,911

24,738,029 - 55,351,263 81,665,149

500,000,000 38,929,150 28,661,636 67,590,786

5,973,614 73,564,400

303,000 5,171,040 5,474,040

639,282 1,987,427 2,626,709 81,665,149

The notes are an integral part of the consolidated Financial Statements.

Authenticated by Directors:

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

MYANMAR THILAWA SEZ 74

Page 76: report CONTENTS - MTSH

Assets

Non-current assetsProperty , plant and equipmentIntangible assetInvestment in associateInvestment in subsidiary

Current assetsCash and cash equivalents Trade and other receivables

Equity and liabilities

EquityCapital - value per share kyat 1,000/-Authorized- 500,000,000 sharesIssued and paid-up capital Retained profits

Non-current liabilitiesDeposit from suppliers

Current liabilitiesTrade and other payablesCurrent tax liability

MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITEDSTATEMENT OF FINANCIAL POSITION - COMPANY AS AT MARCH 31, 2017Currency - Myanmar Kyats (In Thousands)

Note

6789

1112

15

16

2017

434,939 4,551 18,565,913 24,000,000 43,005,403

19,594,87115,514,34335,109,21478,114,617

500,000,00038,929,15037,355,97376,285,123

- -

1,305,477524,017

1,829,49478,114,617

2016

539,8094,193

25,532,34324,000,00050,076,345

17,808,7412,300,393

20,109,13470,185,479

500,000,00038,929,15028,772,09867,701,248

303,000303,000

193,8041,987,4272,181,231

70,185,479

The notes are an integral part of the Financial Statements. Authenticated by Directors:

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

ANNUAL REPORT 2016 - 2017 75

Page 77: report CONTENTS - MTSH

Income

RevenueCost of salesGross Profit

Other incomeOther gains/(losses)

ExpensesSelling and marketing expensesAdministrative expensesProfit/ (loss) for the yearShare of profit of associateProfit/(loss) for the yearIncome tax expenseNet Profit/ (loss) for the yearOther comprehensive income for the yearTotal comprehensive income for the yearProfit attributable to:Equity holders of the CompanyNon-controlling interestsTotal comprehensive income attributable to:Equity holders of the CompanyNon-controlling interestsEarnings per share (K per share)Basic earnings per share

MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITED AND ITS SUBSIDIARYCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED MARCH 31, 2017Currency - Myanmar Kyats (In Thousands)

Note

1720

1819

2020

8

22

2017

10,208,750 (4,620,449) 5,588,301

416,756 3,289,528

(100,336) (3,088,149)

6,106,100 16,744,114

22,850,214 (524,017) 22,326,197

- 22,326,197

21,524,190802,007

21,524,190802,007

553

2016

2,715,676 - 2,715,676

1,019,978 6,082,586

(213,894)

(1,786,567) 7,817,779 14,757,441 22,575,220

(1,902,050) 20,673,170 - 20,673,170

20,699,556 (26,386)

20,699,556 (26,386)

5,317The notes are an integral part of the consolidated Financial Statements.

Authenticated by Directors:

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

MYANMAR THILAWA SEZ 76

Page 78: report CONTENTS - MTSH

Income

RevenueOther incomeOther gains/ (losses)Total income

ExpensesSelling and marketing expensesAdministrative expensesNet profit/(loss)Share of profit/(loss) of associateNet profit/(loss) before taxIncome tax expenseNet profit/(loss) for the yearOther comprehensive income for the yearTotal comprehensive income for the yearEarnings per share (K per share)Basic earnings per share

MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITED STATEMENT OF COMPREHENSIVE INCOME - COMPANYFOR THE YEAR ENDED MARCH 31, 2017Currency - Myanmar Kyats (In Thousands)

Note

171819

2020 8

22

2017

1,901,169 252,611

2,611,895 4,765,675

(90,672)(2,578,937)

2,096,066 16,744,114 18,840,180 (524,017)18,316,163

- 18,316,163

471

2016

2,715,676 864,786

6,130,1979,710,659

(211,193) (1,549,759) 7,949,707 14,757,441 22,707,148(1,902,050) 20,805,098

- 20,805,098

5,344

The notes are an integral part of the Financial Statements. Authenticated by Directors:

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

ANNUAL REPORT 2016 - 2017 77

Page 79: report CONTENTS - MTSH

Bala

nce

at A

pril

1, 20

16Pr

ofit

for t

he y

ear

Othe

r com

preh

ensiv

e in

com

e fo

r the

yea

rTo

tal c

ompr

ehen

sive

inco

me

for t

he y

ear

Shar

es sp

lit (1

0 fo

r 1 sh

are)

Divid

ends

relat

ing

to 2

015

paid

Ba

lanc

e at

Mar

ch 3

1, 20

17Ba

lance

at A

pril

1, 2

015

Prof

it fo

r the

yea

rOt

her c

ompr

ehen

sive

inco

me

for t

he y

ear

Tota

l com

preh

ensiv

e in

com

e fo

r the

yea

r

Issue

of s

hare

sDi

viden

ds re

latin

g to

201

4 pa

idBa

lanc

e at

Mar

ch 3

1, 20

16

MYA

NMAR

THI

LAW

A SE

Z HO

LDIN

GS P

UBLI

C LI

MIT

ED A

ND IT

S SU

BSID

IARY

CONS

OLID

ATED

STA

TEM

ENT

OF C

HANG

ES IN

EQU

ITY

FO

R TH

E YE

AR E

NDED

MAR

CH 3

1, 20

17

Cu

rrenc

y - M

yanm

ar K

yats

(In T

hous

ands

)

No. o

f sha

res

3,8

92,9

15 - -

3,89

2,91

5

35,0

36,2

35 -

38

,929

,150

3,8

92,9

15

-

-

3,8

92,9

15

-

-

3,

892,

915

Issue

d an

d pa

id-u

p Ca

pita

l

Ky

at38

,929

,150 - -

38,9

29,15

0 - -

38

,929

,150

38,

929,

150

-

-

38,9

29,1

50

-

-

38,9

29,1

50

Non-

cont

rolli

ng

inte

rest

Kyat

5

,973

,614

802

,007

- 6,

775,

621 -

-

6,77

5,62

1

- (2

6,38

6)

(2

6,38

6)

6,

000,

000

-

5,9

73,6

14

Reta

ined

Pro

fits

K

yat

2

8,66

1,636

21

,524

,190

-

50,18

5,82

6 -(9

,732

,288

)40

,453

,538

1

5,74

7,91

0

20

,699

,556

-

36,

447,

466

-

(7,7

85,8

30)

2

8,66

1,63

6

Tota

l

K

yat

73,

564,

400

22,3

26,19

7

- 95

,890

,597 -

(9,

732,

288)

86,15

8,30

9

5

4,67

7,06

0

2

0,67

3,17

0

-

7

5,35

0,23

0

6,

000,

000

(7,7

85,8

30)

73,

564,

400

The

note

s are

an

integ

ral p

art o

f the

con

solid

ated

Fina

ncial

Sta

tem

ents.

Auth

entic

ated

by

Dire

ctor

s:

WIN

AUN

GCh

airm

an, M

TSH

THEI

N HA

NM

anag

ing

Dire

ctor

, MTS

HW

UI H

UA T

ANCh

ief F

inan

cial O

ffice

rTU

N LW

INM

anag

ing

Dire

ctor

, TPD

* M

TSH

= M

yanm

ar T

hilaw

a SE

Z Ho

ldin

gs P

ublic

Lim

ited

*

TPD

= Th

ilawa

Pro

perty

Dev

elopm

ent L

imite

d

MYANMAR THILAWA SEZ 78

Page 80: report CONTENTS - MTSH

Balance at April 1, 2016Profit for the yearOther comprehensive income for the yearTotal comprehensive income for the year Dividend relating to 2015 paidBalance at March 31, 2017Balance at April 1, 2015Profit for the yearOther comprehensive income for the yearTotal comprehensive income for the year Dividend relating to 2014 paidBalance at March 31, 2016

MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITEDSTATEMENT OF CHANGES IN EQUITY - COMPANY FOR THE YEAR ENDED MARCH 31, 2017 Currency - Myanmar Kyats (In Thousands)

Issued and paid-up capital

38,929,150

-38,929,150

- 38,929,15038,929,150

- -

38,929,150 -

38,929,150

Retained Profits

28,772,09818,316,163

-47,088,261(9,732,288)37,355,97315,752,83020,805,098

-36,557,928(7,785,830)28,772,098

Total

67,701,24818,316,163

-86,017,411

(9,732,288)76,285,12354,681,98020,805,098

-75,487,078(7,785,830)67,701,248

The notes are an integral part of the Financial Statements.

Authenticated by Directors:

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

ANNUAL REPORT 2016 - 2017 79

Page 81: report CONTENTS - MTSH

Cash flows from operating activitiesProfit/(loss) before taxAdjustment for non-cash items:DepreciationAmortisationWrite-offShare of profit of associateOperating profit/ (loss) before working capital changesChanges in working capital Trade and other receivablesDeposit from suppliersInventoriesConstruction contract work in progressTrade and other payablesCurrent tax liabilityAdvance from customersCash generated from operationsIncome tax paidNet cash (used in)/ provided by operating activitiesCash flows from investing activitiesPurchase of property, plant and equipment Proceeds from sale of fixed assetDividend received from associatePurchase of shares from subsidiaryNet cash provided by investing activitiesCash flows from financing activitiesDividend paid to shareholdersProceed from capital brought inNet cash used in financing activitiesNet increase/ (decrease) in cash and cash equivalentsCash and cash equivalents at beginning of yearCash and cash equivalents at the end of financial year

MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITED AND ITS SUBSIDIARYCONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2017Currency - Myanmar Kyats (In Thousands)

Note

1111

2017

22,850,214

221,250 1,099 29,990

(16,744,114)6,358,439

1,196,330 (303,000)

(7,209,424)(9,196)

2,269,733 (1,128,267)

(387,244)787,371

(859,159)(71,788)

(534,869) -

9,971,200 -

9,436,331

(9,732,288) -

(9,732,288) (367,745)

26,734,323 26,366,578

2016

22,575,220

87,801690

1,074 (14,757,441)

7,907,344

(1,112,386) (31,100)

(8,483,046) -

(1,103,438) (36,994)

5,171,040 2,311,420

(586,630) 1,724,790

(565,412) 600 14,347,373

6,000,00019,782,561

(7,785,830)-

(7,785,830) 13,721,521 13,012,802 26,734,323

The notes are an integral part of the consolidated Financial Statements. Authenticated by Directors:

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

MYANMAR THILAWA SEZ 80

Page 82: report CONTENTS - MTSH

Note

1111

Cash flows from operating activitiesProfit/(loss) before taxAdjustments for non-cash items:DepreciationAmortisationWrite-offShare of profit of associateOperating profit/ (Loss) before working capital changesChanges in working capital Trade and other receivable Deposit from suppliersTrade and other payableCurrent tax liabilityCash generated from operationsIncome tax paidNet cash provided by/ (used in) operating activitiesCash flows from investing activitiesPurchase of property, plant and equipment Proceeds from sale of fixed assetDividend received from associatePurchase of shares from subsidiaryNet cash provided by investing activitiesCash flows from financing activitiesDividend paid to shareholdersNet cash used in financing activitiesNet increase/ (decrease) in cash and cash equivalentsCash and cash equivalents at beginning of yearCash and cash equivalents at the end of financial year

MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITEDSTATEMENT OF CASH FLOWS - COMPANYFOR THE YEAR ENDED MARCH 31, 2017Currency - Myanmar Kyats (In Thousands)

2017

18,840,180

122,591 1,099 29,227

(16,744,114)2,248,983

700,382 (303,000)

1,111,673(1,128,267)

2,629,771(859,159)1,770,612

(223,394) -

9,971,200 -

9,747,806

(9,732,288) (9,732,288) 1,786,130

17,808,741 19,594,871

2016

22,707,148

85,583690

1,074 (14,757,441)

8,037,054

(6,761,492) (31,100) (962,656) (36,994)

244,812 (586,630) (341,818)

(325,652) 600 14,347,373

(1,098,734) 12,923,587

(7,785,830)(7,785,830)

4,795,939 13,012,802 17,808,741

The notes are an integral part of the Financial Statements. Authenticated by Directors:

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

ANNUAL REPORT 2016 - 2017 81

Page 83: report CONTENTS - MTSH

General information

Myanmar Thilawa SEZ Holdings Public Limited (the Company) was incorporated in the Republic of the Union of Myanmar on May 3, 2013 under The Myanmar Companies Act.

On 26 May 2013, pursuant to the Cooperation Memorandum, the Company signed a Memorandum of Understanding with MMST LLP (MMS Thilawa Limited Liability Partnership) for the purpose of establishing the Joint Venture Company for the development, marketing, sales and operation of the Class A Project.

On 29 October 2013, pursuant to the Memorandum of Understanding mentioned above, the Company, the Thilawa SMC (Thilawa SEZ Management Committee) and MMSTD (MMS Thilawa Development Co.,Ltd) entered into the Joint Venture Agreement in connection with the establishment of the JV Company to undertake the development, construction, marketing, sales and operation of the Class A project. The Joint Venture Company was established as Myanmar Japan Thilawa Development Ltd. (MJTD).

Under the Joint Venture Agreement, subject to the satisfaction of certain prescribed conditions precedent, the Company will collectively subscribe for JV Company Shares of an initial aggregate amount of US$50,000,000 in the proportions of 41%.

The principle business activities of the Company are to: invest in and participate in the management of the JV Company, which will engage in the development, construction, marketing, sales and operation of the Class A Project; market and sell the Class A Properties to Myanmar Related Entities as exclusive agent, and market and sell the Class A Properties to parties which are not Myanmar Related Entities or Japanese Related Entities jointly with the Japanese consortium members; and engage in the development of Thilawa SEZ (other than the Class A Area) or any part thereof as may be determined by our Directors in their discretion.

For additional information about the Company, please refer to the Companyโ€™s Prospectus dated 27th February, 2014.

The registered office of the Company is No. (29), Min Ye Kyaw Swar Road (UMFCCI Tower), Lanmadaw Township, Yangon Region, the Republic of the Union of Myanmar.

The validity of the Certificate of Incorporation issued to the Company is five years expiring on May 3, 2018.

The Company is listed in Yangon Stock Exchange on 20th May 2016.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

The accompanying financial statements of the Group have been prepared in accordance with Myanmar Financial Reporting Standards (MFRS) and have been based on historical cost convention.

In preparing these financial statements, certain reclassifications and rearrangements have been made in 2016 financial statements to conform to the classification used in 2017.

1.

2.

MYANMAR THILAWA SEZ HOLDINGS PUBLIC LIMITED AND ITS SUBSIDIARYNOTES TO THE FINANCIAL STATEMENTS

2.1

MYANMAR THILAWA SEZ 82

Page 84: report CONTENTS - MTSH

Foreign currency translation

(1) Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of primary economic environment in which the Company operates (the โ€œfunctional currencyโ€). The financial statements are presented in Myanmar Kyats, which is the presentation currency as well as functional currency of the Company. All amounts have been rounded to the nearest thousands, unless otherwise indicated.

(2) Transactions and balances

Foreign currency transactions are translated into the functional currency at the exchange rate prevailing on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.

Group Accounting

(a) Subsidiaries

ConsolidationSubsidiaries are entities (including special purpose entities) over which the Group has power to govern the financial and operating policies so as to obtain benefits from its activities, generally accompanied by a shareholding giving rise to a majority of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases.

In preparing the consolidated financial statements, transactions, balances and recognized gains on transactions between group entities are eliminated. Unrealised losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests are that part of the net results of operations and of net assets of a subsidiary attributable to the interests which are not owned directly or indirectly by the equity holders of the Company. They are shown separately in the consolidated statement of comprehensive income, statement of changes in equity and statement of financial position. Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests having a deficit balance.

(b) Associated companies

Associated companies are entities over which the Group has significant influence, but not control, generally accompanied by a shareholding giving rise to voting rights of 20% and above but not exceeding 50%. Investments in associated companies are accounted for in the consolidated financial statements using the equity method of accounting less impairment losses.

(c) Equity method of accounting

In applying the equity method of accounting, the Groupโ€™s share of its associated companiesโ€™ post-acquisition profits or losses are recognized in profit or loss and its share of post-acquisition other comprehensive income is recognized in other comprehensive income. These post-acquisition movements and distributions received from the associated companies are adjusted against the carrying amount of the investments. When the Groupโ€™s share of losses in an associated company equals to or exceeds its interest in the associated company, including any other unsecured non-current receivables, the Group does not recognize further losses, unless it has obligations to make or has made payments on behalf of the associated company.

2.2

2.3

ANNUAL REPORT 2016 - 2017 83

Page 85: report CONTENTS - MTSH

Unrealised gains on transactions between the Group and its associated companies are eliminated to the extent of the Groupโ€™s interest in the associated companies. Unrealised losses are also eliminated unless the transactions provide evidence of impairment of the assets transferred. The accounting policies of associated companies have been changed where necessary to ensure consistency with the accounting policies adopted by the Group.

Investment in associate

Investment in associate is initially recognized at the transaction price (including transaction costs) under the equity method of accounting and the carrying amount is increased or decreased to recognize the investorโ€™s share of the profit or loss of the investee after the date of acquisition. The investorโ€™s share of the profit or loss of the investee is recognized in the investorโ€™s profit or loss. Distributions received from an investee reduce the carrying amount of the investment.

Investment properties

Investment properties are properties held to earn rental and/or capital appreciation (or both). Investment properties are initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated using a straight-line method to allocate the depreciable amounts over the estimated useful lives of fifty years.

The residual values, useful lives and depreciation method of investment properties are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are included in profit or loss when the changes arise.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Subsequent costs are included in the assetโ€™s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is de-recognized. All other repairs and maintenance are charged to the profit or loss during the period in which they are incurred.

Depreciation on assets under construction commences when the assets are ready items of property, plant and equipment less their estimated residuals values using the straight-line method over their estimated useful life. The estimated useful lives are as follows:

Plant 5% Office renovation 20%Furniture and equipment 10%-40%Motor vehicle 20%Computer and equipment 20%Machinery and equipment 20%

The residual values and useful lives of assets are reviewed, and adjusted if appropriate, at the end of the reporting period. The effects of any revision are recognized in profit or loss when the changes arise.

An assetโ€™s carrying amount is written down immediately to its recoverable amount if the assetโ€™s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within โ€˜other gains/(losses) - netโ€™ in the statement of comprehensive income.

2.4

2.5

2.6

MYANMAR THILAWA SEZ 84

Page 86: report CONTENTS - MTSH

Intangible assets

Accounting software

Accounting software license is initially capitalized at cost which includes the purchase prices (net of any discounts and rebates) and other directly attributable costs of preparing the asset for its intended use. Direct expenditures are added to the original cost of the software. Costs associated with maintaining the accounting software license are expensed off when incurred.

Computer software license is subsequently carried at cost less accumulated amortization and accumulated impairment losses. These costs are amortized to profit or loss using the straight-line method over their estimated useful lives of five years equivalent to 20%.

Construction Contracts When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognized as revenue and expenses respectively by reference to the stage of completion of the contract activity at the statement of financial position date (โ€œpercentage-of-completion methodโ€). When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized to the extent of contract costs incurred that are likely to be recoverable. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately.

Variations in contract work, claims and incentive payments are included in contract revenue when it is probable that the customer will approve the variation or negotiations have reached an advanced stage such that it is probable that the customer will accept the claim and they are capable of being reliably measured.

The stage of completion is measured by reference to the proportion of contract costs incurred to date to the estimated total costs for the contract. Costs incurred during the financial year in connection with future activity on a contract are excluded from the costs incurred to date when determining the stage of completion of a contract. Such costs are shown as construction contract work-in-progress on the statement of financial position unless it is not probable that such contract costs are recoverable from the customers, in which case, such costs are recognized as an expense immediately.

At the statement of financial position date, the cumulative costs incurred plus recognized profits (less recognized losses) on each contract is compared against the progress billings. Where the cumulative costs incurred plus the recognized profits (less recognized losses) exceed progress billings, the balance is presented as due from customers on construction contracts within โ€œtrade and other receivablesโ€. Where progress billings exceed the cumulative costs incurred plus recognized profits (less recognized losses), the balance is presented as due to customers on construction contracts within โ€œtrade and other payablesโ€.

Progress billings not yet paid by customers and retentions by customers are included within โ€œtrade and other receivablesโ€. Advances received are included within โ€œtrade and other payablesโ€.

Inventories

Inventories are carried at the lower of cost and net realizable value. The cost comprises cost of land scraping cost, infrastructure development cost, direct labour and other direct cost. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and deposits with various local banks.

2.7

2.8

2.9

2.10

ANNUAL REPORT 2016 - 2017 85

Page 87: report CONTENTS - MTSH

Trade and other receivables

Trade and other receivables are initially measured at fair value, and subsequently measured at amortized cost using the effective interest method, less provision for impairment. Trade and other receivables are reduced by appropriate allowance for estimated irrecoverable amount. Trade and other payables

Trade and other payables are initially measured at fair value, and subsequently measured at amortized cost using the effective interest method.

Ordinary Shares

Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.

Dividends

Dividends to the Companyโ€™s shareholders are recognized when the dividends are approved for payment.

Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is a probable that an outflow of resources will be required to settle the obligations; and the amount has been reliably estimated. Provisions are not recognized for future operating losses.

Revenue

Revenue is recognized only when it is probable that the economic benefits associated with the transaction will flow to the Company. Revenue is shown net of sales (after deducting commercial tax)

(a) Rendering of services-Management fees and commission fees Fees and commission are generally recognized on an accrual basis when the service has been provided.

(b) Sale of goods - Land Revenue from sales of goods is recognized when the goods are delivered and title has passed to the customer.

(c) Interest income Interest income arising from deposit at financial institution is recognized when the effective interest method.

(d) Dividend income Dividend income is recognized when the right to receive payment is established.

(e) Revenue from construction contracts Please refer to the paragraph โ€œconstruction contractsโ€ for the accounting policy for the revenue from construction contracts.

Income tax

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The current income tax is calculated on the basic of the tax rate and tax law enacted or substantially enacted at the end of the reporting period. Current income tax is recognized in profit or loss.

2.11

2.12

2.13

2.14

2.15

2.16

2.17

MYANMAR THILAWA SEZ 86

Page 88: report CONTENTS - MTSH

Commercial tax

Revenues expenses and assets are recognized net of the amount of commercial tax except:

- where the commercial tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the commercial tax is recognized as part of the cost of acquisition of the asset or as part of the expenses item as applicable; and

- receivables and payables that are stated with the amount of commercial tax included.

The net amount of commercial tax recoverable from, or payable to, the taxation authority is included as part of receiv-ables or payables in the statement of financial position. Related party

A party is related to an entity if: (a) directly, or indirectly through one or more intermediaries, the party: (i) controls, is controlled by, or is under common control with, the entity (this includes parents, subsidiaries and fellow subsidiaries); (ii) has an interest in the entity that gives it significant influence over the entity; or (iii) has joint control over the entity; (b) the party is an associate of the entity; (c) the party is a joint venture in which the entity is a venture; (d) the party is a member of key management personnel of the entity or its parents; (e) the party is a close member of the family of any individual referred to in (a) or (d); (f) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e); or (g) the party is a post-employment benefit plan for the benefit of employees of the entity, or of any entity that is a related party of the entity.

Significant accounting judgments and estimates

The preparation of the Companyโ€™s financial statements in conformity with MFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates.

Estimate and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognized in the period in which the estimates are revised and in any future period affected.

Infrastructure development costs

Infrastructure development costs of land are recorded as inventories during the construction stage and an apportion-ment of these costs will be recognized in the statement of comprehensive income upon the recognition of the revenue of the land under development.

These infrastructure costs comprise of awarded contracts and an estimation of future ones. The total costs were estimated by a third-party professional Quantity Surveyor and periodically re-validated internally.

Before the final settlement of the development costs and other costs relating to the land under development, these costs are based on managementโ€™s best estimate. Where the final settlement of costs and the related cost allocation is different from the initial estimates, any increase or decrease in the development costs and other costs would affect the profit or loss in future years.

2.18

2.19

3.

ANNUAL REPORT 2016 - 2017 87

Page 89: report CONTENTS - MTSH

Financial risk management

The Groupโ€™s financial risk management policy seeks to ensure that adequate financial resources are available for the development of the Groupโ€™s business whilst managing its risks. In addition to the risk factors as stated in the Companyโ€™s Prospectus dated 27th February, 2014, the main areas of financial risks faced by the Group and the policy in respect of the major areas of treasury activity are set out as follows:

Foreign exchange risk

The Group has exposure to foreign exchange risk due to assets and liabilities denominated in foreign currencies. However, the Group does not hedge its exposures to foreign exchange risk as the risk is not expected to be significant.

Credit risk

The maximum credit risk associated with recognized financial assets is the carrying amount shown in the statement of financial position. However, policies had been established by the Group to minimize such risks.

Market risk

The Group is not exposed to any market risk.

Liquidity and cash flow risks

The Group monitors and maintains a level of bank balances deemed adequate by the directors to finance the operation and mitigate the effects of fluctuation in cash flow.

Capital management

The Groupโ€™s objectives, when managing its capital, are to safeguard and maintain adequate working capital to continue as a going concern.

4.

5.

MYANMAR THILAWA SEZ 88

Page 90: report CONTENTS - MTSH

Mya

nmar

Kya

ts ( I

n Th

ousa

nds)

Cost

Balan

ce a

t Apr

il 1, 2

016

Addit

ion

Writ

e of

fBa

lance

at M

arch

31,

2017

Accu

mul

ated

dep

recia

tion

and

impa

irmen

t los

sBa

lance

at A

pril 1

, 201

6De

prec

iatio

nIm

pairm

ent l

oss

Writ

e of

fBa

lance

at M

arch

31,

2017

Net b

ook

valu

eEn

d of

fina

ncial

yea

rCo

stBa

lance

at A

pril 1

, 201

5Ad

ditio

nW

rite

off

Balan

ce a

t Mar

ch 3

1, 20

16Ac

cum

ulat

ed d

epre

ciatio

n an

d im

pairm

ent l

oss

Balan

ce a

t Apr

il 1, 2

015

Depr

eciat

ion

Impa

irmen

t los

sW

rite

off

Balan

ce a

t Mar

ch 3

1, 20

16Ne

t boo

k va

lue

End

of fi

nanc

ial y

ear

Offic

eRe

nova

tion

170,

228

134,

645

(35,

315)

269,

558

(20,

376)

(59,

795) -

21,6

96(5

8,47

5)

211,0

83

35,3

1513

4,91

3 -17

0,22

8

(8,7

47)

(11,6

29) - -

(20,

376)

149,

852

Furn

iture

&

Equi

pmen

t

146,

925

113,

293

(23,

078)

237,

140

(22,

991)

(46,

885) -

7,53

8(6

2,33

8)

174,

802

59,6

0787

,318 -

146,

925

(6,5

26)

(16,

465) - -

(22,

991)

123,

934

Sew

age

treat

men

t pla

nt

221,5

0016

6,30

0

-

387,

800

(923

)(1

4,59

7) - -(1

5,52

0)

372,

280 -

221,5

00 -22

1,500 -

(923

) - -(9

23)

220,

577

Com

pute

r Eq

uipm

ent

38,8

2316

,593

(1,3

72)

54,0

44

(10,

864)

(9,8

99) -

754

(20,

009)

34,0

35

25,9

8012

,843 -

38,8

23

(4,0

24)

(6,8

40) - -

(10,

864)

27,9

59

Mac

hine

ry a

nd

equi

pmen

t

50,0

1531

,508 -

81,5

23

(6,8

98)

(10,

324) - -

(17,

222)

64,3

01

35,0

2514

,990 -

50,0

15

(1,2

60)

(5,6

38) - -

(6,8

98)

43,11

7

Mot

or

Vehi

cle

274,

586

70,8

60

- 34

5,44

6

(62,

675)

(58,

684) - -

(121

,359

)

224,

087

186,

615

90,3

91(2

,420

)27

4,58

6

(17,

115)

(46,

306) -

746

(62,

675)

211,9

11

Tota

l

902,

077

533,

199

(59,

765)

1,375

,511

(124

,727

)(2

00,18

4) -29

,988

(294

,923

)

1,080

,588

342,

542

561,9

55(2

,420

)90

2,07

7

(37,

672)

(87,

801) -

746

(124

,727

)

777,

350

6.

Prop

erty

, pla

nt a

nd e

quip

men

t

Gr

oup

The

deta

ils o

f abo

ve a

re a

s fol

lows

:

ANNUAL REPORT 2016 - 2017 89

Page 91: report CONTENTS - MTSH

Mya

nmar

Kya

ts ( I

n Th

ousa

nds)

Cost

Balan

ce a

t Apr

il 1, 2

016

Addit

ion

Asse

ts tra

nsfe

rW

rite

off

Balan

ce a

t Mar

ch 3

1, 20

17Ac

cum

ulat

ed d

epre

ciatio

n an

d im

pairm

ent l

oss

Balan

ce a

t Apr

il 1, 2

016

Depr

eciat

ion

Asse

ts tra

nsfe

rIm

pairm

ent l

oss

Writ

e of

fBa

lance

at M

arch

31,

2017

Net b

ook

valu

eEn

d of

fina

ncial

yea

rCo

stBa

lance

at A

pril 1

, 201

5Ad

ditio

nW

rite

off

Balan

ce a

t Mar

ch 3

1, 20

16Ac

cum

ulat

ed d

epre

ciatio

n an

d im

pairm

ent l

oss

Balan

ce a

t Apr

il 1, 2

015

Depr

eciat

ion

Impa

irmen

t los

sW

rite

off

Balan

ce a

t Mar

ch 3

1, 20

16Ne

t boo

k va

lue

End

of fi

nanc

ial y

ear

Offic

e Re

nova

tion

170,

228

134,

645

(745

)(3

5,31

5)26

8,81

3

(20,

376)

(59,

646) 115 -

21,6

96(5

8,21

1)

210,

602

35,3

1513

4,91

3 - 17

0,22

8

(8,7

47)

(11,6

29) - -

(20,

376)

149,

852

Furn

iture

and

eq

uipm

ent

146,

925

30,3

68(1

1,956

)(2

1,020

)14

4,31

7

(22,

991)

(30,

765)

4,04

1 -6,

075

(43,

640)

100,

677

59,6

0787

,318 -

146,

925

(6,5

26)

(16,

465) - -

(22,

991)

123,

934

Com

pute

r eq

uipm

ent

38,8

2313

,711

(9,4

02)

(1,15

9)41

,973

(10,

864)

(7,8

68)

1,593 -

709

(16,

430)

25,5

43

25,9

8012

,843 -

38,8

23

(4,0

24)

(6,8

40) - -

(10,

864)

27,9

59

Mot

or

Vehi

cle

271,3

1643

,000

(153

,341

) -16

0,97

5

(62,

564)

(24,

312)

24,0

18 - -(6

2,85

8)

98,11

7

186,

615

87,12

1(2

,420

)27

1,316

(17,

114)

(46,

196) -

746

(62,

564)

208,

752

Mac

hine

ry

Equi

pmen

t

35,0

25 -(3

5,02

5) -

-

(5,7

13) -

5,71

3 - - - -

35,0

25 - - 35

,025

(1,2

60)

(4,4

53) - -

(5,7

13)

29,3

12

Tota

l

662,

317

221,7

24(2

10,4

69)

(57,

494)

616,

078

(122

,508

)(1

22,5

91)

35,4

80 -28

,480

(181

,139)

434,

939

342,

542

322,

195

(2,4

20)

662,

317

(37,

671)

(85,

583) -

746

(122

,508

)

539,

809

Com

pany

The

deta

ils o

f abo

ve a

re a

s fol

lows

:

MYANMAR THILAWA SEZ 90

Page 92: report CONTENTS - MTSH

Intangible asset

The details of above are as follows:

Myanmar Kyats ( In Thousands)CostBalance at April 1, 2016AdditionWrite offBalance at March 31, 2017Accumulated depreciation and impairment lossBalance at April 1, 2016DepreciationImpairment lossWrite offBalance as at March 31, 2017Net book valueEnd of financial yearCostBalance at April 1, 2015AdditionWrite offBalance at March 31, 2016Accumulated depreciation and impairment lossBalance at April 1, 2015DepreciationImpairment lossWrite offBalance as at March 31, 2016Net book valueEnd of financial year

Investment in associate

The details of above are as follows:

Myanmar Kyats ( In Thousands) Opening balance Acquisition during the yearProportionate net profit for the yearDividend receivedCarrying value as at March 31, 2017

The Companyโ€™s share of profit in its equity-accounted investee (i.e, Myanmar Japan Thilawa Development Limited) for the year was Kyats 16,744,114,210.50 (USD 12,293,769.61@ 1,362) (2016: Profit Kyats 14,757,441,445). The Company received dividends amounting to USD19,270,000 from its investment in equity-accounted investee. The equity accounted investee is not publicly listed entity and consequentially does not have published price quotations.

7.

8.

Software

5,0711,670(328)6,413

(878)(1,099)

- 115

(1,862)

4,551

1,6153,456

- 5,071

(188)(690)

- -

(878)

4,193

2016 25,122,275

- 14,757,441

(14,347,373)25,532,343

2017 25,532,343

- 16,744,114

(23,710,544)18,565,913

ANNUAL REPORT 2016 - 2017 91

Page 93: report CONTENTS - MTSH

The following amounts represent the assets and the liabilities and income and expenses of the associate.

USD (In Thousands) Owner-shipCurrent assetsNon-current assetsTotal assetsCurrent liabilitiesNon-current liabilitiesTotal liabilitiesNet assets

IncomeExpensesProfit Share of profit

Investment in subsidiary

The subsidiary of the Company is Thilawa Property Development Limited and was incorporated as a private company in the Republic of the Union of Myanmar under The Myanmar Companies Act on March 19, 2015. Currently, the Company has a 80% equity interest in its subsidiary and remaining 20% equity interest is owned by Thilawa Special Economic Zone Management Committee (TSEZMC).The principal business activities of the Company are: To invest in the development Residential and Commercial Area within the Thilawa Special Economic Zone carried out by constructing, selling and leasing of commercial center, residences, office towers and other related development To carry out preliminary engineering works To engage in importing, purchasing, leasing and the activities that are required for the development of said construction work To enter into partnership or into any arrangement of sharing profits To purchase or otherwise acquire for other means ownerships, rights, franchises, licenses, grants, trademarks, patent rights including land and buildings and to utilize beneficially those properties and right for development thereof.

The subsidiary is not publicly listed entity and consequentially does not have published price quotations.

Myanmar Kyats ( In Thousands) Company

Beginning of financial yearAdditional investmentCarrying value as at March 31,2017

9.

201641%

103,343 19,587 122,930 66,603

- 66,603 56,327

37,569 (7,969)

29,600 12,136

20161,000,000

23,000,00024,000,000

201741%

110,353 13,136 123,489 76,883 7,294 84,177 39,312

37,074(7,089)29,98512,294

201724,000,000

-24,000,000

MYANMAR THILAWA SEZ 92

Page 94: report CONTENTS - MTSH

Investment property

The details of above are as follows:

Myanmar Kyats ( In Thousands)CostBalance at April 1, 2016Transferred from inventories Balance at March 31, 2017Accumulated depreciation and impairment lossBalance at April 1, 2016DepreciationImpairment lossBalance at March 31, 2017Net book valueEnd of financial yearCostBalance at April 1, 2015AdditionWrite offBalance at March 31, 2016Accumulated depreciation and impairment lossBalance at April 1, 2015DepreciationImpairment lossWrite offBalance at March 31, 2016Net book valueEnd of financial year

The Directors are of the view that a fair value of the property cannot be ascertained at the time of drawing up the financial statements. The opinion is based on the following facts:1 There is no such asset of this specification in Thilawa;2. There is no history of such similar property transacted in Thilawa; and3. No sales of any asset type have been recorded in the Thilawa SEZ.

As such, it is not possible for a valuation to be done on a willing-buyer / willing-seller basis. As such, the Sales Comparison Approach cannot be adopted.

To value the property using the income capitalization approach, the property has to be given sufficient time for leasing, and stabilization of that yield, for the capitalization rate to be applied. Since occupation permit was only quite recently obtained, the rental process is only in the beginning stage. Hence, the Income Capitalization Approach cannot be adopted.

Given that the first two valuation methods cannot be applied, the third would be the cost approach. This assumes that a reasonable buyer would have to pay equal or more than the cost of constructing a comparable building. The Cost Approach is probably the most prudent in estimating the book/ reinstatement value of such an asset.

Although the Directors have adopted to use the fair value approach in IAS 40 (Investment Property), the base cost (the more prudent value) is being used to record the value for the current financial close.

10.

Land and Building

-4,213,2994,213,299

-(21,066)

-(21,066)

4,192,233

---

---- -

ANNUAL REPORT 2016 - 2017 93

Page 95: report CONTENTS - MTSH

Cash and cash equivalents

Cash and cash equivalents consist of:

Myanmar Kyats ( In Thousands) Group Company Cash in handCash at bank - currentCash at bank - savingCash at bank - call

Trade and other receivables

Trade and other receivables consist of:

Myanmar Kyats ( In Thousands) Group Company Trade receivables- related parties*Other receivable from- Related parties**- Affiliates & related parties***- Non-related partiesConstruction contract-Due from related partiesDepositAdvances to suppliersOther prepaymentsAdvance income taxAdvance commercial tax

* It comprises management services fees, commission fees receivable from Myanmar Japan Thilawa Development Limited (MJTD) for the successful contracts between MJTD and its customers whom introduced by the Company.** It comprises dividend from MJTD for portion of retained earnings at end of September 2016.*** Itcomprises expenses incurred by the Company on behalf of affiliates & related parties.

Inventories

Inventories include cost of leasehold land acquired from Myanmar Japan Thilawa Development Limited (MJTD) for the development of residential and commercial area of Thilawa Special Economic Zone. It also includes cost of land scraping, infrastructure development shop houses construction during the year.

Construction contract

Construction contract consist of:

Myanmar Kyats ( In Thousands)Construction contract work in progressBeginning of financial yearContract costs incurredContract expenses recognised in profit or lossEnd of financial yearAggregate costs incurred and profits recognised (less losses recognised) to date on uncompleted construction contracts Less: Progress billingEnd of financial yearDue from customers on construction contracts (Note 12)

11

12.

13.

14.

2016 7,685

16,567,704 715,348 518,004

17,808,741

2016224,757

- 230,592

-

- 210

11,020 100,369

1,733,445 -

2,300,393

2016

-----

---

2016 10,619 23,524,065

2,681,635518,004

26,734,323

2016 224,757

1,088 - -

-8,340

11,020 1,900,261

1,733,445 -

3,878,911

201712,450

18,236,802639,441706,178

19,594,871

2017 986,090

13,739,344 73,778

-

- 3,263

- 106,690

605,178 -

15,514,343

2017

-3,048,983

(3,039,787)9,196

4,290,131

(4,290,131)-

300,509

201721,071

22,763,2542,876,075

706,17826,366,578

2017986,090

13,739,344 180

347

300,509 6,301 -

321,874 605,178

794,083 16,753,906

MYANMAR THILAWA SEZ 94

Page 96: report CONTENTS - MTSH

Share capital

At the annual general meeting of the shareholders of the Company held on 23rd October 2016, the shareholders approved 10 for 1 share split. Shares per value change from Ks 10,000 to Ks 1,000 and number of shares change from 3,892,915 to 38,929,150. All issued ordinary shares are fully paid and par value for these ordinary shares is now Ks 1,000 per share. Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company.

Trade and other payables Trade and other payables consist of:

Myanmar Kyats (In Thousands) Group Company Trade payables to non-related partiesOther payables to- Related parties- Non-related partiesDeposit from suppliersAccrued expensesUnpaid dividendCommercial tax

Revenue

Revenue consists of:

Myanmar Kyats (In Thousands) Group Company

Management feesSales commission Construction revenue Sale of landLess commercial tax

Management fees

Management fees are received from Myanmar Japan Thilawa Development Limited (MJTD) in consideration of management services provided by the Company for the following personnel;(1) Chairman(2) Vice President (Myanmar Desk)(3) Head of Finance & Accounting(4) Head of Administration & Human Resources

Sales commission

The above comprises commission fees income from MJTD for the successful contracts between MJTD and its customers whom introduced by the Company.

Construction revenue

The above comprises mainly of a road construction contract from MJTD. This contract was won through on open bidding process.

Sale of land

The above comprise of sale of land to seven local banks.

15.

16.

17.

2016 1,944

- - -

191,860 -

- 193,804

2016874,362

1,977,099 - - (135,785)2,715,676

2016 288,422

-159,000

- 191,860

- -

639,282

2016874,362

1,977,099 - -

(135,785)2,715,676

2017 -

470,000 - -

138,640 687,564

9,273 1,305,477

2017885,797

1,110,430 - -

(95,058)1,901,169

2017 901,965

470,000 159,986

729,723 138,640 687,564 153,119

3,240,997

2017885,797

1,110,4304,290,1314,432,320(509,928)

10,208,750

ANNUAL REPORT 2016 - 2017 95

Page 97: report CONTENTS - MTSH

Other income

Other income consists of:

Myanmar Kyats ( In Thousands) Group Company Interest income- Bank deposits - Related partyStaff fine fees & tax refundShares related incomeNewspapers and magazineTender income

Other gains/(losses)

Other gains/ (losses) consist of:

Myanmar Kyats ( In Thousands) Group Company

Currency exchange gains

Expense by nature

Total cost of sales, selling and marketing expenses, administrative expenses and other expenses consist of:

Myanmar Kyats ( In Thousands) Group Company

Land costConstruction contract costWrite off - property, plant and equipmentDepreciation of property, plant and equipmentDepreciation of investment propertyAmortization charge of intangible assetEmployee benefit expense (Note 21)Key management personnel and director compensations (Note 23)Advertising and agency fees expenseRental expenseTransportation expenseListing expenseOther expenses

18.

19.

20.

2016

811,696 -

- 52,687 3 400 864,786

20166,130,1976,130,197

2016 -

- 1,074

85,583 -

690408,542

471,198211,19384,653

195,717-

302,3021,760,952

2016

961,188 -

- 52,687

3 6,100 1,019,978

20166,082,5866,082,586

2016 -

- 1,074

87,801 -

690543,229

524,576212,68184,653

198,214-

347,5432,000,461

2017

149,79499,074

3,040 703

- -

252,611

20172,611,8952,611,895

2017-

- 29,227

122,591 -

1,099360,037

1,305,42290,672

167,46819,463

149,833423,797

2,669,609

2017

304,039 99,074

3,040 703

- 9,900

416,756

20173,289,5283,289,528

20171,479,8193,131,259

29,990200,18421,0661,099

584,572

1,379,02099,160

167,46849,125

149,833516,339

7,808,934

MYANMAR THILAWA SEZ 96

Page 98: report CONTENTS - MTSH

Employee benefit expenses

Employee benefit expenses consist of:

Myanmar Kyats ( In Thousands) Group Company

Wages and salariesOther benefits

Earnings per share

Basic earnings per share

Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year.

Myanmar Kyats ( In Thousands) Group Company

Net profit/(loss)attributable to equity holders of the Company (Myanmar Kyats in thousands)Weighted average number of ordinary shares outstanding for basic Earnings per share (shares in thousands)Basic earnings per sharePer value of shares (Myanmar Kyats)

Related party transactions

In addition to the information disclosed elsewhere in the consolidated financial statements, the following transactions took place between the holding company and the related parties at terms agreed between the parties:

(a) Sales and purchase of goods and services

Myanmar Kyats ( In Thousands)Management fees from MJTDSales commission fees from MJTDConstruction revenue from MJTDOther related parties *Payments made on behalf of subsidiary

*Other related partied compare mainly companies which are controlled or significantly influenced by the holding companyโ€™s key management personnel which are as follows:

21.

22.

23.

2016132,394276,148408,542

2016 20,805,098

3,893

5,344 10,000

2016832,726

1,882,951 -

1,312,468 230,592

2016246,076297,153543,229

2016 20,699,556

3,893

5,317 10,000

2017843,616

1,057,5534,086,324

257,13273,598

2017251,248108,789360,037

201718,316,163

38,929

4711,000

2017 415,420

169,152584,572

2017 21,524,190

38,929

5531,000

ANNUAL REPORT 2016 - 2017 97

Page 99: report CONTENTS - MTSH

Outstanding balances of related parties as at March 31, 2017 are disclosed in Notes 12 and 16 respectively.

(b) Key management personnel and director compensation

Key management personnel and director compensation are as follow:

Myanmar Kyats ( In Thousands) Group Company RemunerationBonus

(c) Significant agreements with related parties

Management fees The Company entered into management memorandums with MJTD for which to provide management services. Under the term of these memorandums, the Company is entitled to receive management fees as stipulated in the memorandum and will expire in 2018.

Commission fees The Company entered into marketing agreements with MJTD for which to provide with information in respect to potential locators and coordination services. Under the term of the agreements, the Company is entitled to receive commission fees at 6% of the contract price. The term of the agreements is for five years and shall be extended for further period by notify in writing at least 30 days prior to expiration of this agreement.

2016Kyats โ€™000

45,390

909,000

57,412

29,390

53,903

84,593

132,780

1,312,468

PositionExecutivesChairman

Chairman

Chairman

Chairman

Chief Financial Officer of MJTDManaging Director

Alternative Director

2017Kyats โ€™000

29,718

-

58,346

-

-

167,468

1,600

257,132

Related

U Win Aung

U Win Aung

U Win Aung

U Win Aung

U Aung Win

U Thein Han

U Kyaw Kyaw Win

No.

1

2

3

4

5

6

7

Company Name

Dagon International Limited(Rent of machinery)Dagon Construction Co.,Ltd (Construction of Dormitory)Dagon Timber Limited(Rent of machinery)Global Star Limited(Rent of Machinery)Myint Myat Htut Khaung Co.,Ltd

Union of Myanmar Federation of Chamber of Commerce & Industry (Rent of Head office)Sinma Construction Group Ltd(New office renovation)

2016146,998324,200471,198

2016 185,818

338,758524,576

2017395,917909,505

1,305,422

2017454,834924,186

1,379,020

MYANMAR THILAWA SEZ 98

Page 100: report CONTENTS - MTSH

Events occurring after the reporting date

The Board has resolved on 29 June 2017 to propose a dividend of Ks. 260 per share for the year ended 31 March 2017

Authorization of financial statements

The financial statements of the Company for the year ended March 31, 2017 were authorized for issue on June 29, 2017.

24.

25.

ANNUAL REPORT 2016 - 2017 99

Page 101: report CONTENTS - MTSH

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€

แ‚แ€„

แ„แ€„แ€ธแ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€ แ€€แ€™แธแ€

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ)แ€›แ€€

แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ - แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

MYANMAR THILAWA SEZ 100

Page 102: report CONTENTS - MTSH

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€ แ€…แ€™แ€กแ€•แ€แ€•แ€™แ‚ˆแ€žแ€™แ€ฌแ€ธแ แ€แ€ฌแ€แ€”แ€ฑแ€–แ€ฌแ€ปแ€•แ€แ€€

แ€€แ€™แธแ€แ€กแ€•แ€… ( แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€ แ€”แ€„ แ„แ€„แ€ธแ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€ ) แ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แŠ แ€€แ€™แธแ€ (แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€) แ แ€šแ€„แ€ธแ€ฑแ€”แ‚”แ€›แ€€แ€› แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธแ‚แ€„ แ€šแ€„แ€ธแ€ฑแ€”แ‚”แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แŠ แ€€แ€™แธแ€แ แ€šแ€„แ€ธแ€ฑแ€”แ‚” แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€›แ€„แ€ธแ€แ€™แ€ธแŠ แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ แ€•แ€„แ€†แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธ แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แŠ แ€€แ€™แธแ€แ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ แ€•แ€„แ€†แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธแŠ แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แŠ แ€€แ€™แธแ€แแ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆ แ€›แ€„แ€ธแ€แ€™แ€ธแ‚แ€„ แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌแ€…แ€ฌแ€›แ€„แ€ธแ€†แ€„แ€›แ€ฌแ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€ธแ€แ€•แ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€„แ€ธแ€œแ€„แ€ธแ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€™แ€แ€…แ€™แ€ฌแ€ธแ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€€ แ€žแ€„แ€ฑแ€œแ€ฌแ€™แ€”แ€€แ€”แ€…แ€ผแ€ฌ แ€ฑแ€›แ€ธแ€†แ€ผแ€ฑแ€–แ€ฌแ€ปแ€•แ€›แ€”แ€™แ€ฌ แ€…แ€™แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแแ€แ€ฌแ€แ€”แ€žแ€ฌ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€šแ€„แ€ธแ€แ€ฌแ€แ€”แ€แ€ผแ€„ -

- แ€†แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€ฑแ€›แ€ผแ€ธแ€แ€šแ แ€แ€…แ€žแ€™แ€แ€แ€Šแ€ธ แ€€แ€„แ€žแ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ - แ€กแ€ฑแ€ปแ€™แ€ฌแ€กแ€ปแ€™แ€„แ€›แฟแ€•แ€ธ แ€€แ€ธแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€†แ€ฑแ€œแ€ฌแ€™แ‚ˆแ€›แ€ฑแ€žแ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ แ€•แ€„แ€ธแ€ปแ€แ€ฌแ€ธแ€แ€„แ€แ€”แ€žแ€ธแ€žแ€•แ€ปแ€แ€„แ€ธแ€แ‚”แ€€ แ€ปแ€•แ€œแ€•แ€ปแ€แ€„แ€ธแ€แ‚” แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€™แ€”แ€€ แ€™แ€Šแ€žแ€Šแ€กแ€แ€”แ€แ€ผแ€„แ€™แ€† แ€™แ€”แ€€แ€”แ€…แ€ผแ€ฌแ€ฑแ€–แ€ฌแ€ปแ€•แ€›แ€”แ€กแ€œแ‚”แ€„แ€ฌ แ€…แ€™แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌแ€…แ€ฌแ€›แ€„แ€ธ แ€™แ€แ€แ€™แ€ธแ€™แ€ฌแ€ธแ€€ แ€‘แ€”แ€ธแ€žแ€™แ€ธแ€‘แ€ฌแ€ธแ€›แ€›แ€” แ€แ€ฌแ€แ€”แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ€žแ€Š แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€€ แ€œแฟแ€แ€™แ‚ˆแ€›แ€ฑแ€…แ€›แ€”แ‚แ€„ แ€™แ€žแ€™แ€ฌแ€™แ‚ˆแ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€…แ€Šแ€ธแ€™แ€ฅแ€ธ แ€™แ€€แ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€€แ€ฌแ€€แ€ผแ€šแ€ฑแ€–แ€ฌแ€‘แ€แ‚แ€„แ€›แ€” แŽแ€กแ€แ€ผแ€€ แ€žแ€„แ€ฑแ€œแ€ฌแ€žแ€œแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€” แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผแ€แ€ฌแ€แ€”แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€…แ€™แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ€€แ€šแ€…แ€ฌแ€ธ

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„แ€ฅแ€€แ‚’แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ€ฑแ€”แ‚”แ€…แ€ผแ‹ แ‚แ€แแ‡ แ€แ‚แ€… แŠ แ€‡แ€ผแ€”แ€œ แŠ แ‚แ‰ แ€›แ€€แ‹

ANNUAL REPORT 2016 - 2017 101

Page 103: report CONTENTS - MTSH

แ€…แ€ฌแ€กแ€™แ€ -แ‚แ†แ€ / แ€กแ€™-แ‚แ…แ… / แ€™แ€ แ‚แ€แแ‡

แ€ปแ€•แ€„แ€•แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€กแ€…แ€›แ€„แ€แ€…แ€ฌ

แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธ แ‚แ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚”แ€แ€„แ€™แ€ฌแ€ธ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ€กแ€•แ€…

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€กแ€ฑแ€•แš แ€กแ€…แ€›แ€„แ€แ€ปแ€แ€„แ€ธ

แ€€แฝแ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€กแ€–แ€ผแ‚”แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ‚แ€„ แ„แ€„แ€ธแแ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€ (แ€€แ€™แธแ€แ€กแ€•แ€…) แ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€ (แ€€แ€™แธแ€) แ แ€…แ€ฌแ€™แ€€แ‚แ€ฌ แแ€แ„ แ€™ แแ‚แ‰ แ€แ€ผแ€„แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€• แ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แŠ แ€€แ€™แธแ€แ แ€šแ€„แ€ธแ€ฑแ€”แ‚”แ€›แ€€แ€›แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธแ‚แ€„ แ€šแ€„แ€ธแ€ฑแ€”แ‚”แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แŠ แ€€แ€™แธแ€แ แ€šแ€„แ€ธแ€ฑแ€”แ‚”แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€… แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€›แ€„แ€ธแ€แ€™แ€ธแŠ แ€€แ€™แธแ€ แ€กแ€•แ€…แ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแแ€•แ€„แ€†แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แŠ แ€€แ€™แธแ€แ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแแ€•แ€„แ€†แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธแŠ แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แŠ แ€€แ€™แธแ€แ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธแ‚แ€„ แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€†แ€„แ€›แ€ฌแ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€กแ€€แ€ฅแ€ธแ€แ€•แ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€„แ€ธแ€œแ€„แ€ธแ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€™แ€แ€…แ€™แ€ฌแ€ธแ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธ แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€€ แ€…แ€…แ€ฑแ€†แ€ธแ€แฟแ€•แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€…แ€™แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ แ€แ€ฌแ€แ€”

แ„แ€„แ€ธแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€•แ€ฑแ€’แ€•แ€ซ แ€ปแ€•แ€Œแ€ฌแ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€กแ€…แ€›แ€„แ€แ€ปแ€แ€„แ€ธ แ€†แ€„แ€›แ€ฌแ€…แ€™แ€ฌแ€ธ (Myanmar Financial Reporting Standards) แ‚แ€„แ€กแ€Š แ€ปแ€•แ€…แฟแ€•แ€ธ แ€žแ€„แ€ฑแ€œแ€ฌแ€™แ€”แ€€แ€”แ€…แ€ผแ€ฌแ€ฑแ€›แ€ธแ€†แ€ผแ€ฑแ€–แ€ฌแ€ปแ€•แ€›แ€ฌแ€™แ€ฌ แ€…แ€™แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ แ€แ€ฌแ€แ€”แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€šแ€„แ€ธแ€แ€ฌแ€แ€”แ€แ€ผแ€„ แ€™แ€žแ€™แ€ฌแ€™แ‚ˆแŠ แ€™แ€ฌแ€ธแ€šแ€ผแ€„แ€ธแ€™แ‚ˆแ€แ‚”แ€ฑแพแ€€แ€ฌแ€„ แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌ แ€œแ€ผแ€™แ€ฌแ€ธแ€ฑแ€–แ€ฌแ€ปแ€•แ€™แ‚ˆแ€™แ€ฌแ€ธแ€™ แ€€แ€„แ€ธ แ€›แ€„แ€ธแ€ฑแ€žแ€ฌ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€žแ€„แ€ฑแ€œแ€ฌแ€™แ€”แ€€แ€”แ€…แ€ผแ€ฌ แ€ฑแ€›แ€ธแ€†แ€ผแ€ฑแ€–แ€ฌแ€ปแ€•แ€›แ€”แ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€„แ€ธแ€‘แ€”แ€ธแ€แ€•แ€™แ‚ˆ แ€กแ€…แ€กแ€…แ€ฅแ€€แ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธแŠ แ€กแ€ฑแ€€แ€ฌแ€„แ€กแ€‘แ€Šแ€ฑแ€–แ€ฌแ€ปแ€แ€„แ€ธแ‚แ€„ แ€‘แ€”แ€ธแ€žแ€™แ€ธแ€ปแ€แ€„แ€ธแŠ แ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€ฑแ€›แ€ผแ€ธแ€แ€šแ€€แ€„แ€žแ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€กแ€› แ€†แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธแ€€ แ€ปแ€•แ€œแ€•แ€ปแ€แ€„แ€ธแ€แ‚”แ€œแ€Šแ€ธแ€•แ€ซแ€แ€„แ€žแ€Šแ‹ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ แ€แ€ฌแ€แ€”

แ€€แฝแ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธแ€กแ€–แ€ผแ‚”แแ€แ€ฌแ€แ€”แ€™แ€ฌ แ€€แฝแ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธแ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€†แ€ธแ€ฑแ€แ€ผแ‚•แ€›แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€กแ€ฑแ€ปแ€แ€ปแ€•แ แ€šแ€„แ€ธแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€กแ€ฑแ€•แš แ€‘แ€„แ€ปแ€™แ€„แ€šแ€† แ€แ€€แ€ฑแ€•แ€ธแ€›แ€” แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€€แฝแ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธแ€กแ€–แ€ผแ‚•แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€†แ€„แ€›แ€ฌแ€…แ€™แ€ฌแ€ธแ‚แ€„แ€กแ€Š แ€…แ€…แ€ฑแ€†แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€•แ€ซแ€žแ€Šแ‹ แ€šแ€„แ€ธแ€…แ€™แ€ฌแ€ธแ€กแ€› แ€€แฝแ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธแ€กแ€–แ€ผแ‚•แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€€แ€„แ€แ€แ€žแ€€แกแ€ฌแ€•แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€œแ€กแ€•แ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€œแ€€แ€”แ€ฌแ€›แ€”แ‚แ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€žแ€Š แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌ แ€กแ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€™แ€ฌแ€ธแ€šแ€ผแ€„แ€ธแ€…แ€ผแ€ฌ แ€ฑแ€–แ€ฌแ€ปแ€•แ€™แ‚ˆแ€™แ€ฌแ€ธแ€™แ€€แ€„แ€ธแ€›แ€„แ€ธแ€ฑแพแ€€แ€ฌแ€„แ€ธแŠ แ€€แ€ธแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€†แ€ฑแ€œแ€ฌแ€ฑแ€žแ€แ€ฌแ€™แ‚ˆแ€›แ€ฑแ€…แ€›แ€” แ€กแ€…แ€กแ€…แ€ฅแ€™แ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€ผแฟแ€•แ€ธ แ€…แ€…แ€ฑแ€†แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€” แ€œแ€กแ€•แ€•แ€ซแ€žแ€Šแ‹

แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€ฑแ€†แ€ธแ€›แ€ฌแŒ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€‘แ€แ€ฑแ€–แ€ฌแ€ปแ€•แ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€‘แ€ฌแ€ธแ€™แ€ฌแ€ธ แ€›แ€šแ€›แ€” แ€œแ€•แ€‘แ€ธแ€œแ€•แ€”แ€Šแ€ธแ€™แ€ฌแ€ธ แ€แ€™แ€แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€”แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€›แ€ผแ€ธแ€แ€šแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€œแ€•แ€‘แ€ธแ€œแ€•แ€”แ€Šแ€ธแ€™แ€ฌแ€ธแ€žแ€Š แ€™แ€žแ€™แ€ฌแ€™แ‚ˆแŠ แ€™แ€ฌแ€ธแ€šแ€ผแ€„แ€ธแ€™แ‚ˆแ€แ‚”แ€ฑแพแ€€แ€ฌแ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌ แ€™แ€ฌแ€ธแ€šแ€ผแ€„แ€ธแ€ฑแ€–แ€ฌแ€ปแ€•แ€แ€€แ€™แ€ฌแ€ธแ€™ แ€กแ‚แ€›แ€ฌแ€šแ€™แ€ฌแ€ธแ€€ แ€กแ€€แ€ปแ€–แ€แ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธ แ€กแ€•แ€ซแ€กแ€แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ แ€•แ€„แ€ธแ€ปแ€แ€ฌแ€ธแ€แ€„แ€แ€” แ€žแ€ธแ€žแ€•แ€ปแ€แ€„แ€ธแ€กแ€ฑแ€•แšแ€แ€ผแ€„ แ€™แ€แ€Šแ€•แ€ซแ€žแ€Šแ‹

MYANMAR THILAWA SEZ 102

Page 104: report CONTENTS - MTSH

แ€‘แ€กแ‚แ€›แ€ฌแ€šแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€€แ€ปแ€–แ€แ€™แ‚ˆแ€™แ€ฌแ€ธแ€ปแ€•แ€œแ€•แ€›แ€ฌแ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€žแ€Š แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ‚แ€„แ€†แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€œแ€•แ€‘แ€ธแ€œแ€•แ€”แ€Šแ€ธแ€™แ€ฌแ€ธแ€€ แ€ฑแ€›แ€ธแ€†แ€ผแ€›แ€” แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€™แ‚ˆแ‚แ€„ แ€žแ€„แ€ฑแ€œแ€ฌแ€™แ€”แ€€แ€”แ€…แ€ผแ€ฌ แ€ฑแ€›แ€ธแ€†แ€ผแ€ฑแ€–แ€ฌแ€ปแ€•แ€›แ€”แ€กแ€œแ‚”แ€„แ€ฌ แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€Œแ€ฌแ€”แ€แ€ผแ€„แ€ธแ‚€แ€€แ€ธแพแ€€แ€•แ€€แ€ผแ€•แ€€แ€™แ‚ˆแ€€ แ€‘แ€Šแ€žแ€ผแ€„แ€ธแ€…แ€ฅแ€ธแ€…แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแแ€Œแ€ฌแ€”แ€แ€ผแ€„แ€ธแ‚€แ€€แ€ธแพแ€€แ€•แ€€แ€ผแ€•แ€€แ€™แ‚ˆแ แ€‘แ€ฑแ€›แ€ฌแ€€แ€™แ‚ˆแ€กแ€ฑแ€•แšแ€แ€ผแ€„ แ€‘แ€„แ€ปแ€™แ€„แ€šแ€†แ€แ€€แ€ฑแ€•แ€ธแ€›แ€” แ€™แ€Ÿแ€แ€•แ€ซแ‹ แ€…แ€ฌแ€›แ€„แ€ธ แ€…แ€…แ€ฑแ€†แ€ธแ€›แ€ฌแ€แ€ผแ€„ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€žแ€™แ€ฌแ€ธแ€€ แ€กแ€žแ€ธแ€ปแ€•แ€แ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€™แ€™แ€ฌแ€ธแ แ€†แ€ฑแ€œแ€ฌแ€™แ‚ˆแ‚แ€„ แ€ปแ€•แ€œแ€•แ€แ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€แ€”แ‚”แ€™แ€”แ€ธแ€ฑแ€ปแ€แ€™แ€ฌแ€ธแ แ€€แ€ธแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€†แ€ฑแ€œแ€ฌแ€™แ‚ˆแ€€ แ€žแ€ธแ€žแ€•แ€ปแ€แ€„แ€ธแ‚แ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ แ€แ€„แ€ปแ€•แ€แ€€แ€กแ€ฌแ€ธแ€œแ€ธแ€กแ€ฑแ€•แšแฟแ€แ€„แ€žแ€ธแ€žแ€•แ€ปแ€แ€„แ€ธแ€แ‚”แ€œแ€Šแ€ธ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธแ€›แ€›แ€แ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€… แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€‘แ€ฌแ€ธแ€™แ€ฌแ€ธแ€žแ€Š แ€€แฝแ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธแ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€‘แ€„แ€ปแ€™แ€„แ€šแ€†แ€แ€€แ€กแ€แ€ผแ€€ แ€กแ€ฑแ€ปแ€แ€แ€™แ€ปแ€•แ€›แ€” แ€œแ€ฑแ€œแ€ฌแ€€แ€žแ€„แ€ฑแ€œแ€ฌแ€žแ€Šแ€Ÿ แ€šแพแ€€แ€Šแ€•แ€ซแ€žแ€Šแ‹

แ€‘แ€„แ€ปแ€™แ€„แ€šแ€†แ€แ€€

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€•แ€ฑแ€’แ€•แ€ซ แ€ปแ€•แ€Œแ€ฌแ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€…แ€›แ€„แ€แ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌแ€…แ€™แ€ฌแ€ธ (Myanmar Financial Reporting Standards) แ‚แ€„แ€กแ€Š แ€€แ€™แธแ€แ€กแ€•แ€…แ‚แ€„ แ€€แ€™แธแ€แ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€” แ‚แ€„ แ€šแ€„แ€ธแ€ฑแ€”แ‚”แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ‚ˆแ€›แ€œแ€’แ€™แ€ฌแ€ธแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ‚แ€„แ€…แ€•แ€œแ€ฅแ€ธแ€žแ€Š แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌแ€กแ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€€ แ€žแ€„แ€แ€„แ€ฑแ€œแ€ฌแ€€แ€•แ€แ€…แ€ผแ€ฌ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€€แ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธ แ€‘แ€„แ€ปแ€™แ€„แ€šแ€†แ€•แ€ซแ€žแ€Šแ‹

แ€กแ€ปแ€แ€ฌแ€ธแ€ฅแ€•แ€ฑแ€’แ‚แ€„ แ€…แ€Šแ€ธแ€€แ€™แ€ธแ€แ€€แ€†แ€„แ€›แ€ฌ แ€œแ€กแ€•แ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฑแ€•แš แ€กแ€…แ€›แ€„แ€แ€ปแ€แ€„แ€ธ

แ€€แ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธแ€กแ€–แ‚”แ€ผแ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€•แ€ฑแ€’แ€•แ€ซแ€ปแ€•แ€Œแ€ฌแ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธ แ‚แ€„แ€กแ€Š (แ) แ€œแ€กแ€•แ€ฑแ€žแ€ฌ แ€žแ€แ€„แ€ธแ€กแ€แ€€แ€œแ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€›แ€„แ€ธแ€œแ€„แ€ธแ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€€ แ€›แ€›แฟแ€•แ€ปแ€–แ€…แ€ฑแพแ€€แ€ฌแ€„แ€ธ (แ‚) แ€€แฝแ€ผแ€”แ€ฑแ€แ€ฌแ€™แ€ฌแ€ธแ€กแ€–แ€ผแ‚•แ แ€กแ€…แ€…แ€ฑแ€†แ€ธแ€แ€€แ€™แธแ€แ€กแ€•แ€…แ‚แ€„ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€žแ€Š แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€•แ€ฑแ€’แ€•แ€’แ€™ แแƒแ€ แ‚แ€„แ€กแ€Š แ€…แ€ฌแ€›แ€„แ€ธ แ€…แ€ฌแ€กแ€•แ€™แ€ฌแ€ธแ€€ แ€‘แ€”แ€ธแ€žแ€™แ€ธแ€‘แ€ฌแ€ธแ€›แ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€กแ€…แ€›แ€„แ€แ€กแ€•แ€•แ€ซแ€žแ€Šแ‹

แ€ฆแ€ธแ€™แ€ธแ€ฑแ€€แ€ฌ (แ€•แ€ฑแ€ก - แƒแแƒ)แ€™แ€”แ€ฑแ€”แ€ธแ€‚แ€„แ€ธแ€•แ€ซแ€แ€”แ€ฌแ€แ€„แ€ธแ€žแ€„แ‚แ€„แ€กแ€–แ€ผแ‚•แŠ แ€…แ€ฌแ€›แ€„แ€ธแ€…แ€…แ€™แ€ฌแ€ธแ‹แ€ฑแ€”แ‚”แ€…แ€ผแ‹ แ‚แ€แแ‡ แ€แ‚แ€… แŠ แ€‡แ€ผแ€”แ€œ แŠ แ‚แ‰ แ€›แ€€แ‹

ANNUAL REPORT 2016 - 2017 103

Page 105: report CONTENTS - MTSH

แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธ

แ€œแ€€แ€„แ€„แ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌ แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€‘แ€ฑแ€แ€ผแ‚•แ€€แ€„แ€แ€ผแ€šแแ€™แ€›แ€ฑแ€žแ€ฌแ€•แ€…แฅแ€Šแ€ธ แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ แ€•แ€…แฅแ€Šแ€ธ

แ€œแ€€แ€„แ€„แ€ธแ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€€แ€”แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€† แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€

แ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธ

แ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผแ€แ€ผแ€„แ€ปแ€•แ€™แ€แ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผ - แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ€œแ€„ แ€€แ€• แ,แ€แ€แ€แ€แ€ผแ€„แ€ปแ€•แ€™แ€แ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผ - แ€กแ€…แ€›แ€šแ€šแ€ฌ แ…แ€แ€,แ€แ€แ€,แ€แ€แ€ แ€…แ€‘แ€แ€ฑแ€แ€ฑแ€•แ€ธแ€žแ€ผแ€„แ€ธแฟแ€•แ€ธแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผแ€กแ€ปแ€™แ€แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ€‘แ€”แ€ธแ€แ€•แ‚แ€„แ€™แ‚ˆแ€™แ€›แ€ฑแ€žแ€ฌแ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธ

แ€œแ€€แ€„แ€„แ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌแ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€žแ€™แ€ฌแ€ธแ€‘แ€™ แ€…แ€›แ€”แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€แ€šแ€žแ€™แ€ฌแ€ธแ€‘แ€™แพแ€€แ€แ€„แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ

แ€œแ€€แ€„แ€„แ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€œแ€€แ€›แ‚แ€…แ€กแ€แ€ผแ€€ แ€กแ€แ€ผแ€”แ€œแ€ฌแ€‘แ€ฌแ€ธแ€แ€€

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€ แ‚แ€„ แ„แ€„แ€ธแแ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚” แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ - แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

แ€™แ€แ€…

แ†แ‡แˆ

แแ€

แแแแ‚แแƒแแ„

แแ…

แแ†

แ‚แ€แแ‡

แ,แ€แˆแ€ ,แ…แˆแˆแ„,แ…แ…แ

แแˆ,แ…แ†แ… ,แ‰แแƒ แ„,แแ‰แ‚ ,แ‚แƒแƒ

แ‚แƒ,แˆแ„แƒ ,แ‚แˆแ…

แ‚แ†,แƒแ†แ† ,แ…แ‡แˆแแ†,แ‡แ…แƒ ,แ‰แ€แ†แ‚แ‡,แ‡แƒแ„ ,แแ…แ„

แ‰,แแ‰แ†แ‡แ€,แˆแ†แƒ ,แˆแƒแ„แ‰แ„,แ‡แ€แ‡ ,แแแ‰

แ…แ€แ€,แ€แ€แ€,แ€แ€แ€แƒแˆ,แ‰แ‚แ‰ ,แแ…แ€แ„แ€,แ„แ…แƒ ,แ…แƒแˆแ‡แ‰,แƒแˆแ‚ ,แ†แˆแˆ แ†,แ‡แ‡แ… ,แ†แ‚แ

แˆแ†,แแ…แˆ ,แƒแ€แ‰

- แ„,แ‡แˆแƒ ,แ‡แ‰แ† แ„,แ‡แˆแƒ ,แ‡แ‰แ†

แƒ,แ‚แ„แ€ ,แ‰แ‰แ‡ แ…แ‚แ„ ,แ€แแ‡

แƒ,แ‡แ†แ… ,แ€แแ„แ‰แ„,แ‡แ€แ‡ ,แแแ‰

แ‚แ€แแ†

แ‡แ‡แ‡,แƒแ…แ€แ„,แแ‰แƒ

แ‚แ…,แ…แƒแ‚,แƒแ„แƒ -

แ‚แ†,แƒแแƒ,แˆแˆแ†

แ‚แ†,แ‡แƒแ„,แƒแ‚แƒแƒ,แˆแ‡แˆ,แ‰แแ

แ‚แ„,แ‡แƒแˆ,แ€แ‚แ‰-

แ…แ…,แƒแ…แ,แ‚แ†แƒแˆแ,แ†แ†แ…,แแ„แ‰

แ…แ€แ€,แ€แ€แ€,แ€แ€แ€แƒแˆ,แ‰แ‚แ‰,แแ…แ€แ‚แˆ,แ†แ†แ,แ†แƒแ†แ†แ‡,แ…แ‰แ€,แ‡แˆแ†

แ…,แ‰แ‡แƒ,แ†แแ„แ‡แƒ,แ…แ†แ„,แ„แ€แ€

แƒแ€แƒ,แ€แ€แ€แ…,แแ‡แ,แ€แ„แ€แ…,แ„แ‡แ„,แ€แ„แ€

แ†แƒแ‰,แ‚แˆแ‚แ,แ‰แˆแ‡,แ„แ‚แ‡แ‚,แ†แ‚แ†,แ‡แ€แ‰

แˆแ,แ†แ†แ…,แแ„แ‰แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€กแ€ฑแ€•แš แ€™แ€แ€…แ€™แ€ฌแ€ธแ€€ แพแ€€แ€Šแ€•แ€ซแ‹

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

MYANMAR THILAWA SEZ 104

Page 106: report CONTENTS - MTSH

แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธ

แ€œแ€€แ€„แ€„แ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌ แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€‘แ€ฑแ€แ€ผแ‚•แ€€แ€„แ€แ€ผแ€šแแ€™แ€›แ€ฑแ€žแ€ฌแ€•แ€…แฅแ€Šแ€ธ แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€™แ‚ˆ

แ€œแ€€แ€„แ€„แ€ธแ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธ

แ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธ

แ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผแ€แ€ผแ€„แ€ปแ€•แ€™แ€แ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผ - แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ€œแ€„ แ€€แ€• แ,แ€แ€แ€แ€แ€ผแ€„แ€ปแ€•แ€™แ€แ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผ - แ€กแ€…แ€›แ€šแ€šแ€ฌ แ…แ€แ€,แ€แ€แ€,แ€แ€แ€ แ€…แ€‘แ€แ€ฑแ€แ€ฑแ€•แ€ธแ€žแ€ผแ€„แ€ธแฟแ€•แ€ธแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผแ€กแ€ปแ€™แ€แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ€œแ€€แ€„แ€„แ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€žแ€™แ€ฌแ€ธแ€‘แ€™ แ€…แ€›แ€”แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ

แ€œแ€€แ€„แ€„แ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€œแ€€แ€›แ‚แ€…แ€กแ€แ€ผแ€€ แ€กแ€แ€ผแ€”แ€ฑแ€•แ€ธแ€›แ€”แ€œแ€ฌแ€‘แ€ฌแ€ธแ€แ€€

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธ - แ€€แ€™แธแ€แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚”แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ - แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

แ€™แ€แ€…

แ†แ‡แˆแ‰

แแแแ‚

แแ…

แแ†

แ‚แ€แแ‡

แ„แƒแ„,แ‰แƒแ‰ แ„,แ…แ…แ

แแˆ,แ…แ†แ…,แ‰แแƒ แ‚แ„,แ€แ€แ€,แ€แ€แ€ แ„แƒ,แ€แ€แ…,แ„แ€แƒ

แแ‰,แ…แ‰แ„,แˆแ‡แ แแ…,แ…แแ„,แƒแ„แƒ แƒแ…,แแ€แ‰,แ‚แแ„ แ‡แˆ,แแแ„,แ†แแ‡

แ…แ€แ€,แ€แ€แ€,แ€แ€แ€

แƒแˆ,แ‰แ‚แ‰ ,แแ…แ€แƒแ‡,แƒแ…แ… ,แ‰แ‡แƒ

แ‡แ†,แ‚แˆแ…,แแ‚แƒ

--

แ,แƒแ€แ…,แ„แ‡แ‡ แ…แ‚แ„,แ€แแ‡ แ,แˆแ‚แ‰,แ„แ‰แ„ แ‡แˆ,แแแ„,แ†แแ‡

แ‚แ€แแ†

แ…แƒแ‰,แˆแ€แ‰แ„,แแ‰แƒ

แ‚แ…,แ…แƒแ‚,แƒแ„แƒแ‚แ„,แ€แ€แ€,แ€แ€แ€แ…แ€,แ€แ‡แ†,แƒแ„แ…

แแ‡,แˆแ€แˆ,แ‡แ„แแ‚,แƒแ€แ€,แƒแ‰แƒ

แ‚แ€,แแ€แ‰,แแƒแ„แ‡แ€,แแˆแ…,แ„แ‡แ‰

แ…แ€แ€,แ€แ€แ€,แ€แ€แ€แƒแˆ,แ‰แ‚แ‰,แแ…แ€แ‚แˆ,แ‡แ‡แ‚,แ€แ‰แˆแ†แ‡,แ‡แ€แ,แ‚แ„แˆ

แƒแ€แƒ,แ€แ€แ€แƒแ€แƒ,แ€แ€แ€

แแ‰แƒ,แˆแ€แ„แ,แ‰แˆแ‡,แ„แ‚แ‡แ‚,แแˆแ,แ‚แƒแ

แ‡แ€,แแˆแ…,แ„แ‡แ‰แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€กแ€ฑแ€•แš แ€™แ€แ€…แ€™แ€ฌแ€ธแ€€ แพแ€€แ€Šแ€•แ€ซแ‹

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

ANNUAL REPORT 2016 - 2017 105

Page 107: report CONTENTS - MTSH

แ€แ€„แ€ฑแ€„แ€ผแ€€แ€”แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€”แ€–แ€ธแ€กแพแ€€แ€™แ€ธแ€กแ€ปแ€™แ€

แ€กแ€ปแ€แ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€ปแ€แ€ฌแ€ธแ€กแ€ปแ€™แ€/ (แ€กแ€›แ‚ˆแ€ธ) แ€™แ€ฌแ€ธ

แ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ‚แ€„แ€ฑแ€…แ€ธแ€€แ€ผแ€€ แ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธแ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€…แ€›แ€แ€™แ€ฌแ€ธแ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ปแ€™แ€/ (แ€กแ€›แ‚ˆแ€ธ )แ€แ€ผแ€–แ€€แ€œแ€•แ€„แ€”แ€ธแ แ€แ€ผแ€ฑแ€แ€กแ€ปแ€™แ€แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€แ€ผแ€”แ€™แ€œแ€ฌแ€™ แ€กแ€ปแ€™แ€/ (แ€กแ€›แ‚ˆแ€ธ )แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€žแ€ฌแ€ธแ€แ€„ แ€กแ€ปแ€™แ€/ (แ€กแ€›แ‚ˆแ€ธ )แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ปแ€แ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€แ€ผแ€ฑแ€แแ€›แ€ฑแ€žแ€ฌแ€กแ€ปแ€™แ€แ€€แ€™แธแ€แแ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ€‘แ€”แ€ธแ€แ€•แ‚แ€„แ€™แ‚ˆแ€™แ€›แ€ฑแ€žแ€ฌแ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธแ€แ€ผแ€ฑแ€แแ€›แ€ฑแ€žแ€ฌ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€€แ€™แธแ€แแ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ€‘แ€”แ€ธแ€แ€•แ‚แ€„แ€™แ‚ˆแ€™แ€›แ€ฑแ€žแ€ฌแ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธแ€›แ€šแ€šแ€ฌแ€แ€…แ€ฑแ€…แ€ฌแ€„แ€™แ€›แ€ฑแ€„แ€ผ (แ€แ€…แ€ฑแ€…แ€ฌแ€„แ€œแ€„แ€แ€”แ€–แ€ธแ€€แ€•)แ€›แ€šแ€šแ€ฌแ€แ€…แ€ฑแ€…แ€ฌแ€„แ แ€กแ€ฑแ€ปแ€แ€แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€ แ‚แ€„ แ„แ€„แ€ธแแ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚” แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ - แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

แ€™แ€แ€…แแ‡แ‚แ€

แแˆแแ‰

แ‚แ€แ‚แ€

แˆ

แ‚แ‚

แ‚แ€แแ‡ แแ€,แ‚แ€แˆ,แ‡แ…แ€

(แ„,แ†แ‚แ€,แ„แ„แ‰) แ…,แ…แˆแˆ,แƒแ€แ

แ„แแ†,แ‡แ…แ† แƒ,แ‚แˆแ‰,แ…แ‚แˆ

(แแ€แ€,แƒแƒแ†)(แƒ,แ€แˆแˆ,แแ„แ‰)

แ†,แแ€แ†,แแ€แ€ แแ†,แ‡แ„แ„,แแแ„ แ‚แ‚,แˆแ…แ€,แ‚แแ„ (แ…แ‚แ„,แ€แแ‡) แ‚แ‚,แƒแ‚แ†,แแ‰แ‡ -

แ‚แ‚,แƒแ‚แ†,แแ‰แ‡

แ‚แ,แ…แ‚แ„,แแ‰แ€ แˆแ€แ‚,แ€แ€แ‡

แ‚แ,แ…แ‚แ„,แแ‰แ€ แˆแ€แ‚,แ€แ€แ‡

แ…แ…แƒ

แ‚แ€แแ† แ‚,แ‡แแ…,แ†แ‡แ† - แ‚,แ‡แแ…,แ†แ‡แ†

แ,แ€แแ‰,แ‰แ‡แˆ แ†,แ€แˆแ‚,แ…แˆแ†

(แ‚แแƒ,แˆแ‰แ„)(แ,แ‡แˆแ†,แ…แ†แ‡)

แ‡,แˆแแ‡,แ‡แ‡แ‰ แแ„,แ‡แ…แ‡,แ„แ„แ แ‚แ‚,แ…แ‡แ…,แ‚แ‚แ€

(แ,แ‰แ€แ‚,แ€แ…แ€) แ‚แ€,แ†แ‡แƒ,แแ‡แ€ -

แ‚แ€,แ†แ‡แƒ,แแ‡แ€

แ‚แ€,แ†แ‰แ‰,แ…แ…แ† (แ‚แ†,แƒแˆแ†)

แ‚แ€,แ†แ‰แ‰,แ…แ…แ† (แ‚แ†,แƒแˆแ†)

แ…,แƒแแ‡

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€กแ€ฑแ€•แš แ€™แ€แ€…แ€™แ€ฌแ€ธแ€€ แพแ€€แ€Šแ€•แ€ซแ‹

MYANMAR THILAWA SEZ 106

Page 108: report CONTENTS - MTSH

แ€แ€„แ€ฑแ€„แ€ผแ€กแ€ปแ€แ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€ปแ€แ€ฌแ€ธแ€กแ€ปแ€™แ€/ (แ€กแ€›แ‚ˆแ€ธ) แ€™แ€ฌแ€ธแ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€„แ€ฑแ€„แ€ผ

แ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ‚แ€„แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€›แ€ฌแ€ฑแ€–แ€ผแ€ฑแ€›แ€ธแ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธแ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€…แ€›แ€แ€™แ€ฌแ€ธแ€กแ€žแ€ฌแ€ธแ€แ€„ แ€กแ€ปแ€™แ€/ (แ€กแ€›แ‚ˆแ€ธ )แ€แ€ผแ€–แ€€แ€œแ€•แ€„แ€”แ€ธแแ€กแ€ปแ€™แ€แ€แ€ผแ€ฑแ€แ€ปแ€แ€„แ€ธแ€กแ€แ€ผแ€”แ€™แ€œแ€ฌแ€™แ€กแ€žแ€ฌแ€ธแ€แ€„ แ€กแ€ปแ€™แ€/ (แ€กแ€›แ‚ˆแ€ธ)แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€žแ€ฌแ€ธแ€แ€„ แ€กแ€ปแ€™แ€/ (แ€กแ€›แ‚ˆแ€ธ)แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ปแ€แ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€›แ€šแ€šแ€ฌแ€แ€…แ€ฑแ€…แ€ฌแ€„แ แ€แ€„แ€ฑแ€„แ€ผ(แ€แ€…แ€ฑแ€…แ€ฌแ€„แ€œแ€„แ€แ€”แ€–แ€ธแ€€แ€•)แ€›แ€šแ€šแ€ฌแ€แ€…แ€ฑแ€…แ€ฌแ€„แแ€กแ€ฑแ€ปแ€แ€แ€แ€„แ€ฑแ€„แ€ผ

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€›แ€„แ€ธแ€แ€™แ€ธ - แ€€แ€™แธแ€แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚” แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ - แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

แ€™แ€แ€…แแ‡แแˆแแ‰

แ‚แ€แ‚แ€

แˆ

แ‚แ‚

แ‚แ€แแ‡ แ,แ‰แ€แ,แแ†แ‰ แ‚แ…แ‚,แ†แแ แ‚,แ†แแ,แˆแ‰แ… แ„,แ‡แ†แ…,แ†แ‡แ…

(แ‰แ€,แ†แ‡แ‚ ) (แ‚,แ…แ‡แˆ,แ‰แƒแ‡ )

แ‚,แ€แ‰แ†,แ€แ†แ† แแ†,แ‡แ„แ„,แแแ„ แแˆ,แˆแ„แ€,แแˆแ€

(แ…แ‚แ„,แ€แแ‡ ) แแˆ,แƒแแ†,แแ†แƒ -

แแˆ,แƒแแ†,แแ†แƒ

แ„แ‡แ

แ‚แ€แแ† แ‚,แ‡แแ…,แ†แ‡แ† แˆแ†แ„,แ‡แˆแ† แ†,แแƒแ€,แแ‰แ‡ แ‰,แ‡แแ€,แ†แ…แ‰

(แ‚แแ,แแ‰แƒ) (แ,แ…แ„แ‰,แ‡แ…แ‰)

แ‡,แ‰แ„แ‰,แ‡แ€แ‡ แแ„,แ‡แ…แ‡,แ„แ„แ แ‚แ‚,แ‡แ€แ‡,แแ„แˆ

(แ,แ‰แ€แ‚,แ€แ…แ€) แ‚แ€,แˆแ€แ…,แ€แ‰แˆ

- แ‚แ€,แˆแ€แ…,แ€แ‰แˆ

แ…,แƒแ„แ„

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€กแ€ฑแ€•แš แ€™แ€แ€…แ€™แ€ฌแ€ธแ€€ แพแ€€แ€Šแ€•แ€ซแ‹

ANNUAL REPORT 2016 - 2017 107

Page 109: report CONTENTS - MTSH

แ‚แ€แแ†

แ€แ‚แ€…

แŠ แ€งแฟแ€•

(แ)แ€›

แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€–

แ€ผแ€„แ€œแ€€

แ€€แ€”

แ‚แ€…แ€ก

แ€แ€ผแ€„แ€ธ

แ€กแ€ปแ€™แ€

แ‚แ€…

แ€กแ€

แ€ผแ€„แ€ธ แ€ก

แ€ปแ€แ€ฌแ€ธแ€

แ€„แ€ฑแ€„แ€ผแ€ก

แ€œแ€ธแ€…

แ‚แ€…

แ€กแ€

แ€ผแ€„แ€ธ แ€…

แ€…แ€ฑแ€•แ€ซ

แ€„แ€ธแ€แ€„

แ€ฑแ€„แ€ผแ€ก

แ€œแ€ธแ€…

แ€กแ€…แ€›

แ€šแ€š

แ€ฌแ€‘แ€

แ€ฑแ€แ€ปแ€แ€„

แ€ธ (10

for 1

shar

e)แ‚แ€

แแ… แ€

แ‚แ€…แ€ก

แ€แ€ผแ€€

แ€กแ€ปแ€™แ€

แ€ฑแ€แ€…แ€ฑ

แ€•แ€ธแ€ฑแ€„

แ€ผ แ‚แ€

แแ‡ แ€™

แ€แ€œ

(แƒแ)

แ€›แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€•

แ€แ€œ

แ€€แ€€

แ€”แ‚แ€

แแ… แ€

แ‚แ€…แŠ แ€ง

แฟแ€• (แ

)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€–แ€ผแ€„แ€œ

แ€€แ€€

แ€”แ‚แ€…

แ€กแ€

แ€ผแ€„แ€ธ แ€ก

แ€ปแ€™แ€

แ‚แ€…แ€ก

แ€แ€ผแ€„แ€ธ

แ€กแ€ปแ€แ€ฌ

แ€ธแ€แ€„แ€ฑ

แ€„แ€ผแ€กแ€œ

แ€ธแ€…

แ‚แ€…แ€ก

แ€แ€ผแ€„แ€ธ

แ€…แ€…แ€ฑ

แ€•แ€ซแ€„แ€ธ

แ€แ€„แ€ฑแ€„

แ€ผแ€กแ€œ

แ€ธแ€…

แ€กแ€…แ€›

แ€šแ€š

แ€ฌแ€™แ€ฌแ€ธ

แ€‘แ€

แ€ฑแ€แ€ปแ€แ€„

แ€ธแ‚แ€

แแ„ แ€

แ‚แ€…แ€ก

แ€แ€ผแ€€

แ€กแ€ปแ€™แ€

แ€ฑแ€แ€…แ€ฑ

แ€•แ€ธแ€ฑแ€„

แ€ผ แ‚แ€

แแ† แ€™

แ€แ€œ

(แƒแ)

แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€•แ€

แ€œแ€€

แ€€แ€”

แ€ปแ€™แ€”แ€™

แ€ฌแ€žแ€œ

แ€แ€ซ แ€ก

แ€€(แ€…

)แ€กแ€ธแ€‡

แ€€ แ€Ÿ

แ€ธ(แ€œ)แ€’

แ€„แ€ธ(แ€…

) แ€•แ€

แ€˜แ€œ

แ€…แ€œแ€™แ€

แ€€ แ‚

แ€„ แ„แ€„

แ€ธแแ€œ

แ€€แ€ฑแ€ก

แ€ฌแ€€แ€แ€€

แ€™แธแ€

แ€กแ€…แ€›

แ€„แ€™แ€ฌแ€ธ

แ แ€•

แ€„แ€†แ€„แ€

แ€ผแ€„แ€™แ€ฌแ€ธ

แ€ฑแ€ปแ€•

แ€ฌแ€„แ€ธแ€œ

แ€™แ‚ˆแ€›แ€„แ€ธ

แ€แ€™แ€ธ

แ€ฑแ€•แ€ซแ€„

แ€ธแ€แ€•

แ‚แ€

แแ‡ แ€

แ‚แ€…แŠ แ€™

แ€แ€œ

(แƒแ)

แ€›แ€€

แ€ฑแ€”แ‚” แ€€

แ€”แ€†แ€ธแ€ฑ

แ€žแ€ฌแ‚

แ€…แ€กแ€

แ€ผแ€€

แ€ฑแ€„แ€ผแ€ฑแพแ€€

แ€ธ - แ€ปแ€™

แ€”แ€™แ€ฌแ€€

แ€•แ€ฑแ€„แ€ผ(

แ€€แ€•แ€ฑ

แ€‘แ€ฌแ€„

แ€ฑแ€•แ€ซแ€„

แ€ธ)

แ€›แ€šแ€š

แ€ฌแ€กแ€ฑแ€›

แ€กแ€

แ€ผแ€€แ€™

แ€ฌแ€ธ

แƒ,แˆ

แ‰แ‚,แ‰

แแ…

-

-

แƒ,แˆ

แ‰แ‚,แ‰

แแ…

แƒแ…,

แ€แƒแ†,

แ‚แƒแ…

-

แƒแˆ

,แ‰แ‚แ‰

,แแ…แ€

แƒ,แˆแ‰

แ‚,แ‰แ

แ…

-

-

แƒ,

แˆแ‰แ‚,

แ‰แแ…

-

-

แƒ,แˆ

แ‰แ‚,แ‰

แแ…

แ€‘

แ€แ€ฑแ€

แ€ฑแ€•แ€ธแ€ž

แ€ผแ€„แ€ธแฟแ€•

แ€ธ แ€›แ€„แ€ธ

แ‚แ€ธแ€ฑแ€„

แ€ผ แ€€แ€•

แƒแˆ,แ‰

แ‚แ‰,แ

แ…แ€

-

- แƒ

แˆ,แ‰แ‚

แ‰,แแ…

แ€

-

-

แƒแˆ

,แ‰แ‚แ‰

,แแ…แ€

แƒ

แˆ,แ‰แ‚

แ‰,แแ…

แ€

-

-

แƒแˆ,

แ‰แ‚แ‰,

แแ…แ€

-

-

แƒแˆ,แ‰

แ‚แ‰,แ

แ…แ€

แ€‘แ€”แ€ธ

แ€แ€•

แ‚แ€„แ€™แ‚ˆแ€™

แ€›แ€ฑแ€ž

แ€ฌ แ€•แ€„

แ€†แ€„แ€ž

แ€™แ€ฌแ€ธ

แ€€แ€•

แ…,แ‰

แ‡แƒ,แ†

แแ„

แˆ

แ€แ‚,แ€

แ€แ‡

-

แ†

,แ‡แ‡แ…

,แ†แ‚แ

-

-

แ†

,แ‡แ‡แ…

,แ†แ‚แ

-

(แ‚แ†,

แƒแˆแ†)

-

(แ‚แ†

,แƒแˆแ†

)

แ†,แ€แ€

แ€,แ€แ€

แ€

-

แ…,แ‰

แ‡แƒ,แ†

แแ„

แ€กแ€ปแ€™

แ€แ€œ

แ€€แ€€

แ€”แ€™

แ€ฌแ€ธ

แ€€แ€•

แ‚แˆ,

แ†แ†แ,

แ†แƒแ†

แ‚

แ,แ…แ‚

แ„,แแ‰

แ€

-

แ…แ€,

แแˆแ…,

แˆแ‚แ†

-

(แ‰,แ‡

แƒแ‚,แ‚

แˆแˆ)

แ„

แ€,แ„แ…

แƒ,แ…แƒ

แˆ

แ

แ…,แ‡แ„

แ‡,แ‰แ

แ€

แ‚

แ€,แ†แ‰

แ‰,แ…แ…

แ†

-

แƒแ†,

แ„แ„แ‡,

แ„แ†แ†

-

(แ‡

,แ‡แˆแ…

,แˆแƒแ€

)

แ‚

แˆ,แ†แ†

แ,แ†แƒ

แ†

แ€…แ€…แ€ฑแ€•

แ€ซแ€„แ€ธ

แ€€แ€•

แ‡

แƒ,แ…แ†

แ„,แ„แ€

แ€

แ‚แ‚,

แƒแ‚แ†,

แแ‰แ‡

-

แ‰แ…,

แˆแ‰แ€,

แ…แ‰แ‡

-

(แ‰

,แ‡แƒแ‚

,แ‚แˆแˆ

) แˆ

แ†,แแ…

แˆ,แƒแ€

แ‰

แ…แ„,แ†

แ‡แ‡,แ€

แ†แ€

แ‚แ€,แ†

แ‡แƒ,แ

แ‡แ€

-

แ‡แ…,แƒ

แ…แ€,แ‚

แƒแ€

แ†,แ€

แ€แ€,แ€

แ€แ€

(แ‡

,แ‡แˆแ…

,แˆแƒแ€

) แ‡แƒ

,แ…แ†แ„

,แ„แ€แ€

WIN

AUN

GCh

airm

an, M

TSH

THEI

N HA

NM

anag

ing

Dire

ctor

, MTS

HW

UI H

UA T

ANCh

ief F

inan

cial O

ffice

rTU

N LW

INM

anag

ing

Dire

ctor

, TPD

* M

TSH

= M

yanm

ar T

hilaw

a SE

Z Ho

ldin

gs P

ublic

Lim

ited

*

TPD

= Th

ilawa

Pro

perty

Dev

elopm

ent L

imite

d

แ€˜แ‚‘

แ€ฌแ€ฑแ€›แ€ธ

แ€›แ€„แ€ธแ€

แ€™แ€ธแ€™แ€ฌ

แ€ธแ€ฑแ€•แ€ซ

แ€„แ€ธแ€

แ€•แ€กแ€ฑแ€•

แš แ€™แ€

แ€…แ€™แ€ฌแ€ธ

แ€€ แพแ€€

แ€Šแ€•แ€ซ

แ‹

MYANMAR THILAWA SEZ 108

Page 110: report CONTENTS - MTSH

แ‚แ€แแ† แ€แ‚แ€…แŠ แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ปแ€™แ€แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ปแ€แ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ‚แ€แแ… แ€แ‚แ€…แ€กแ€แ€ผแ€€ แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€ฑแ€•แ€ธแ€ฑแ€„แ€ผแ‚แ€แแ‡ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€œแ€€แ€€แ€”แ‚แ€แแ… แ€แ‚แ€…แŠ แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ปแ€™แ€แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€ปแ€แ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ‚แ€แแ„ แ€แ‚แ€…แ€กแ€แ€ผแ€€ แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€ฑแ€•แ€ธแ€ฑแ€„แ€ผแ‚แ€แแ† แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€œแ€€แ€€แ€”

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ แ€•แ€„แ€†แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธ - แ€€แ€™แธแ€แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚” แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ - แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

แ€‘แ€แ€ฑแ€แ€ฑแ€•แ€ธแ€žแ€ผแ€„แ€ธแฟแ€•แ€ธ แ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผ

แƒแˆ,แ‰แ‚แ‰,แแ…แ€--

แƒแˆ,แ‰แ‚แ‰,แแ…แ€ -

แƒแˆ,แ‰แ‚แ‰,แแ…แ€ แƒแˆ,แ‰แ‚แ‰,แแ…แ€

- -

แƒแˆ,แ‰แ‚แ‰,แแ…แ€ -

แƒแˆ,แ‰แ‚แ‰,แแ…แ€

แ€กแ€ปแ€™แ€แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ‚แˆ,แ‡แ‡แ‚,แ€แ‰แˆ แแˆ,แƒแแ†,แแ†แƒ

- แ„แ‡,แ€แˆแˆ,แ‚แ†แ

(แ‰,แ‡แƒแ‚,แ‚แˆแˆ) แƒแ‡,แƒแ…แ…,แ‰แ‡แƒ

แแ…,แ‡แ…แ‚,แˆแƒแ€ แ‚แ€,แˆแ€แ…,แ€แ‰แˆ

- แƒแ†,แ…แ…แ‡,แ‰แ‚แˆ

(แ‡,แ‡แˆแ…,แˆแƒแ€) แ‚แˆ,แ‡แ‡แ‚,แ€แ‰แˆ

แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ

แ†แ‡,แ‡แ€แ,แ‚แ„แˆ แแˆ,แƒแแ†,แแ†แƒ

- แˆแ†,แ€แแ‡,แ„แแ (แ‰,แ‡แƒแ‚,แ‚แˆแˆ) แ‡แ†,แ‚แˆแ…,แแ‚แƒแ…แ„,แ†แˆแ,แ‰แˆแ€

แ‚แ€,แˆแ€แ…,แ€แ‰แˆ -แ‡แ…,แ„แˆแ‡,แ€แ‡แˆ

(แ‡,แ‡แˆแ…,แˆแƒแ€) แ†แ‡,แ‡แ€แ,แ‚แ„แˆ

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€กแ€ฑแ€•แš แ€™แ€แ€…แ€™แ€ฌแ€ธแ€€ แพแ€€แ€Šแ€•แ€ซแ‹

ANNUAL REPORT 2016 - 2017 109

Page 111: report CONTENTS - MTSH

แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€”แ€™แ‚แ‚ˆแ€แ€™ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€กแ€ปแ€™แ€ / (แ€กแ€›แ‚ˆแ€ธ)แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌ แ€€แ€€แ€Šแ€ฑแ€›แ€ธแ€†แ€ผแ€แ€€แ€™แ€ฌแ€ธ-แ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€‘แ€ฑแ€แ€ผแ‚”แ€€แ€„แ€แ€ผแ€šแแ€™แ€›แ€ฑแ€žแ€ฌ แ€•แ€…แฅแ€Šแ€ธ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ€แ€ผแ€–แ€€แ€œแ€•แ€„แ€”แ€ธแ แ€กแ€ปแ€™แ€แ€กแ€ฌแ€ธ แ€กแ€แ€ธแ€ปแ€–แ€„ แ€แ€ผแ€ฑแ€แ€ปแ€แ€„แ€ธแ€œแ€Šแ€œแ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€แ€„แ€แ€„แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€กแ€ปแ€™แ€/( แ€กแ€›แ‚ˆแ€ธ)แ€œแ€Šแ€œแ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€ฌแ€ธแ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€žแ€™แ€ฌแ€ธแ€‘แ€™ แ€…แ€›แ€”แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€แ€”แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€† แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€œแ€€แ€›แ‚แ€…แ€กแ€แ€ผแ€€ แ€กแ€แ€ผแ€”แ€œแ€ฌแ€‘แ€ฌแ€ธแ€แ€€แ€แ€šแ€žแ€™แ€ฌแ€ธแ€‘แ€™แพแ€€แ€แ€„แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธ(แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆ) / แ€…แ€ธแ€แ€„แ€™แ‚ˆแ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ€ฑแ€•แ€ธแ€žแ€ผแ€„แ€ธแ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธ(แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆ) / แ€…แ€ธแ€แ€„แ€™แ‚ˆแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€™แ‚ˆแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€แ€šแ€šแ€™แ‚ˆแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€ปแ€แ€„แ€ธแ€™แ€›แ€ฑแ€„แ€ผแ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€‘แ€™ แ€กแ€ปแ€™แ€แ€ฑแ€แ€… แ€›แ€›แ€ฑแ€„แ€ผแ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€™แ€›แ€šแ€šแ€ฌแ€แ€šแ€šแ€™แ‚ˆแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€›แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธ(แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆ)/แ€…แ€ธแ€แ€„แ€™แ‚ˆ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ€žแ‚” แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€ฑแ€•แ€ธแ€ฑแ€„แ€ผแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€›แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธ(แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆ) / แ€…แ€ธแ€แ€„แ€™แ‚ˆแ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€กแ€žแ€ฌแ€ธแ€แ€„แ€กแ€แ€ธ / (แ€กแ€ฑแ€œแ€ฌ)แ‚แ€…แ€…แ€› แ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ‚แ€…แ€†แ€ธแ€› แ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…)แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ‚แ€„ แ„แ€„แ€ธแแ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚” แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ - แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

แ€™แ€แ€…

แแแแ

แ‚แ€แแ‡

แ‚แ‚,แˆแ…แ€,แ‚แแ„

แ‚แ‚แ,แ‚แ…แ€ แ,แ€แ‰แ‰ แ‚แ‰,แ‰แ‰แ€

(แแ†,แ‡แ„แ„,แแแ„) แ†,แƒแ…แˆ,แ„แƒแ‰

แ,แแ‰แ†,แƒแƒแ€ (แƒแ€แƒ,แ€แ€แ€) (แ‡,แ‚แ€แ‰,แ„แ‚แ„) (แ‰,แแ‰แ†)

แ‚,แ‚แ†แ‰,แ‡แƒแƒ (แ,แแ‚แˆ,แ‚แ†แ‡) (แƒแˆแ‡,แ‚แ„แ„)

แ‡แˆแ‡,แƒแ‡แ (แˆแ…แ‰,แแ…แ‰) (แ‡แ,แ‡แˆแˆ)

(แ…แƒแ„,แˆแ†แ‰) -

แ‰,แ‰แ‡แ,แ‚แ€แ€ -

แ‰,แ„แƒแ†,แƒแƒแ

(แ‰,แ‡แƒแ‚,แ‚แˆแˆ) (แ‰,แ‡แƒแ‚,แ‚แˆแˆ) (แƒแ†แ‡,แ‡แ„แ…) แ‚แ†,แ‡แƒแ„,แƒแ‚แƒ แ‚แ†,แƒแ†แ†,แ…แ‡แˆ

แ‚แ€แแ†

แ‚แ‚,แ…แ‡แ…,แ‚แ‚แ€

แˆแ‡,แˆแ€แ แ†แ‰แ€ แ,แ€แ‡แ„ (แแ„,แ‡แ…แ‡,แ„แ„แ) แ‡,แ‰แ€แ‡,แƒแ„แ„

(แ,แแแ‚,แƒแˆแ†)(แƒแ,แแ€แ€)

(แˆ,แ„แˆแƒ,แ€แ„แ†) -

(แ,แแ€แƒ,แ„แƒแˆ)(แƒแ†,แ‰แ‰แ„)

แ…,แแ‡แ,แ€แ„แ€ แ‚,แƒแแ,แ„แ‚แ€

(แ…แˆแ†,แ†แƒแ€) แ,แ‡แ‚แ„,แ‡แ‰แ€

(แ…แ†แ…,แ„แแ‚) แ†แ€แ€ แแ„,แƒแ„แ‡,แƒแ‡แƒ

แ†,แ€แ€แ€,แ€แ€แ€ แแ‰,แ‡แˆแ‚,แ…แ†แ

(แ‡,แ‡แˆแ…,แˆแƒแ€)(แ‡,แ‡แˆแ…,แˆแƒแ€)

แแƒ,แ‡แ‚แ,แ…แ‚แ แแƒ,แ€แแ‚,แˆแ€แ‚ แ‚แ†,แ‡แƒแ„,แƒแ‚แƒ

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€กแ€ฑแ€•แš แ€™แ€แ€…แ€™แ€ฌแ€ธแ€€ แพแ€€แ€Šแ€•แ€ซแ‹

MYANMAR THILAWA SEZ 110

Page 112: report CONTENTS - MTSH

แ€™แ€แ€…

แแแแ

แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€”แ€™แ‚แ‚ˆแ€แ€™ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€กแ€ปแ€™แ€/ (แ€กแ‚แ‚ˆแ€ธ)แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌ แ€€แ€€แ€Šแ€ฑแ€›แ€ธแ€†แ€ผแ€แ€€แ€™แ€ฌแ€ธ-แ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€‘แ€ฑแ€แ€ผแ‚•แ€€แ€„แ€แ€ผแ€šแแ€™แ€›แ€ฑแ€žแ€ฌ แ€•แ€…แฅแ€Šแ€ธแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ€แ€ผแ€–แ€€แ€œแ€•แ€„แ€”แ€ธแ แ€กแ€ปแ€™แ€แ€กแ€ฌแ€ธ แ€กแ€แ€ธแ€ปแ€–แ€„ แ€แ€ผแ€ฑแ€แ€ปแ€แ€„แ€ธแ€œแ€Šแ€œแ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€แ€„แ€แ€„แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€ แ€กแ€ปแ€™แ€/( แ€กแ€›แ‚ˆแ€ธ)แ€œแ€Šแ€œแ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€ฌแ€ธแ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€žแ€™แ€ฌแ€ธแ€‘แ€™ แ€…แ€›แ€”แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€œแ€€แ€›แ‚แ€…แ€กแ€แ€ผแ€€ แ€กแ€แ€ผแ€”แ€œแ€ฌแ€‘แ€ฌแ€ธแ€แ€€แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธ(แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆ) / แ€…แ€ธแ€แ€„แ€™แ‚ˆแ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ€ฑแ€•แ€ธแ€žแ€ผแ€„แ€ธแ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธ(แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆ) / แ€…แ€ธแ€แ€„แ€™แ‚ˆแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€™แ‚ˆแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€แ€šแ€šแ€™แ‚ˆแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€ปแ€แ€„แ€ธแ€™แ€›แ€ฑแ€„แ€ผแ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€™ แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€›แ€ฑแ€„แ€ผแ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€™แ€›แ€šแ€šแ€ฌแ€แ€šแ€šแ€™แ‚ˆแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€™แ‚ˆแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€™แ€ฌแ€ธแ€กแ€›แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธ(แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆ)/ แ€…แ€ธแ€แ€„แ€™แ‚ˆแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ€žแ‚” แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€ฑแ€•แ€ธแ€ฑแ€„แ€ผแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€›แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธ(แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆ) / แ€…แ€ธแ€แ€„แ€™แ‚ˆแ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€กแ€žแ€ฌแ€ธแ€แ€„แ€กแ€แ€ธ/(แ€กแ€ฑแ€œแ€ฌ)แ‚แ€…แ€…แ€› แ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ‚แ€…แ€†แ€ธแ€› แ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…)แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธ - แ€€แ€™แธแ€แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚” แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ - แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

แ‚แ€แแ‡

แแˆ,แˆแ„แ€,แแˆแ€

แแ‚แ‚,แ…แ‰แ แ,แ€แ‰แ‰ แ‚แ‰,แ‚แ‚แ‡

(แแ†,แ‡แ„แ„,แแแ„) แ‚,แ‚แ„แˆ,แ‰แˆแƒ

แ‡แ€แ€,แƒแˆแ‚ (แƒแ€แƒ,แ€แ€แ€) แ,แแแ,แ†แ‡แƒ

(แ,แแ‚แˆ,แ‚แ†แ‡) แ‚,แ†แ‚แ‰,แ‡แ‡แ (แˆแ…แ‰,แแ…แ‰) แ,แ‡แ‡แ€,แ†แแ‚

(แ‚แ‚แƒ,แƒแ‰แ„) -

แ‰,แ‰แ‡แ,แ‚แ€แ€ -

แ‰,แ‡แ„แ‡,แˆแ€แ†

(แ‰,แ‡แƒแ‚,แ‚แˆแˆ) (แ‰,แ‡แƒแ‚,แ‚แˆแˆ) แ,แ‡แˆแ†,แแƒแ€

แแ‡,แˆแ€แˆ,แ‡แ„แ แแ‰,แ…แ‰แ„,แˆแ‡แ

แ‚แ€แแ†

แ‚แ‚,แ‡แ€แ‡,แแ„แˆ

แˆแ…,แ…แˆแƒ แ†แ‰แ€ แ,แ€แ‡แ„

(แแ„,แ‡แ…แ‡,แ„แ„แ) แˆ,แ€แƒแ‡,แ€แ…แ„

(แ†,แ‡แ†แ,แ„แ‰แ‚)(แƒแ,แแ€แ€)

(แ‰แ†แ‚,แ†แ…แ†)(แƒแ†,แ‰แ‰แ„)

แ‚แ„แ„,แˆแแ‚(แ…แˆแ†,แ†แƒแ€)(แƒแ„แ,แˆแแˆ)

(แƒแ‚แ…,แ†แ…แ‚) แ†แ€แ€

แแ„,แƒแ„แ‡,แƒแ‡แƒ(แ,แ€แ‰แˆ,แ‡แƒแ„)

แแ‚,แ‰แ‚แƒ,แ…แˆแ‡

(แ‡,แ‡แˆแ…,แˆแƒแ€)(แ‡,แ‡แˆแ…,แˆแƒแ€)

แ„,แ‡แ‰แ…,แ‰แƒแ‰ แแƒ,แ€แแ‚,แˆแ€แ‚ แแ‡,แˆแ€แˆ,แ‡แ„แ

WIN AUNGChairman, MTSH

THEIN HANManaging Director, MTSH

WUI HUA TANChief Financial Officer

TUN LWINManaging Director, TPD

* MTSH = Myanmar Thilawa SEZ Holdings Public Limited * TPD = Thilawa Property Development Limited

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€กแ€ฑแ€•แš แ€™แ€แ€…แ€™แ€ฌแ€ธแ€€ แพแ€€แ€Šแ€•แ€ซแ‹

ANNUAL REPORT 2016 - 2017 111

Page 113: report CONTENTS - MTSH

แ€กแ€ฑแ€‘แ€ผแ€ฑแ€‘แ€ผ

แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€€แ€”แ‚”แ€žแ€แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€… แ€œแ€™แ€แ€€ (แ€€แ€™แธแ€) แ€€ แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€ฑแ€แ€ฌแŒ แ‚แ€แแƒ แ€แ‚แ€…แŠ แ€ฑแ€™แ€œ (แƒ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€กแ€€แ€ฅแ€•แ€ฑแ€’แ€กแ€› แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹

Class A Project แ€กแ€ฌแ€ธ แ€›แ€„แ€ธแ‚แ€ธแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€แ€„แ€ธแŠ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€„แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€œแ€•แ€€แ€„แ€œแ€Šแ€•แ€แ€ปแ€แ€„แ€ธ แ€กแ€œแ‚”แ€„แ€ฌ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€แ€€ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€›แ€ธ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€กแ€› แ€คแ€€แ€™แธแ€แ‚แ€„ MMST LLP (MMS Thilawa Limited Liability Partnership) แ€แ‚”แ€กแพแ€€แ€ฌแ€ธ แ€”แ€ฌแ€ธแ€œแ€Šแ€™แ‚ˆแ€™แ€แ€แ€™แ€ธแ€žแ€แ€แ€œแ‚Šแ€ฌแ€แ€…แ€›แ€•แ€€ แ‚แ€แแƒ แ€แ‚แ€…แŠ แ€ฑแ€™แ€œ (แ‚แ†) แ€›แ€€แ€ฑแ€”แ‚”แŒ แ€œแ€€แ€™แ€แ€ฑแ€›แ€ธแ€‘แ€ธแ€แพแ€€แ€•แ€ซแ€žแ€Šแ‹

Class A Project แ€กแ€ฌแ€ธ แ€›แ€„แ€ธแ‚แ€ธแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€แ€„แ€ธแŠ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€„แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€œแ€•แ€€แ€„แ€œแ€Šแ€•แ€แ€ปแ€แ€„แ€ธแ€กแ€œแ‚”แ€„แ€ฌ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€แ€€ แ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€คแ€€แ€™แธแ€แ€žแ€Š แ€žแ€œแ€แ€ซ SMC (Thilawa SEZ Management Committee) แ‚แ€„ MMSTD (MMS Thilawa Development Company Limited) แ€แ‚”แ€žแ€Š แ‚แ€แแƒ แ€แ‚แ€…แŠ แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌแ€œ (แ‚แ‰) แ€›แ€€แ€ฑแ€”แ‚”แŒ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€กแ€ฌแ€ธ แ€แ€•แ€†แ€แ€„แ€ฑแ€›แ€ฌแ€€แ€แพแ€€แ€•แ€ซแ€žแ€Šแ‹ แ€šแ€„แ€ธแ€–แ€€แ€…แ€•แ€€แ€™แธแ€แ€€ แ€ปแ€™แ€”แ€™แ€ฌแ€‚แ€•แ€”แ€žแ€œแ€แ€ซ แ€’แ€แ€•แ€ฑแ€œแ€ฌแ€™แ€„ (MJTD) แ€กแ€ปแ€–แ€… แ€–แ€ผแ‚”แ€…แ€Šแ€ธแ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹

แ€กแ€แ‚•แ€ฑแ€žแ€ฌ แ‚€แ€€แ€แ€„แ€žแ€แ€™แ€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€ปแ€–แ€Šแ€†แ€Šแ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แฟแ€•แ€ธแ€ปแ€แ€„แ€ธแ€กแ€ฑแ€•แšแ€™แ€แ€Šแ€œแ€€แŠ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€กแ€›แŠ แ€คแ€€แ€™แธแ€แ€€ แ€€แ€”แ€ฆแ€ธแ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€–แ€€แ€…แ€•แ€€แ€™แธแ€แแ€›แ€šแ€šแ€ฌแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ„แ% แ€กแ€แ€ธแ€ปแ€–แ€…แ€ฑแ€žแ€ฌ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธUS$ แ…แ€,แ€แ€แ€,แ€แ€แ€ แ€€ แ€‘แ€Šแ€แ€„แ€แ€•แ€ซแ€žแ€Šแ‹

แ€คแ€€แ€™แธแ€แ แ€กแ€“แ€€ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ Class A Project แ€กแ€ฌแ€ธ แ€›แ€„แ€ธแ‚แ€ธแ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€แ€„แ€ธแŠ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€„แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ€แ‚”แ€€ แ€แ€ฌแ€แ€”แ€š แ€œแ€•แ€€แ€„แ€™แ€Š แ€–แ€€แ€…แ€•แ€€แ€™แธแ€แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€€แ€ฌ แ€šแ€„แ€ธแ แ€…แ€™แ€กแ€•แ€แ€•แ€™แ‚ˆแ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธ Class A Properties แ€กแ€ฌแ€ธ แ€ปแ€™แ€”แ€™แ€ฌแ€†แ€€แ‚แ€ผแ€šแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€‘ แ€แ€…แ€ฆแ€ธแ€แ€Šแ€ธแ€ฑแ€žแ€ฌแ€ฑแ€กแ€ธแ€‚แ€„แ€กแ€ปแ€–แ€… แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€„ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‚แ€„ Class A Properties แ€กแ€ฌแ€ธ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€™แ€†แ€€แ‚แ€ผแ€šแ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแŠ แ€žแ‚”แ€™แ€Ÿแ€ แ€‚แ€•แ€”แ‚แ€„ แ€™แ€†แ€€แ‚แ€ผแ€šแ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€žแ‚” แ€‚แ€•แ€”แ€•แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€€แ€ฌแ€•แ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€กแ€–แ€ผแ‚•แ€™ แ€กแ€–แ€ผแ‚•แ€แ€„แ€™แ€ฌแ€ธแ€ปแ€–แ€„แ€œแ€€แ€แ€ผแ€€แ€ฌ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€แ€„ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€€แฝแ€ผแ‚แ€•แ€แ‚”แ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€™แ€ฌแ€ธแ€€ แŽแ€แ‚”แ แ€†แ€„แ€ปแ€แ€„แ€แ€แ€›แ€ฌแ€ธแ€กแ€› แ€†แ€ธแ€ปแ€–แ€แ€€แ€ฌ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡ (Class A Area แ€™แ€กแ€•) แ€žแ‚”แ€™แ€Ÿแ€ แŽแ แ€™แ€Šแ€žแ€Šแ€กแ€…แ€แ€กแ€•แ€„แ€ธแ€แ€ผแ€„แ€™แ€† แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€™แ‚ˆแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ปแ€แ€„แ€ธแ‹

แ€€แ€™แธแ€แ‚แ€„แ€•แ€แ€žแ€€แ แ€‘แ€•แ€™แ€žแ€›แ€œแ€ฑแ€žแ€ฌแ€กแ€แ€€แ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ‚แ€แแ„ แ€แ‚แ€…แŠ แ€ฑแ€–แ€ฑแ€–แ€ฌแ€แ€ซแ€›แ€œ (แ‚แ‡) แ€›แ€€แ€…แ€ผแ€•แ€ซ แ€€แ€™แธแ€แ แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌ แ€Šแ‚Šแ€”แ€ธแ€แ€™แ€ธแ€€ แพแ€€แ€Šแ€›แ‚ˆแ‚แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€™แ€แ€•แ€แ€„แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€€แ€™แธแ€แแ€œแ€•แ€…แ€ฌแ€žแ€Š แ€ปแ€•แ€Šแ€ฑแ€‘แ€ฌแ€„แ€…แ€žแ€™แผแ€แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€ฑแ€แ€ฌแŠ แ€›แ€”แ€€แ€”แฟแ€™แ‚•แŠ แ€œแ€™แ€ธแ€™แ€ฑแ€แ€ฌแฟแ€™แ‚•แ€”แ€šแŠ UMFCCI แ€แ€ฌแ€แ€ซแŠ แ€™แ€„แ€ธแ€›แ€ฑแ€€แ€ฌแ€…แ€ผแ€ฌแ€œแ€™แ€ธแŠ แ€กแ€™แ€(แ‚แ‰) แ€แ€ผแ€„ แ€แ€Šแ€›แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€™แธแ€แ€™แ€แ€•แ€แ€„แ€žแ€€แ€แ€™แ€ธแ€™แ€ฌ (แ…) แ‚แ€…แ€ปแ€–แ€…แ แ‚แ€แแˆ แ€แ‚แ€…แŠ แ€ฑแ€™แ€œ (แƒ) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€”แ€†แ€ธแ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€™แธแ€แ€žแ€Š แ‚แ€แแ† แ€แ‚แ€…แŠ แ€ฑแ€™แ€œ (แ‚แ€) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€›แ€”แ€€แ€”แ€…แ€ฑแ€แ€ฌแ€กแ€แ€แ€”แ€ธแ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ€แ€•แ€ซแ€žแ€Šแ‹

แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€กแ€€แ€ฅแ€ธแ€แ€•

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€€ แ€ฑแ€›แ€ธแ€†แ€ผแ€›แ€ฌแ€แ€ผแ€„ แ€กแ€žแ€ธแ€ปแ€•แ€แ€ฑแ€žแ€ฌ แ€กแ€“แ€€แ€…แ€ฌแ€›แ€„แ€ธแ€†แ€„แ€›แ€ฌแ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€€ แ€ฑแ€กแ€ฌแ€€แ€แ€ผแ€„แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€žแ€Šแ‹ แ€กแ€ปแ€แ€ฌแ€ธแ€แ€…แ€… แ€แ€…แ€›แ€ฌ แ€ฑแ€–แ€ฌแ€ปแ€•แ€ปแ€แ€„แ€ธแ€™แ€›แ€•แ€ซแ€€ แ€‘แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€€ แ‚แ€…แ€…แ€ฅแ€กแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€กแ€œแ€™แ€› แ€œแ€€แ€ฑแ€แ€ผแ‚•แ€กแ€žแ€ธแ€ปแ€•แ€œแ€€แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌแ€กแ€ฑแ€ปแ€แ€แ€™แ€™แ€ฌแ€ธ

แ€•แ€ธแ€แ€ผแ€•แ€ซ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€€ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€…แ€›แ€„แ€แ€ปแ€แ€„แ€ธแ€…แ€™แ€ฌแ€ธ (Myanmar Financial Reporting Standards) แ‚แ€„แ€กแ€Š แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€€ แฟแ€•แ€ธแ€แ€žแ€Šแ€ปแ€–แ€…แ€›แ€•แ€™แ€ฌแ€ธแ€กแ€ฑแ€•แš แ€กแ€ฑแ€ปแ€แ€แ€žแ€Šแ€œแ€•แ€›แ€ธแ€œแ€•แ€…แ€ฅ (Historical Cost Convention) แ€กแ€› แ€ฑแ€›แ€ธแ€†แ€ผแ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€คแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธ แ€ปแ€•แ€…แ€›แ€ฌแ€แ€ผแ€„ แ‚แ€แแ‡ แ€แ€ผแ€„แ€กแ€žแ€ธแ€ปแ€•แ€แ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€แ€ซแ€„แ€ธแ€…แ€ฅแ€แ€ผแ€ปแ€แ€ฌแ€ธแ€‘แ€ฌแ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ‚แ€„ แ€€แ€€แ€Šแ€ฑแ€…แ€›แ€” แ‚แ€แแ† แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€•แ€ซ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€แ€ซแ€„แ€ธแ€…แ€ฅแ€กแ€แ‚•แ€€ แ€ปแ€•แ€”แ€œแ€Šแ€แ€ผแ€ปแ€แ€ฌแ€ธแ€™แ‚ˆแ‚แ€„ แ€…แ€แ€ปแ€–แ€ฌแ€™แ‚ˆแ€กแ€แ‚• แ€ปแ€•แ€œแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แแ‹

แ‚แ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€ แ‚แ€„ แ„แ€„แ€ธแแ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€กแ€ฑแ€•แš แ€™แ€แ€…แ€™แ€ฌแ€ธ

(แ‚.แ)

MYANMAR THILAWA SEZ 112

Page 114: report CONTENTS - MTSH

แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€กแ€ฌแ€ธ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€žแ€แ€™แ€แ€ปแ€แ€„แ€ธ

(แ) แ€œแ€•แ€„แ€”แ€ธแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€žแ€Š แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ‚แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€žแ€Šแ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ

แ€€แ€™แธแ€แ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€…แ€ฌแ€›แ€„แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€กแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€กแ€›แ€ฌแ€™แ€ฌแ€ธแ€€ แ€€แ€™แธแ€แแ€กแ€“แ€€แ€€แ€ฑแ€žแ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€”แ€šแ€•แ€šแ€แ€ผแ€„ แ€กแ€žแ€ธแ€ปแ€•แ€ฑแ€žแ€ฌ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ (functional currency) แ€ปแ€–แ€„แ€แ€„แ€ธแ€แ€ฌแ€•แ€ซแ€žแ€Šแ‹ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผแ€ปแ€–แ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแฟแ€•แ€ธ แ€šแ€„แ€ธแ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผแ€žแ€Š แ€€แ€™แธแ€แ แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ€ฑแ€–แ€ฌแ€ปแ€•แ€žแ€Šแ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ (Presentation currency) แ€ปแ€–แ€…แ€žแ€Šแ€กแ€ปแ€•แ€„ แ€œแ€•แ€„แ€”แ€ธแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€žแ€Š แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ (functional currency) แ€œแ€Šแ€ธแ€ปแ€–แ€…แ€žแ€Šแ‹ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€€ แ€กแ€ปแ€แ€ฌแ€ธแ€”แ€Šแ€ธแ€œแ€™แ€ธแ€™แ€ฌแ€ธแ€ปแ€–แ€„แ‚” แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€ปแ€แ€„แ€ธแ€™แ€›แ€˜ แ€กแ€”แ€ธแ€…แ€•แ€†แ€ธแ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธแ€ปแ€–แ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

(แ‚) แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ‚แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€ฑแ€„แ€ผแ€ปแ€–แ€„แ€ปแ€•แ€œแ€•แ€ฑแ€žแ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€ปแ€–แ€…แ€ฑแ€•แšแ€žแ€Š แ€ฑแ€”แ‚”แ€แ€ผแ€„แ€›แ€ฑแ€žแ€ฌ แ€ฑแ€„แ€ผแ€œแ‚แ‚ˆแ€”แ€ธแ€ปแ€–แ€„ แ€œแ€•แ€„แ€”แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€žแ€Š แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€กแ€ปแ€–แ€…แ€žแ‚” แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€ฑแ€„แ€ผแ€ปแ€–แ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€ฑแ€žแ€ฌ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ‚แ€„แ€žแ€€แ€†แ€„แ€žแ€Š แ€•แ€„แ€†แ€„แ€•แ€…แฅแ€Šแ€ธแ‚แ€„ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€€ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€…แ€€แ€”แ€†แ€ธแ€แ€”แ€› แ€ฑแ€„แ€ผแ€œแ‚แ‚ˆแ€”แ€ธแ€ปแ€–แ€„ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€žแ€แ€™แ€แ€›แ€ฌแ€™แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แŽแ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€™แ€ฌแ€ธแ€€ แ€…แ€ฌแ€›แ€„แ€ธแ€›แ€„แ€ธแ€œแ€„แ€ธแ€›แ€ฌแ€™ แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธ แ€ปแ€–แ€…แ€ฑแ€•แšแ€œแ€ฌแ€ฑแ€žแ€ฌ แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€ฑแ€„แ€ผแ€กแ€ปแ€™แ€แŠ แ€กแ‚แ‚ˆแ€ธแ€™แ€ฌแ€ธแ€€ แ€แ€„แ€ฑแ€„แ€ผ แ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€€แ€™แธแ€แ€กแ€•แ€…แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธ

(แ€€) แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€™แ€ฌแ€ธ

แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€†แ€žแ€Šแ€™แ€ฌ แ€€แ€™แธแ€แ€กแ€•แ€…แ€€ แ€šแ€„แ€ธแ€€แ€™แธแ€แ€™แ€ฌแ€ธแ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€™ แ€ฑแ€•แšแ€ฑแ€•แ€ซแ€€แ€œแ€ฌแ€ฑแ€žแ€ฌ แ€กแ€€แ€ธ แ€กแ€ปแ€™แ€แ€™แ€ฌแ€ธแ€€ แ€›แ€›แ€›แ€”แ‚แ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ‚ˆแ€†แ€„แ€›แ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€€ แ€€แ€™แธแ€แ€กแ€•แ€… (Group) แ€€ แ€‘แ€”แ€ธแ€แ€•แ€•แ€„แ€แ€ผแ€„แ€›แ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ (แ€กแ€‘แ€ธแ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€” แ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€กแ€•แ€ซแ€กแ€แ€„) แ€ปแ€–แ€…แฟแ€•แ€ธ แ€ฑแ€šแ€˜แ€šแ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€กแ€“แ€€แ€™แ€ฑแ€•แ€ธแ€•แ€„แ€แ€ผแ€„แ€›แ€žแ€Š แ€›แ€šแ€šแ€ฌแ€•แ€„แ€†แ€„แ€™แ‚ˆแ€ปแ€–แ€…แพแ€€แ€žแ€Šแ‹ แ€€แ€™แธแ€แ€กแ€•แ€…แ€€ แ€กแ€ปแ€แ€ฌแ€ธแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€€ แ€‘แ€”แ€ธแ€แ€•แ€™แ‚ˆแ€›แŠ แ€™แ€› แ€กแ€€แ€ปแ€–แ€แ€ฑแ€žแ€ฌแ€กแ€แ€ซ แ€œแ€€แ€›แ€€แ€„แ€žแ€ธแ€แ€ผแ€„แ€›แ€ฑแ€žแ€ฌ (แ€žแ‚”แ€™แ€Ÿแ€) แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€แ€ผแ€„แ€›แ€ฑแ€žแ€ฌ แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌแ€›แ€žแ€Š แ€™แ€ฑแ€•แ€ธแ€•แ€„แ€แ€ผแ€„แ แ€แ€Šแ€›แ€™แ‚ˆแ‚แ€„ แ€กแ€€แ€ธแ€†แ€€แ€€ แ€‘แ€Šแ€žแ€ผแ€„แ€ธแ€…แ€ฅแ€ธแ€…แ€ฌแ€ธแ€žแ€Šแ‹ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€€ แ€€แ€™แธแ€แ€กแ€•แ€…แ€žแ‚” แ€‘แ€”แ€ธแ€แ€•แ€™แ‚ˆแ€œแ‚Šแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€žแ€Šแ€ฑแ€”แ‚”แ€›แ€€แ€™แ€…แ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€ฑแ€›แ€ธแ€†แ€ผแ€žแ€Šแ‹ แ„แ€„แ€ธแ€แ‚”แ€€ แ€‘แ€”แ€ธแ€แ€•แ€™แ‚ˆ แ€›แ€•แ€…แ€žแ€Šแ€ฑแ€”แ‚”แ€›แ€€แ€™แ€…แ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธ แ€›แ€•แ€…แ€žแ€Šแ‹

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€€ แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€ฑแ€›แ€ธแ€†แ€ผแ€›แ€ฌแ€แ€ผแ€„ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแŠ แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ‚แ€„ แ€€แ€™แธแ€แ€กแ€•แ€…แ€™แ€ฌแ€ธแ€กแพแ€€แ€ฌแ€ธแ€› แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฑแ€•แš แ€กแ€™แ€”แ€™แ€›แ€›แ€ฑแ€žแ€ธแ€ฑแ€žแ€ฌ (unrealized) แ€กแ€ปแ€™แ€แ€™แ€ฌแ€ธแ€€แ€–แ€šแ€‘แ€ แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€กแ€™แ€”แ€™แ€ฑแ€•แšแ€ฑแ€•แ€ซแ€€ แ€ฑแ€žแ€ธแ€ฑแ€žแ€ฌ (Unrealized) แ€กแ€›แ‚ˆแ€ธแ€™แ€ฌแ€ธแ€€แ€œแ€Šแ€ธ แ€–แ€šแ€‘แ€แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€žแ‚”แ€ฑแ€žแ€ฌ แ€šแ€„แ€ธแ€แ‚•แ€€ แ€œแ‚Šแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€ฑแ€•แ€ธแ€ฑแ€žแ€ฌแ€›แ€•แ€„แ€แ€ผแ€„แ แ€แ€”แ€–แ€ธแ€€ แ€Šแ‚Šแ€”แ€ธแ€€แ€”แ€ธแ€แ€…แ€แ€กแ€ปแ€–แ€… แ€‘แ€Šแ€žแ€ผแ€„แ€ธแ€…แ€ฅแ€ธแ€…แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€€ แ€€แ€™แธแ€แ€กแ€•แ€… (Group) แ€€ แ€œแ€€แ€แ€€แ€„แ€žแ€ธแ€ฑแ€žแ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ‚แ€„ แ€œแ€€แ€ฑแ€œแ€ฌแ€Šแ€ฑแ€‘แ€ผแ€ปแ€–แ€…แ€ฑแ€…แ€›แ€” แ€œแ€กแ€•แ€žแ€Šแ€กแ€แ€ซ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€‘แ€”แ€ธแ€แ€•แ€แ€ผแ€„แ€™แ€›แ€ฑแ€žแ€ฌแ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธแ€†แ€žแ€Šแ€™แ€ฌ แ€€แ€™แธแ€แ€€แ€•แ€„แ€†แ€„แ€žแ€™แ€ฌแ€ธแ€€ แ€แ€€แ€›แ€€แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธแŠ แ€žแ€ผแ€šแ€แ€€แแ€ฑแ€žแ€ฌ แ€œแ€Šแ€ธแ€ฑแ€€แ€ฌแ€„แ€ธ แ€™แ€•แ€„แ€†แ€„แ€ฑแ€žแ€ฌแ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€™แ€ฌแ€ธ (interests) แ€€ แ€ปแ€–แ€…แ€ฑแ€•แšแ€ฑแ€…แ€ฑแ€žแ€ฌ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€แ€…แ€แ แ€กแ€žแ€ฌแ€ธแ€แ€„ แ€•แ€„แ€†แ€„แ€™แ‚ˆแ€™แ€ฌแ€ธแ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ‚ˆ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€›แ€œแ€’แ€™แ€ฌแ€ธแ€€ แ€แ€ผแ€ฑแ€แแ€ฑแ€•แ€ธแ€›แ€ฑแ€žแ€ฌแ€กแ€•แ€„แ€ธแ€ปแ€–แ€…แ€žแ€Šแ‹ แ„แ€„แ€ธแ€แ‚”แ€€ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธ แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ‚แ€„ แ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ แ€•แ€„แ€†แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€›แ€„แ€ธแ€แ€™แ€ธ แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€แ‚”แ€แ€ผแ€„ แ€แ€ผแ€ปแ€แ€ฌแ€ธแ€ฑแ€–แ€ฌแ€ปแ€•แ€žแ€Šแ‹ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€›แ€„แ€ธแ€แ€™แ€ธ (comprehensive income) แ€™แ€ฌ แ€‘แ€”แ€ธแ€แ€•แ‚แ€„แ€ปแ€แ€„แ€ธ แ€™แ€›แ€ฑแ€žแ€ฌ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€žแ€Š แ€œแ€ฑแ€„แ€ผแ€œแ€€แ€€แ€” แ€ปแ€–แ€…แ€ฑแ€”แ€žแ€Šแ€แ€„แ€ฑแ€กแ€ฌแ€„ แ€žแ€€แ€†แ€„แ€›แ€ฌ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€แ€…แ€แ€แ€ผแ€„ แ€šแ€„แ€ธแ€แ‚•แ แ€žแ€€แ€†แ€„แ€›แ€ฌ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธ (interests) แ€ฑแ€•แš แ€กแ€ฑแ€ปแ€แ€แ€ฑแ€žแ€ฌ แ€‘แ€”แ€ธแ€แ€•แ€™แ‚ˆแ€™แ€›แ€ฑแ€žแ€ฌ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแพแ€€แ€ฌแ€„แ€ปแ€–แ€…แ€ฑแ€•แšแ€œแ€ฌแ€žแ€Šแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

(แ€) แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€™แ€ฌแ€ธ

แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€™แ€ฌ แ€€แ€™แธแ€แ€กแ€•แ€…แ€€ แ„แ€„แ€ธแ€แ‚”แ€กแ€ฑแ€•แš แ€žแ€žแ€ฌแ€‘แ€„แ€›แ€ฌแ€ธแ€ฑแ€žแ€ฌ แพแ€žแ€‡แ€ฌแ€žแ€€แ€ฑแ€›แ€ฌแ€€แ€™แ‚ˆแ€›แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€‘แ€”แ€ธแ€แ€•แ‚แ€„แ€™แ‚ˆ แ€™แ€›แ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€šแ€˜แ€šแ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ€•แ€„แ€†แ€„แ€™แ‚ˆแ€กแ€ฑแ€›แ€กแ€แ€ผแ€€ แ‚แ€% แ‚แ€„ แ…แ€% แ€‘แ€€ แ€™แ€•แ€ฑแ€žแ€ฌ แ€™แ€ฑแ€•แ€ธแ€แ€ผแ€„ แ€›แ€žแ€Šแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ Equity แ€”แ€Šแ€ธแ€ปแ€–แ€„แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ปแ€•แฟแ€•แ€ธ แ€แ€”แ€–แ€ธแ€€ แ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ‚แ‚ˆแ€แ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹

(แ‚.แ‚)

(แ‚.แƒ)

ANNUAL REPORT 2016 - 2017 113

Page 115: report CONTENTS - MTSH

(แ€‚) Equity แ€”แ€Šแ€ธแ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธ

Equity แ€”แ€Šแ€ธแ€ปแ€–แ€„แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€›แ€ฌแ€แ€ผแ€„ แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€€แ€”แ€ฆแ€ธแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€ปแ€•แ€ปแ€•แ€ธ แ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธแ€ฑแ€•แšแ€ฑแ€•แ€ซแ€€แ€œแ€ฌแ€ฑแ€žแ€ฌ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€€ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€…แ€ฌแ€›แ€„แ€ธแ€แ€ผแ€„ แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€ปแ€•แ€ธ แ„แ€„แ€ธแ€€แ€™แธแ€แ€™แ€ฌแ€ธแ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ แ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธแ€€แ€ฌแ€œ แ€กแ€ปแ€แ€ฌแ€ธแ€กแ€œแ€ธแ€… แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€แ€„แ€ฑแ€„แ€ผแ€€ แ€กแ€ปแ€แ€ฌแ€ธแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ แ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธแ€€แ€ฌแ€œ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€™แ‚ˆแ€™แ€ฌแ€ธแ‚แ€„ แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€‘แ€™ แ€แ€ผแ€ฑแ€แ€›แ€›แ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€™แ€ฌแ€ธแ แ€žแ€šแ€ฑแ€†แ€ฌแ€„แ€แ€”แ€–แ€ธ (carrying amount) แ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€Šแ‚แ‚ˆแ€„แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€กแ€ปแ€แ€ฌแ€ธแ€™แ€Šแ€žแ€Š แ€œแ€€แ€„แ€„แ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌ แ€กแ€€แ€ฌแ€กแ€€แ€ผแ€šแ€™ แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€กแ€•แ€ซแ€กแ€แ€„ แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€แ€…แ€แ€แ€ผแ€„ แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€กแ€›แ‚ˆแ€ธ แ€ฑแ€แ€…แ€žแ€Š แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€› แ„แ€„แ€ธแแ€•แ€„แ€†แ€„แ€™แ‚ˆแ‚แ€„ แ€แ€Šแ€ฑแ€žแ€ฌแ€กแ€แ€ซ (แ€žแ‚”แ€™แ€Ÿแ€) แ€ฑแ€€แ€ฌแ€œแ€ผแ€”แ€ฑแ€žแ€ฌแ€กแ€แ€ซ แ€€แ€™แธแ€แ€กแ€•แ€…แ€žแ€Š แ€ฑแ€•แ€ธแ€›แ€” แ€แ€ฌแ€แ€” แ€™แ€›แ€แ€œแ€„ (แ€žแ‚”แ€™แ€Ÿแ€) แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ แ€€แ€šแ€…แ€ฌแ€ธแ€ฑแ€•แ€ธแ€ฑแ€แ€™แ‚ˆ แ€™แ€ปแ€•แ€œแ€•แ€แ€œแ€„ แ€ฑแ€”แ€ฌแ€€แ€‘แ€•แ€กแ€›แ‚ˆแ€ธแ€™แ€ฌแ€ธแ€€ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€™แ€Š แ€™แ€Ÿแ€แ€•แ€ซแ‹

แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ‚แ€„ แ€€แ€™แธแ€แ€กแ€•แ€…แ€กแพแ€€แ€ฌแ€ธ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€แ€€แ€™แ€ฌแ€ธแ€กแ€ฑแ€•แš (unrealized profit) แ€€ แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€€แ€™แธแ€แ€กแ€•แ€…แ แ€•แ€„แ€†แ€„แ€™แ‚ˆแ‚แ€„แ€Šแ€™แ€žแ€Šแ€กแ€‘ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€แ€–แ€€แ€žแ€Šแ‹ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€™แ€ฌแ€ธแ€žแ€Š แ€œแ‚Šแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€€แ€ฑแ€žแ€ฌ แ€•แ€„แ€†แ€„แ€™แ‚ˆแ€™แ€ฌแ€ธแ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€€แ€™แ‚ˆแ€€ แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€‘แ€ฌแ€ธแ€™แ€ปแ€•แ€žแ€œแ€„ (Unrealised loss) แ€€แ€œแ€Šแ€ธ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€แ€–แ€€แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌแ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ€€ แ€€แ€™แธแ€แ€กแ€•แ€…แ€€ แ€œแ€€แ€แ€€แ€„แ€žแ€ธแ€ฑแ€žแ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ‚แ€„ แ€แ€žแ€™แ€แ€แ€Šแ€ธแ€ปแ€–แ€…แ€ฑแ€…แ€›แ€” แ€œแ€กแ€•แ€•แ€ซแ€€ แ€ปแ€•แ€ปแ€•แ€„ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€แ€ผแ€„แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ

แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€€ equity แ€”แ€Šแ€ธแ€ปแ€–แ€„ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€ฑแ€…แ€ธแ‚แ‚ˆแ€”แ€ธ (แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€€แ€”แ€€แ€…แ€›แ€ แ€กแ€•แ€ซแ€กแ€แ€„) แ€ปแ€–แ€„ แ€€แ€”แ€ฆแ€ธ แ€…แ€ฌแ€›แ€„แ€ธ แ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€แ€šแ€šแ€ปแ€•แ€ธแ€žแ€Šแ€ฑแ€”แ‚” แ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธแ€แ€ผแ€„ แ€žแ€šแ€šแ€œแ€ฌแ€žแ€Šแ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ€€ แ€กแ€แ€ธแŠ แ€กแ€ฑแ€œแ€ฌแ€ปแ€•แ€œแ€•แ€ปแ€•แ€ธ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€žแ แ€กแ€›แ‚ˆแ€ธแ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€€ แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€žแ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€€ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€žแ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€…แ€ฌแ€›แ€„แ€ธแ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€‘แ€ฌแ€ธแ€žแ€Š แ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™ แ€แ€ผแ€ฑแ€แ€›แ€›แ€™แ‚ˆแ€™แ€ฌแ€ธแ€žแ€Š แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ แ€žแ€šแ€šแ€œแ€ฌแ€žแ€Šแ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€ (แ€œแ€€แ€€แ€”) แ€€แ€ฑแ€œแ€ฌแ€€แ€ฑแ€…แ€•แ€ซแ€žแ€Šแ‹

แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ

แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€€ แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€แ€›แ€›แ€” (แ€žแ‚•แ€™แ€Ÿแ€) แ€แ€”แ€–แ€ธแ€แ€ธแ€œแ€ฌแ€›แ€” (แ€žแ‚”แ€™แ€Ÿแ€) แ‚แ€…แ€แ€…แ€œแ€ธแ€กแ€แ€ผแ€€ แ€œแ€€แ€แ€š แ€€แ€„แ€ฑแ€†แ€ฌแ€„แ€‘แ€ฌแ€ธแ€ปแ€แ€„แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€€ แ€€แ€”แ€ฆแ€ธแ€…แ€ฌแ€›แ€„แ€ธแ€žแ€ผแ€„แ€ธแ€›แ€ฌแ€แ€ผแ€„ แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ€ปแ€–แ€„แ€žแ€ฌ แ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ แ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธแ€€แ€ฌแ€œแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ€™ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ‚แ€„ แ€•แ€…แฅแ€Šแ€ธแแ€แ€”แ€–แ€ธแ€€แ แ€†แ€ธแ€›แ‚ˆแ€ธแ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€€แ‚แ‚ˆแ€แ แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€šแ€ฑแ€†แ€ฌแ€„แ€žแ€Šแ‹ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€€ แ€แ€ผแ€ฑแ€แ€›แ€ฌแ€แ€ผแ€„ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€›แ€™แ€Š แ€žแ€„แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ แ€แ€”แ‚”แ€™แ€”แ€ธแ€กแ€žแ€ธแ€แ€„แ€™แ‚ˆแ€žแ€€แ€แ€™แ€ธ แ‚แ€…แ€„แ€ซแ€ธแ€†แ€šแ€กแ€ฑแ€•แšแ€แ€ผแ€„ แ€™แ€ฅแ€ธแ€ฑแ€ปแ€–แ€ฌแ€„ แ€”แ€Šแ€ธแ€ปแ€–แ€„ แ€แ€ผแ€€แ€แ€€แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€กแพแ€€แ€ผแ€„แ€ธแ€แ€”แ€–แ€ธแŠ แ€กแ€žแ€ธแ€แ€„แ€žแ€€แ€แ€™แ€ธแ‚แ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€”แ€Šแ€ธแ€…แ€”แ€…แ€€ แ€œแ€€แ€€แ€”แ€›แ€„แ€ธแ€แ€™แ€ธ แ€›แ€€แ€…แ€ผแ€แ€ผแ€„ แ€ปแ€•แ€”แ€œแ€Š แ€žแ€ธแ€žแ€•แ€ปแ€•แ€ธ แ€žแ€„แ€ฑแ€œแ€ฌแ€žแ€œ แ€Šแ‚แ‚ˆแ€„แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€ฑแ€•แšแ€œแ€ฌแ€•แ€ซแ€€ แ€ปแ€•แ€„แ€†แ€„แ€แ€€แ€แ€„แ€ธแ แ€กแ€€แ€ธแ€žแ€€แ€ฑแ€›แ€ฌแ€€แ€™แ‚ˆแ€žแ€Š แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€‘แ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€žแ€Šแ‹

แ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธ

แ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€€ แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ€™ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ‚แ€„ แ€แ€”แ€–แ€ธแ€€แ แ€†แ€ธแ€›แ‚ˆแ€ธแ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ€แ‚”แ€€ แ‚แ‚ˆแ€แ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€•แ€…แฅแ€Šแ€ธแ แ€€แ€”แ€€แ€…แ€›แ€แ€แ€ผแ€„ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€žแ แ€›แ€Šแ€›แ€ผแ€šแ€‘แ€ฌแ€ธแ€žแ€Š แ€ฑแ€”แ€›แ€ฌแ€ฑแ€’แ€žแ‚แ€„ แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€žแ‚”แ€ฑแ€›แ€ฌแ€€แ€›แ€ฑแ€กแ€ฌแ€„ แ€ปแ€•แ€œแ€•แ€ปแ€แ€„แ€ธแ‚แ€„ แ€แ€€แ€›แ€€ แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€•แ€ซแ€แ€„แ€žแ€Šแ‹ แ€ฑแ€”แ€ฌแ€€แ€†แ€€แ€แ€ผแ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€›แ€ฌแ€แ€ผแ€„ แ€•แ€…แฅแ€Šแ€ธแแ€€แ€”แ€€แ€…แ€›แ€แ€€ แ€แ€แ€€แ€€ แ€แ€„แ€ธแ€แ€ฌแ‚แ€„แ€ฑแ€žแ€ฌแ€กแ€แ€ซแ‚แ€„ แ€•แ€…แฅแ€Šแ€ธแ‚แ€„แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€กแ€”แ€ฌแ€‚แ€แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€กแ€€แ€ธแ€ฑแ€€แ€ธแ€‡แ€ธแ€™แ€ฌแ€ธ แ€€แ€™แธแ€แ€กแ€แ€ผแ€„แ€ธแ€žแ‚” แ€…แ€ธแ€แ€„แ€œแ€ฌแ‚แ€„แ€–แ€ผแ€šแ€›แ€ฑแ€žแ€ฌแ€กแ€แ€ซแ€แ‚”แ€แ€ผแ€„แ€žแ€ฌแ€œแ€„ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€žแ€„แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€ (แ€žแ‚”แ€™แ€Ÿแ€) แ€žแ€ธแ€ปแ€แ€ฌแ€ธแ€›แ€•แ€„แ€แ€ผแ€„แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€…แ€ฌแ€ธแ€‘แ€ธแ€œแ€œแ€šแ€œแ€€แ€ฑแ€žแ€ฌ แ€กแ€…แ€แ€กแ€•แ€„แ€ธแ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€žแ€„แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ€€ แ€•แ€šแ€–แ€€แ€ฑแ€•แ€ธแ€›แ€•แ€ซแ€™แ€Šแ‹ แ€กแ€ปแ€แ€ฌแ€ธ แ€ปแ€•แ€„แ€†แ€„แ€…แ€›แ€แ‚แ€„ แ€ปแ€•แ€ปแ€•แ€„ แ€‘แ€”แ€ธแ€žแ€™แ€ธแ€ฑแ€›แ€ธ แ€…แ€›แ€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€€ แ€žแ€€แ€†แ€„แ€›แ€ฌแ€€แ€ฌแ€œแ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€แ€ผแ€„ แ€€แ€ แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธ แ€…แ€แ€„แ€แ€”แ€แ€ผแ€„แ€›แ€ฑแ€žแ€ฌ แ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€€แ€แ€ผแ€€แ€แ€€แ€›แ€ฌแ€แ€ผแ€„ แŽแ€•แ€…แฅแ€Šแ€ธแ แ€กแพแ€€แ€ผแ€„แ€ธแ€แ€”แ€–แ€ธ แ‚แ‚ˆแ€แ€ปแ€•แ€ธแ€žแ€ฌแ€ธแ€แ€”แ€–แ€ธแ‚แ€„ แ€แ€”แ‚”แ€™แ€”แ€ธแ€กแ€žแ€ธแ€แ€„แ€™แ‚ˆแ€žแ€€แ€แ€™แ€ธแ€ฑแ€•แšแ€แ€ผแ€„ แ€™แ€แ€Šแ แ€™แ€ฅแ€ธแ€ฑแ€ปแ€–แ€ฌแ€„แ€”แ€Šแ€ธแ€ปแ€–แ€„ แ€แ€ผแ€€แ€แ€€แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

(แ‚.แ„)

(แ‚.แ…)

(แ‚.แ†)

MYANMAR THILAWA SEZ 114

Page 116: report CONTENTS - MTSH

แ€…แ€€แ€› แ… % แ‚แ€ธแ€แ€”แ€ธแ€ปแ€•แ€”แ€œแ€Šแ€ปแ€•แ€ปแ€•แ€„แ€™แ€ผแ€™แ€ธแ€™แ€ปแ€แ€„แ€ธ แ‚แ€ % แ‚แ€ธแ€žแ€ธแ€•แ€…แฅแ€Šแ€ธแ€€แ€›แ€šแ€ฌแ€™แ€ฌแ€ธ แแ€ % - แ„แ€ % แ€šแ€ฌแ€ฅแ‚แ€„ แ€šแ€ฌแ€ฅแ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ‚แ€% แ€€แ€ผแ€”แ€•แ€แ€ฌแ‚แ€„ แ€…แ€€แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ‚แ€ % แ€…แ€€แ‚แ€„ แ€…แ€€แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ‚แ€ %

แ€กแพแ€€แ€ผแ€„แ€ธแ€แ€”แ€–แ€ธแ‚แ€„ แ€กแ€žแ€ธแ€แ€„แ€žแ€€แ€แ€™แ€ธแ€แ‚”แ€€ แ€กแ€…แ€›แ€„แ€แ€€แ€ฌแ€œแ€กแ€†แ€ธแ€แ€ผแ€„ แ€ปแ€•แ€”แ€œแ€Šแ€žแ€ธแ€žแ€•แ แ€žแ€„แ€ฑแ€แ€ฌแ€ฑแ€žแ€ฌ แ€Šแ‚แ‚ˆแ€„แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€› แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€ฌแ€ธ แ€ปแ€–แ€…แ€ฑแ€•แšแ€œแ€ฌแ€ฑแ€žแ€ฌแ€กแ€แ€ซ แ€ปแ€•แ€„แ€†แ€„แ€แ€€แ€แ€„แ€ธแ แ€กแ€€แ€ธแ€žแ€€แ€ฑแ€›แ€ฌแ€€แ€™แ‚ˆแ€žแ€Š แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€‘แ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€žแ€Šแ‹

แ€•แ€…แฅแ€Šแ€ธแแ€กแ€žแ€ฌแ€ธแ€แ€„แ€žแ€„แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ€žแ€Š แŽแแ€ปแ€•แ€”แ€›แ‚แ€„แ€ฑแ€žแ€ฌแ€แ€”แ‚”แ€™แ€”แ€ธแ€•แ€™แ€ฌแ€แ€‘แ€€ แ€™แ€ฌแ€ธแ€ฑแ€”แ€•แ€ซแ€€ แ€กแ€žแ€ฌแ€ธแ€แ€„ แ€žแ€„แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ€€ แ€แ€€แ€แ€„แ€ธ แ€•แ€šแ€–แ€€แ€ฑแ€•แ€ธแ€›แ€•แ€ซแ€žแ€Šแ‹

แ€‘แ€แ€ผแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€€ แ€แ€ผแ€€แ€แ€€แ€›แ€ฌแ€แ€ผแ€„ แ€แ€„แ€ฑแ€„แ€ผแ‚แ€„ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€žแ€„แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ€แ‚”แ€€ แ‚แ‚ˆแ€„แ€ธแ€šแ€ฅแ€ปแ€แ€„แ€ธแ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€†แ€ธแ€ปแ€–แ€แ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€… แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€›แ€„แ€ธแ€แ€™แ€ธแ€› แ€กแ€ปแ€แ€ฌแ€ธแ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€™แ€ฌแ€ธแ€‘แ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹

แ€‘แ€ฑแ€แ€ผแ‚”แ€€แ€„แ€แ€ผแ€šแแ€™แ€›แ€ฑแ€žแ€ฌแ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ

แ€…แ€ฌแ€›แ€„แ€ธแ€€แ€„แ€ฑแ€†แ€ฌแ€(แ€œ)

แ€…แ€ฌแ€›แ€„แ€ธแ€€แ€„แ€ฑแ€†แ€ฌแ€(แ€œ)แ€œแ€„แ€…แ€„แ€€ แ€€แ€”แ€ฆแ€ธแ€แ€ผแ€„ แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€ผแ€„แ€ธแ€ปแ€•แ€ธแ€แ€šแ€ฑแ€…แ€ธ (แ€ฑแ€œแ€ฌแ€ฑแ€•แ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ‚แ€„ แ€ปแ€•แ€”แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€ แ‚แ€แ€ปแ€•แ€ธ แ€กแ€žแ€ฌแ€ธแ€แ€„) แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ‚แ€„ แ„แ€„แ€ธแแ€›แ€Šแ€›แ€ผแ€šแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€žแ€ธแ€ปแ€•แ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€™แ€ผแ€™แ€ธแ€™แ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€แ€€แ€›แ€€แ€€แ€”แ€€แ€ฑแ€žแ€ฌ แ€กแ€ปแ€แ€ฌแ€ธ แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€แ€•แ€ซ แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€ผแ€„แ€ธแ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซแ€žแ€Šแ‹ แ€แ€€แ€›แ€€แ€€แ€”แ€€ แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ฌแ€(แ€œ)แ แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ€แ€ผแ€„ แ€‘แ€Šแ€ฑแ€•แ€ซแ€„แ€ธแ€žแ€Šแ‹ แ€…แ€ฌแ€›แ€„แ€ธ แ€€แ€„แ€ฑแ€†แ€ฌแ€(แ€œ)แ€œแ€„แ€…แ€„ แ€ปแ€•แ€ปแ€•แ€„แ€‘แ€”แ€ธแ€žแ€™แ€ธแ€ปแ€แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€€แ€”แ€€แ€žแ€Šแ€กแ€แ€”แ€แ€ผแ€„ แ€กแ€žแ€ธแ€…แ€›แ€แ€กแ€ปแ€–แ€… แ€…แ€ฌแ€›แ€„แ€ธ แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€žแ€Šแ‹

แ€…แ€ฌแ€›แ€„แ€ธแ€€แ€„แ€ฑแ€†แ€ฌแ€(แ€œ)แ€œแ€„แ€…แ€„แ€€ แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ€แ€ผแ€„ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ‚แ€„ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€”แ€–แ€ธแ€€ แ€กแ€›แ‚ˆแ€ธแ€™แ€ฌแ€ธแ€€ แ‚แ€แ€•แ€šแ แ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ„แ€„แ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€แ€žแ€™แ€แ€แ€Šแ€ธแ€”แ€Šแ€ธแ€ปแ€–แ€„ แ‚แ€% แ‚แ€„แ€Šแ€™แ€ฑแ€žแ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ€กแ€žแ€ธแ€แ€„แ€žแ€€แ€แ€™แ€ธ แ€„แ€ซแ€ธแ‚แ€…แ€ฑแ€•แšแ€แ€ผแ€„ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€…แ€ฌแ€›แ€„แ€ธแ€แ€ผแ€„ แ€€แ€แ€•แ€ซแ€žแ€Šแ‹

แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€แ€แ€…แ€แ แ€กแ€€แ€ธแ€›แ€œแ€’แ€€ แ€แ€€แ€ฑแ€žแ€แ€ฌแ€…แ€ผแ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ‚แ€„แ€•แ€ซแ€€ แ€€แ€”แ€‘แ€›แ€€แ€แ€„แ€ฑแ€„แ€ผแ‚แ€„ แ€€แ€”แ€‘แ€›แ€€ แ€€แ€”แ€€แ€…แ€›แ€ แ€™แ€ฌแ€ธแ€€ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธ แ€ฑแ€›แ€ธแ€†แ€ผแ€žแ€Šแ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€œแ€•แ€„แ€”แ€ธแ€ปแ€•แ€ธแ€…แ€ธแ€™แ‚ˆแ€กแ€†แ€„แ€กแ€œแ€€ แ€แ€„แ€ฑแ€„แ€ผแ‚แ€„แ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธ แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€กแ€žแ€ธแ€žแ€ธแ€žแ€แ€™แ€แ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€แ€แ€…แ€แ แ€กแ€€แ€ธแ€›แ€œแ€’แ€€ แ€แ€€แ€ฑแ€žแ€แ€ฌแ€…แ€ผแ€ฌ แ€™แ€แ€”แ‚”แ€™แ€”แ€ธแ‚แ€„แ€•แ€ซแ€€ แ€€แ€”แ€‘แ€›แ€€ แ€แ€„แ€ฑแ€„แ€ผแ€€ แ€ปแ€•แ€”แ€œแ€Šแ€›แ€›แ‚แ€„แ€™แ€Š แ€€แ€”แ€‘แ€›แ€€แ€กแ€แ€ผแ€€ แ€€แ€”แ€€แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€แ€กแ€แ€„แ€ธ แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€ผแ€„แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€€แ€”แ€‘แ€›แ€€แ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€€แ€”แ€€ แ€…แ€›แ€แ€™แ€ฌแ€ธแ€žแ€Š แ€€แ€”แ€‘แ€›แ€€แ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€‘แ€€แ€™แ€ฌแ€ธแ‚แ€„แ€•แ€ซแ€€ แ€ปแ€–แ€…แ€ฑแ€•แšแ€œแ€ฌแ‚แ€„แ€ฑแ€žแ€ฌแ€กแ€›แ‚ˆแ€ธแ€€ แ€กแ€žแ€ธแ€…แ€›แ€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€แ€€แ€แ€„แ€ธแ€ฑแ€–แ€ฌแ€ปแ€• แ€›แ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€œแ€•แ€„แ€”แ€ธแ€กแ€•แ‚แ€žแ€€ แ€€แ€”แ€‘แ€›แ€€แ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€ฌแ€ธแŠ แ€Šแ‚แ‚ˆแ€„แ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€•แ€แ€ฌแ€™แ€กแ€†แ€„แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€œแ€€แ€แ€กแ€แ€Šแ€ปแ€•แ€›แ€” แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌแ€›แ€ปแ€แ€„แ€ธแŠ แ€€แ€”แ€‘แ€›แ€€แ€กแ€แ€ผแ€€ แ€ฑแ€•แ€ธแ€ฑแ€แ€›แ€™แ€Šแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€žแ€Š แ€แ€„แ€แ€„แ€™แ€ฌแ€™แ€ฌ แ€แ€”แ€–แ€ธแ€žแ€แ€™แ€แ‚แ€„แ€ปแ€•แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€กแ€•แ‚แ€žแ€‘แ€™ แ€ฑแ€•แ€ธแ€ฑแ€แ€›แ€”แ€กแ€แ€ผแ€€ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€™แ€Š แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌแ€›แ€•แ€ซแ€€ แ€€แ€”แ€‘แ€›แ€€แ€œแ€•แ€„แ€”แ€ธ แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€™แ‚ˆแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€ฑแ€•แ€ธแ€ฑแ€แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€žแ€Š แ€€แ€”แ€‘แ€›แ€€แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€™แ€Šแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€”แ€‘แ€›แ€€แ แ€œแ€•แ€„แ€”แ€ธแฟแ€•แ€ธแ€…แ€ธแ€™แ‚ˆแ€กแ€†แ€„แ€€ แ€šแ€ฑแ€”แ‚”แ€กแ€‘ แ€€แ€”แ€€แ€แ€ปแ€•แ€ธแ€ฑแ€žแ€ฌ แ€€แ€”แ€‘แ€›แ€€แ€€แ€”แ€€แ€…แ€›แ€แ‚แ€„ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€แ€”แ‚”แ€™แ€”แ€ธแ€€แ€”แ€€แ€…แ€›แ€แ€แ‚”แ แ€กแ€แ€ธแ€ปแ€–แ€„ แ€แ€„แ€ธแ€แ€ฌแ€•แ€ซแ€žแ€Šแ‹ แ€œแ€•แ€„แ€”แ€ธแฟแ€•แ€ธแ€…แ€ธแ€™แ‚ˆแ€กแ€†แ€„แ€€ แ€žแ€แ€™แ€แ€แ€”แ€แ€ผแ€„ แ€šแ€ฑแ€”แ‚”แ€กแ€‘ แ€€แ€”แ€€แ€แฟแ€•แ€ธแ€ฑแ€žแ€ฌ แ€€แ€”แ€‘แ€›แ€€แ€€แ€”แ€€แ€…แ€›แ€แ€‘แ€™ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€€แ€”แ€‘แ€›แ€€แ€กแ€แ€ผแ€€ แ€กแ€”แ€ฌแ€‚แ€แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€•แ€แ€žแ€€แ แ€€แ€แ€แ€ฑแ€žแ€ฌ แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€–แ€šแ€‘แ€แ€›แ€•แ€ซแ€™แ€Šแ‹ แ€œแ€•แ€„แ€”แ€ธแ€กแ€•แ‚แ€žแ€‘แ€™ แ€€แ€”แ€‘แ€›แ€€ แ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธ แ€ปแ€•แ€”แ€œแ€Šแ€›แ€›แ‚แ€„แ€ฑแ€ปแ€ แ€™แ€›แ€ฑแ€žแ€ฌแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€” แ€™แ€Ÿแ€แ€•แ€ซแ€€ แ€‘แ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธแ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€† แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€แ€แ€ผแ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€•แ€„แ€”แ€ธแ€กแ€•แ‚แ€žแ€‘แ€™ แ€€แ€”แ€€ แ€…แ€›แ€แ€™แ€ฌแ€ธ แ€ปแ€•แ€”แ€œแ€Šแ€›แ€›แ€”แ€„แ€ฑแ€ปแ€ แ€™แ€›แ€ฑแ€žแ€ฌแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€แ€ผแ€„ แ€‘แ€€แ€”แ€€แ€…แ€›แ€แ€€ แ€แ€€แ€แ€„แ€ธ แ€กแ€žแ€ธแ€…แ€›แ€แ€กแ€ปแ€–แ€… แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€›แ€™แ€Šแ‹

(แ‚.แ‡)

(แ‚.แˆ)

ANNUAL REPORT 2016 - 2017 115

Page 117: report CONTENTS - MTSH

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธ แ€ฑแ€›แ€ธแ€†แ€ผแ€žแ€Šแ€ฑแ€”แ‚”แ€›แ€€แ€แ€ผแ€„ แ€€แ€”แ€‘แ€›แ€€แ€กแ€žแ€ธแ€žแ€ธแ แ€€แ€แ€แฟแ€•แ€ธแ€ฑแ€žแ€ฌ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€€แ€”แ€€แ€ฑแ€„แ€ผแ‚แ€„ แ€กแ€žแ€กแ€™แ€แ€ปแ€•แ€กแ€ปแ€™แ€ (แ€กแ€žแ€กแ€™แ€แ€ปแ€•แ€กแ€›แ‚ˆแ€ธ) แ€แ‚”แ€ฑแ€•แ€ซแ€„แ€ธแ€ปแ€แ€„แ€ธ /แ‚แ‚ˆแ€แ€ปแ€แ€„แ€ธแ€€ แฟแ€•แ€ธแ€…แ€ธแ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€ฑแ€แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ‚แ‚ˆแ€„แ€ธแ€šแ€ฅแ€•แ€ซแ€žแ€Šแ‹ แ€‘แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€€แ€”แ€€แ€ฑแ€„แ€ผแ‚แ€„ แ€กแ€žแ€กแ€™แ€แ€ปแ€•แ€กแ€ปแ€™แ€ (แ€กแ€žแ€กแ€™แ€แ€ปแ€• แ€กแ€›แ‚ˆแ€ธ) แ€แ‚” แ€ฑแ€•แ€ซแ€„แ€ธแ€ปแ€แ€„แ€ธ/ แ‚แ‚ˆแ€แ€ปแ€แ€„แ€ธแ€žแ€Š แฟแ€•แ€ธแ€…แ€ธแ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€ฑแ€แ€ฌแ€„แ€ธแ€ แ€ปแ€แ€„แ€ธแ€‘แ€€แ€™แ€ฌแ€ธแ€ฑแ€”แ€•แ€ซแ€€ แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€€แ€”แ€‘แ€›แ€€แ€œแ€•แ€„แ€”แ€ธแ€กแ€•แ‚แ€žแ€‘แ€™ แ€›แ€›แ€”แ€›แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซแ€žแ€Šแ‹ แ€‘แฟแ€•แ€ธแ€…แ€ธแ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€ฑแ€แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ€žแ€Š แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€€แ€”แ€€แ€ฑแ€„แ€ผแ‚แ€„ แ€กแ€žแ€กแ€™แ€แ€ปแ€• แ€กแ€ปแ€™แ€ (แ€กแ€žแ€กแ€™แ€แ€ปแ€• แ€กแ€›แ‚ˆแ€ธ) แ€แ‚” แ€ฑแ€•แ€ซแ€„แ€ธแ€ปแ€แ€„แ€ธ/ แ‚แ‚ˆแ€แ€ปแ€แ€„แ€ธแ€‘แ€€ แ€™แ€ฌแ€ธแ€ฑแ€”แ€•แ€ซแ€€ แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€€แ€”แ€‘แ€›แ€€แ€œแ€•แ€„แ€”แ€ธแ€กแ€•แ‚แ€žแ€‘แ€žแ‚” แ€ฑแ€•แ€ธแ€›แ€”แ€›แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซแ€žแ€Šแ‹

แฟแ€•แ€ธแ€…แ€ธแ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€ฑแ€„แ€ผแ€ฑแ€แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ€€ แ€œแ€•แ€„แ€”แ€ธแ€กแ€•แ‚แ€žแ€™ แ€™แ€ฑแ€•แ€ธแ€žแ€ผแ€„แ€ธแ€ฑแ€žแ€ธแ€ฑแ€žแ€ฌแ€ฑแ€„แ€ผแ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€กแ€•แ‚แ€žแ แ€กแ€ฌแ€™แ€แ€กแ€ปแ€–แ€… แ€‘แ€”แ€ธแ€‘แ€ฌแ€ธแ€ฑแ€„แ€ผ แ€แ‚”แ€žแ€Š แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ‚€แ€€แ€แ€„แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€žแ€Š แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€žแ€Šแ‹

แ€€แ€”แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ€€แ€”แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€€ แ€€แ€”แ€€แ€…แ€›แ€แ‚แ€„ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ฑแ€›แ€ฌแ€„แ€ธแ€›แ€ฑแ€„แ€ผแ€แ‚”แ€กแ€”แ€€ แ€”แ€Šแ€ธแ€ฑแ€žแ€ฌแ€•แ€™แ€ฌแ€แ€ปแ€–แ€„ แ€แ€”แ€–แ€ธแ€žแ€„แ€›แ€” แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€”แ€€ แ€…แ€›แ€แ€แ€ผแ€„ แ€ฑแ€ปแ€™แ€šแ€ฌแ€ปแ€•แ€ปแ€•แ€„แ€€แ€”แ€€แ€…แ€›แ€แŠ แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€™แ€ฌแ€ธ แ€–แ€ผแ‚•แ€ปแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ‚ˆ แ€€แ€”แ€€แ€…แ€›แ€แŠ แ€แ€€แ€›แ€€แ€กแ€œแ€•แ€žแ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธ แ€แ€€แ€›แ€€แ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ€žแ€Šแ‹ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ฑแ€›แ€ฌแ€„แ€ธแ€›แ€ฑแ€„แ€ผ แ€†แ€žแ€Šแ€™แ€ฌ แ€žแ€ฌแ€™แ€”แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€แ€…แ€แ€แ€ผแ€„ แฟแ€•แ€ธแ€†แ€ธแ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€แ€”แ‚”แ€™แ€”แ€ธแ€€แ€”แ€€แ€…แ€›แ€แ‚แ€„ แ€•แ€ฑแ€žแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธ แ‚แ‚ˆแ€แ€แ€”แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€ฑแ€ˆแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€œแ€€แ€แ€šแ€› แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€œแ€€แ€€แ€”แ‚แ€„ แ€˜แ€แ€›แ€ฑแ€„แ€ผแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธ

แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€€ แ€€แ€”แ€ฆแ€ธแ€แ€ผแ€„ แ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌแ€แ€”แ€–แ€ธแ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€ปแ€•แ€ธแ€ฑแ€”แ€ฌแ€€ effective interest method แ€€ แ€กแ€žแ€ธแ€ปแ€•แ แ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธแ€€แ€ฌแ€œแ€แ€ผแ€„ แ€ฑแ€œแ€ฌแ€แ€ปแ€•แ€ธแ€แ€”แ€–แ€ธแ€™ แ€•แ€€แ€…แ€ธแ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€œแ€ฌแ€‘แ€ฌแ€ธ แ€ฑแ€žแ€ฌแ€แ€”แ€–แ€ธแ€€ แ‚แ‚ˆแ€แ แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€šแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹ แ€ปแ€•แ€”แแ€™แ€›แ‚แ€„แ€ฑแ€žแ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ€•แ€™แ€ฌแ€แ€กแ€แ€ผแ€€ แ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌ แ€แ€ผแ€„แ€ปแ€•แ€แ€€แ€ปแ€–แ€„ แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฑแ€œแ€ฌแ€แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธ

แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€€ แ€€แ€”แ€ฆแ€ธแ€แ€ผแ€„ แ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌแ€แ€”แ€–แ€ธแ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€ปแ€•แ€ธแ€ฑแ€”แ€ฌแ€€ effective interest method แ€€ แ€กแ€žแ€ธแ€ปแ€•แ แ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธแ€€แ€ฌแ€œแ€แ€ผแ€„ แ€ฑแ€œแ€ฌแ€แ€ปแ€•แ€ธแ€แ€”แ€–แ€ธแ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€šแ€ฑแ€†แ€ฌแ€„แ€žแ€Šแ‹

แ€žแ€ฌแ€™แ€”แ€กแ€…แ€›แ€šแ€šแ€ฌแ€™แ€ฌแ€ธ

แ€žแ€ฌแ€™แ€”แ€กแ€…แ€›แ€šแ€šแ€ฌแ€™แ€ฌแ€ธแ€€ แ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ แ€•แ€„แ€†แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€กแ€ปแ€–แ€… แ€กแ€™แ€ธแ€กแ€…แ€ฌแ€ธแ€žแ€แ€™แ€แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€žแ€ฌแ€™แ€”แ€กแ€… แ€›แ€šแ€šแ€ฌแ€‘แ€แ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธ แ‚แ€„ แ€แ€€แ‚แ€€แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ แ€•แ€„แ€†แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€™ แ‚แ‚ˆแ€แ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹ แ€€แ€žแ€„แ€กแ€แ€ผแ€”แ€™แ€”แ€žแ€™ แ‚แ‚ˆแ€แฟแ€•แ€ธแ€ฑแ€žแ€ฌ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€™แ€ฌแ€ธ

แ€€แ€™แธแ€แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€žแ‚” แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€™แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€” แ€žแ€ฑแ€˜แ€ฌแ€แ€แ€ผแ€„แ€ปแ€•แฟแ€•แ€ธแ€žแ€Šแ€กแ€แ€ซแ€™แ€žแ€ฌ แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€™แ€ฌแ€ธแ€€ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€›แ€ธแ€žแ€ผแ€„แ€ธแ€žแ€Šแ‹

แ€œแ€ฌแ€‘แ€ฌแ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ

แ€€แ€™แธแ€แ€žแ€Š แ€กแ€แ€แ€€แ€ฌแ€œแ€กแ€ปแ€–แ€…แ€กแ€•แ€€แ€™แ€ฌแ€ธแ แ€กแ€€แ€ธแ€›แ€œแ€’แ€กแ€แ€ผแ€€ แ€œแ€€แ€›แ€แ€ผแ€„แ€ฅแ€•แ€ฑแ€’แ€กแ€› แ€แ€ฌแ€แ€”แ€›แ€ฑแ€žแ€ฌ (แ€žแ‚”แ€™แ€Ÿแ€) แ€กแ€ปแ€• แ€žแ€ฑแ€˜แ€ฌแ€ฑแ€†แ€ฌแ€„แ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€›แ€ฑแ€žแ€ฌแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€ แ€œแ€ฌแ€‘แ€ฌแ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€กแ€ปแ€–แ€… แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€ผแ€„แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€›แ€ฑแ€žแ€ฌแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€ แ€ฑแ€•แ€ธแ€ฑแ€แ€›แ€”แ€กแ€แ€ผแ€€ แ€œแ€•แ€„แ€”แ€ธแแ€กแ€›แ€„แ€ธแ€กแ€ปแ€™แ€…แ€™แ€ฌแ€ธ แ€…แ€ธแ€‘แ€ผแ€€แ€›แ€”แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌแ€›แฟแ€•แ€ธ แ€ฑแ€•แ€ธแ€ฑแ€แ€›แ€™แ€Šแ€•แ€™แ€ฌแ€แ€€ แ€แ€€แ€ฑแ€žแ€แ€ฌแ€…แ€ผแ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ‚แ€„แ€›แ€™แ€Šแ‹ แ€กแ€”แ€ฌแ€‚แ€แ€œแ€•แ€„แ€”แ€ธแแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€ แ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€œแ€ฌแ€‘แ€ฌแ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€กแ€ปแ€–แ€… แ€™แ€žแ€แ€™แ€แ€•แ€ซแ‹

แ€แ€„แ€ฑแ€„แ€ผ แ€€แ€™แธแ€แ€‘แ€žแ‚” แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ‚แ€„ แ€†แ€€แ€…แ€•แ€ฑแ€”แ€ฑแ€žแ€ฌ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธ แ€กแ€€แ€ธแ€กแ€ปแ€™แ€แ€™แ€ฌแ€ธ แ€…แ€ธแ€แ€„แ€›แ€” แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌแ€›แ€žแ€Š แ€กแ€แ€ซแ€™แ€žแ€ฌ แ€แ€„แ€ฑแ€„แ€ผแ€€ แ€…แ€ฌแ€›แ€„แ€ธ แ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€žแ€Šแ‹ แ€แ€„แ€ฑแ€„แ€ผแ€€ แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€” แ‚แ‚ˆแ€แ€ปแ€•แ€ธแ€ฑแ€”แ€ฌแ€€ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€ฑแ€•แšแ€แ€ผแ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€žแ€Šแ‹

(แ‚.แ‰)

(แ‚.แแ€)

(แ‚.แแ)

(แ‚.แแ‚)

(แ‚.แแƒ)

(แ‚.แแ„)

(แ‚.แแ…)

(แ‚.แแ†)

MYANMAR THILAWA SEZ 116

Page 118: report CONTENTS - MTSH

(แ€€) แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธ - แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€€แ€ฌแ€™แ€›แ€„แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ‚แ€„แ€ฑแ€€แ€ฌแ€™แ€›แ€„แ€™แ€ฌแ€ธแ€€ แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แฟแ€•แ€ธแ€…แ€ธแ€žแ€Šแ€กแ€แ€ซ accrual basis แ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€žแ€Šแ‹

(แ€) แ€ฑแ€ปแ€™แ€ฑแ€›แ€ฌแ€„แ€ธแ€ปแ€แ€„แ€ธแ€€แ€”แ€ฑแ€›แ€ฌแ€„แ€ธแ€ปแ€แ€„แ€ธแ€™ แ€›แ€›แ€ฑแ€žแ€ฌแ€แ€„แ€ฑแ€„แ€ผแ€€ แ€€แ€”แ€•แ€…แฅแ€Šแ€ธแ€€ แ€œแ‚Šแ€กแ€•แฟแ€•แ€ธ แ€แ€šแ€šแ€žแ€€ แ€œแ€€แ€แ€›แ€›แฟแ€•แ€ธแ€ฑแ€”แ€ฌแ€€แ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€›แ€•แ€ซแ€žแ€Šแ‹ (แ€‚) แ€กแ€แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€ฑแ€„แ€ผแ€ฑแ€›แ€ธแ€ฑแพแ€€แ€ธแ€ฑแ€›แ€ธแ€†แ€„แ€›แ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€•แ‚แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€™ แ€กแ€แ€ธแ€›แ€›แ€”แ€ฑแ€žแ€แ€ฌแ€™แ€žแ€ฌ แ€กแ€แ€ธแ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€žแ€Šแ‹

(แ€ƒ) แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€€ แ€›แ€•แ€„แ€แ€ผแ€„แ€ฑแ€•แšแ€ฑแ€•แ€ซแ€€แ€žแ€Šแ€กแ€แ€ซ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€žแ€Šแ‹

(แ€„) แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธแ€™ แ€แ€„แ€ฑแ€„แ€ผแ€…แ€ฌแ€›แ€„แ€ธแ€กแ€„แ€ธแ€†แ€„แ€›แ€ฌแ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธแ€…แ€ฌแ€•แ€’แ€แ€ผแ€„ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธแ€™ แ€แ€„แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธ แ€•แ€ซแ€žแ€Šแ‹

แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ€™แ€ฌแ€ธ

แ€œแ€€แ€›แ€€แ€ฌแ€œแ€กแ€แ€ผแ€€ แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€€ แ€กแ€แ€ผแ€”แ€Œแ€ฌแ€”แ€žแ‚” แ€ฑแ€•แ€ธแ€ฑแ€แ€›แ€™แ€Šแ€•แ€™แ€ฌแ€ แ€žแ‚”แ€™แ€Ÿแ€ แ€กแ€แ€ผแ€”แ€Œแ€ฌแ€”แ€™ แ€ปแ€•แ€”แ€œแ€Šแ€กแ€™แ€ธแ€›แ€”แ€›แ€žแ€Šแ€•แ€™แ€ฌแ€แ€ปแ€–แ€„ แ€แ€„แ€ธแ€แ€ฌแ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€›แ€€แ€ฌแ€œแแ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ€€ แ€กแ€…แ€›แ€„แ€แ€€แ€ฌแ€œแ€แ€ผแ€„ แ€ปแ€•แ€Œแ€ฌแ€”แ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌแ€กแ€แ€ผแ€”แ‚แ‚ˆแ€”แ€ธแ€™แ€ฌแ€ธแŠ แ€กแ€แ€ผแ€”แ€ฅแ€•แ€ฑแ€’แ€™แ€ฌแ€ธแ‚แ€„แ€กแ€Š แ€แ€ผแ€€แ€แ€€แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€›แ€€แ€ฌแ€œแ แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ€€ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€แ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€”แ€™แ€ฌแ€ธ

แ€ฑแ€กแ€ฌแ€€แ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€™แ€ฌแ€ธแ€™แ€œแ€ผแ แ€แ€„แ€ฑแ€„แ€ผแŠ แ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ‚แ€„ แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€” แ€•แ€™แ€ฌแ€แ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹

แ€•แ€…แฅแ€Šแ€ธ (แ€žแ‚”แ€™แ€Ÿแ€) แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€™แ€ฌแ€ธ แ€แ€šแ€šแ€›แ€ฌแ€แ€ผแ€„ แ€ฑแ€•แ€ธแ€ฑแ€†แ€ฌแ€„แ€แ€ฑแ€žแ€ฌ แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€”แ€€ แ€กแ€แ€ผแ€” แ€Œแ€ฌแ€”แ€žแ‚” แ€ฑแ€•แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แฟแ€•แ€ธ แ€ปแ€•แ€”แ€กแ€™แ€ธแ€ฑแ€„แ€ผ แ€™แ€›แ‚แ€„แ€žแ€Šแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€แ€ผแ€„ แ€‘แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€”แ€€ แ€•แ€…แฅแ€Šแ€ธแ แ€แ€šแ€šแ€™แ‚ˆแ€€แ€”แ€€แ€…แ€›แ€ (แ€žแ‚”แ€™แ€Ÿแ€) แ€žแ€€แ€†แ€„แ€›แ€ฌ แ€กแ€žแ€ธแ€…แ€›แ€แ€กแ€ฑแ€”แ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹ แ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ‚แ€„ แ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€” แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌแ€•แ€™แ€ฌแ€แ€ปแ€–แ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€กแ€แ€ผแ€”แ€Œแ€ฌแ€”แ€™ แ€ปแ€•แ€”แ€กแ€™แ€ธแ€›แ€”แ€›แ€žแ€Š แ€กแ€žแ€ฌแ€ธแ€แ€„แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€”แ€•แ€™แ€ฌแ€ (แ€žแ‚”แ€™แ€Ÿแ€) แ€กแ€แ€ผแ€”แ€Œแ€ฌแ€”แ€žแ‚” แ€ฑแ€•แ€ธแ€ฑแ€แ€›แ€™แ€Š แ€กแ€žแ€ฌแ€ธแ€แ€„แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€”แ€•แ€™แ€ฌแ€แ€žแ€Š แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€ปแ€•แ€›แ€„แ€ธแ€แ€™แ€ธแ€› แ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธ (แ€žแ‚”แ€™แ€Ÿแ€) แ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€•แ€แ€žแ€€แ€†แ€€แ‚แ€ผแ€šแ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธ

แ€•แ€แ€žแ€€แ€†แ€€แ‚แ€ผแ€šแ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€†แ€žแ€Šแ€™แ€ฌ (แ€€) แ€แ€€แ‚แ€€แ€ปแ€–แ€…แ€ฑแ€…แŠ แ€žแ€ผแ€šแ€แ€€แ€ปแ€–แ€…แ€ฑแ€…แŠ แ€แ€…แ€ฆแ€ธ (แ€žแ‚”แ€™แ€Ÿแ€) แ€แ€…แ€ฆแ€ธแ€‘แ€€แ€•แ€ฑแ€žแ€ฌแพแ€€แ€ฌแ€ธแ€œแ€™แ€ฌแ€ธ (intermediaries) แ€€ (แ) แ€‘แ€”แ€ธแ€แ€•แ€™แ‚ˆแ€™แ€ฌแ€ธแŠ แ€แ€…แ€ฆแ€ธแ€แ€…แ€ฑแ€šแ€ฌแ€€แ€™ แ€‘แ€”แ€ธแ€แ€•แ€ปแ€แ€„แ€ธ (แ€žแ‚”แ€™แ€Ÿแ€) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™ แ€•แ€ธแ€แ€ผ แ€‘แ€”แ€ธแ€แ€•แ€ปแ€แ€„แ€ธแŠ (แ€คแ€แ€ผแ€„ แ€™แ€แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€†แ€„แ€แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€™แ€ฌแ€ธ) (แ‚) แ€กแ€–แ€ผแ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€•แš แพแ€žแ€‡แ€ฌแ€œแ‚Šแ€™แ€ธแ€™แ€ธแ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€แ€ผแ€„ แ€กแ€€แ€ธแ€แ€…แ€ฌแ€ธแ€แ€ผแ€„แ€›แ€ปแ€แ€„แ€ธแ‹ (แƒ) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€ฑแ€•แšแ€แ€ผแ€„ แ€•แ€ธแ€แ€ผแ€‘แ€”แ€ธแ€แ€•แ€•แ€„แ€แ€ผแ€„แ€›แ€ปแ€แ€„แ€ธแ‹ (แ€) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€žแ€Š แ€œแ€•แ€„แ€”แ€ธแ แ€•แ€ธแ€แ€ผแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€ปแ€–แ€…แ€ปแ€แ€„แ€ธแ‹ (แ€‚) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€žแ€Š แ€–แ€€แ€…แ€•แ€œแ€•แ€„แ€”แ€ธแ€ปแ€–แ€…แฟแ€•แ€ธแŠ แ€šแ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ แ€–แ€€แ€…แ€•แ€แ€„แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€ปแ€แ€„แ€ธแ‹ (แ€ƒ) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€žแ€Š แ€œแ€•แ€„แ€”แ€ธ (แ€žแ‚”แ€™แ€Ÿแ€) แ€™แ€แ€„แ€€แ€™แธแ€แ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€แ€ผแ€„ แ€กแ€“แ€€แ€กแ€–แ€ผแ‚”แ€แ€„แ€แ€…แ€ฆแ€ธแ€ปแ€–แ€…แ€ปแ€แ€„แ€ธแ‹ (แ€„) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€žแ€Š (แ€€) (แ€žแ‚”แ€™แ€Ÿแ€) (แ€ƒ) แ€แ€ผแ€„ แ€›แ€Šแซแ‚Šแ€”แ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€™แ€žแ€ฌแ€ธแ€… (แ€žแ‚”แ€™แ€Ÿแ€) แ€แ€…แ€ฆแ€ธแ€ฆแ€ธแ‚แ€„แ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€žแ€ฌ แ€™แ€žแ€ฌแ€ธแ€…แ€แ€„แ€ปแ€–แ€…แ€ปแ€แ€„แ€ธแ‹ (แ€…) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€žแ€Š แ€แ€€แ‚แ€€แ€ปแ€–แ€…แ€ฑแ€…แŠ แ€žแ€ผแ€šแ€แ€€แแ€ปแ€–แ€…แ€ฑแ€… (แ€„) (แ€žแ‚”แ€™แ€Ÿแ€) (แ€…)แ€แ€ผแ€„ แ€›แ€Šแซแ‚Šแ€”แ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€‘แ€„แ€€แ€› แ€™แ€ฑแ€•แ€ธแ€•แ€„แ€แ€ผแ€„แ€›แ€›แ€žแ€Š แ€แ€…แ€ฆแ€ธแ€แ€…แ€ฑแ€šแ€ฌแ€€แ แ€‘แ€”แ€ธแ€แ€•แ€ปแ€แ€„แ€ธแŠ แ€•แ€ธแ€แ€ผแ€‘แ€”แ€ธแ€แ€•แ€ปแ€แ€„แ€ธ (แ€žแ‚”แ€™แ€Ÿแ€) แพแ€žแ€‡แ€ฌแ€œแ‚Šแ€™แ€ธแ€™แ€ธแ€ปแ€แ€„แ€ธแ€แ€›แ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€ปแ€–แ€…แ€ปแ€แ€„แ€ธแ‹ (แ€†) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€žแ€Š แ€แ€”แ€‘แ€™แ€ธแ€กแ€€แ€ธแ€กแ€œแ‚”แ€„แ€ฌ แ€แ€ฌแ€แ€”แ€‘แ€™แ€ธแ€ฑแ€†แ€ฌแ€„แ€€แ€ฌแ€œแ€ฑแ€”แ€ฌแ€€แ€•แ€„แ€ธ แ€แ€”แ€‘แ€™แ€ธแ€™แ€ฌแ€ธแ แ€กแ€€แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€…แ€™แ€€แ€”แ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ž (แ€žแ‚”แ€™แ€Ÿแ€) แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€†แ€€แ€…แ€•แ€™แ‚ˆแ€›แ€ฑแ€žแ€ฌ แ€™แ€Šแ€žแ€Šแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€† แ€ปแ€–แ€…แ€žแ€Šแ‹

(แ‚.แแ‡)

(แ‚.แแˆ)

(แ‚.แแ‰)

ANNUAL REPORT 2016 - 2017 117

Page 119: report CONTENTS - MTSH

แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌ แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€แ€”แ‚”แ€™แ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธ

แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€กแ€…แ€›แ€„แ€แ€ปแ€แ€„แ€ธแ€…แ€™แ€ฌแ€ธแ‚แ€„แ€กแ€Š แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€€ แ€ปแ€•แ€…แ€›แ€ฌแ€แ€ผแ€„ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€ฑแ€›แ€ธแ€แ€ผแ€„ แ€แ€ฌแ€แ€”แ€›แ€žแ€™แ€ฌแ€ธแ€žแ€Š แ€…แ€ฌแ€›แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€…แ€›แ€„แ€แ€…แ€ฌแ€•แ€ซแ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธ แ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแŠ แ€แ€„แ€ฑแ€„แ€ผแ‚แ€„ แ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€กแ€€แ€ธแ€žแ€€แ€ฑแ€›แ€ฌแ€€แ€ฑแ€…แ€ฑแ€žแ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ€ฑแ€ปแ€แ€™แ€ฌแ€ธแ‚แ€„ แ€šแ€†แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€ปแ€•แ€œแ€•แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€™แ€”แ€แ€€แ€š แ€›แ€œแ€’แ€™แ€ฌแ€ธแ€žแ€Š แ€‘แ€แ€”แ‚”แ€™แ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€€แ€ผแ€œแ€ผแ€ฑแ€€แ€ฌแ€„แ€ธ แ€€แ€ผแ€œแ€ผแ‚แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€แ€”แ‚”แ€™แ€”แ€ธแ€ฑแ€ปแ€แ€™แ€ฌแ€ธแ‚แ€„ แ€šแ€†แ€แ€€แ€™แ€ฌแ€ธแ€€ แ€…แ€ฅแ€†แ€€แ€™แ€ปแ€•แ€ แ€ปแ€•แ€”แ€œแ€Šแ€…แ€…แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€…แ€ฌแ€›แ€„แ€ธแ€†แ€„แ€›แ€ฌ แ€แ€”แ‚”แ€™แ€”แ€ธแ€แ€€แ€™แ€ฌแ€ธ แ€ปแ€•แ€”แ€œแ€Šแ€…แ€…แ€…แ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธแ€€ แ€šแ€„แ€ธแ€žแ‚” แ€ปแ€•แ€”แ€œแ€Šแ€…แ€…แ€…แ€žแ€Š แ€€แ€ฌแ€œแ‚แ€„ แ€กแ€€แ€ธแ€žแ€€แ€ฑแ€›แ€ฌแ€€แ€™แ‚ˆแ€›แ€ฑแ€žแ€ฌ แ€กแ€”แ€ฌแ€‚แ€แ€€แ€ฌแ€œแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹

แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€™แ€ฌแ€ธ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ‚ˆ แ€€แ€”แ€€แ€…แ€›แ€

แ€ฑแ€ปแ€™แ‚แ€„แ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌ แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€™แ€ฌแ€ธ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€ฌแ€œ แ€กแ€แ€ผแ€„แ€ธแ€แ€ผแ€„ แ€€แ€”แ€œแ€€ แ€€แ€”แ€กแ€ปแ€–แ€… แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€žแ€Šแ‹ แ€‘แ€ฑแ€ปแ€™แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ‚ˆแ€™แ€ฌแ€ธแ€€ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€ปแ€–แ€… แ€กแ€แ€ธแ€€แ€แ€ผแ€ฑแ€แ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€œแ€ธแ€…แ€•แ€ซแ€แ€„แ€ฑแ€žแ€ฌ แ€›แ€„แ€ธแ€แ€™แ€ธแ€แ€ผแ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹

แ€กแ€ฑแ€ปแ€แ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€™แ€ฌแ€ธ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€›แ€ธแ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€›แ€›แ€แฟแ€•แ€ธแ€ฑแ€žแ€ฌ แ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€”แ€ฌแ€‚แ€ แ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธแ แ€แ€”แ‚”แ€™แ€”แ€ธ แ€แ€ผแ€€แ€แ€€แ€ปแ€แ€„แ€ธแ€แ‚” แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€€แ€”แ€€แ€…แ€›แ€แ€€ แ€€แฝแ€ผแ€™แ€ธแ€€แ€„แ€ฑแ€žแ€ฌ แ‚€แ€€แ€ธแพแ€€แ€•แ€…แ€…แ€ฑแ€†แ€ธแ€ž แ€แ€แ€šแ€œแ€™ แ€แ€”แ‚”แ€™แ€”แ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ แ€€แ€ฌแ€œแ€กแ€•แ€„แ€ธ แ€กแ€ปแ€แ€ฌแ€ธแ€กแ€œแ€€ แ€กแ€แ€ผแ€„แ€ธแ€€แ€€ แ€ปแ€•แ€”แ€œแ€Šแ€กแ€แ€Šแ€ปแ€•แ€ปแ€แ€„แ€ธแ€€ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€•แ€ซแ€žแ€Šแ‹ แ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ‚ˆแ€€แ€”แ€€แ€…แ€›แ€แ แ€ฑแ€”แ€ฌแ€€แ€†แ€ธแ€ฑแ€•แ€ธแ€ฑแ€แ€™แ‚ˆแ‚แ€„ แ€ฑแ€ปแ€™แ€šแ€ฌแ‚แ€„แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€กแ€ปแ€แ€ฌแ€ธแ€€แ€”แ€€แ€…แ€›แ€แ€แ‚”แ€žแ€Š แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€žแ แ€กแ€ฑแ€€แ€ฌแ€„แ€ธแ€†แ€ธ แ€แ€”แ‚”แ€™แ€”แ€ธแ€™แ‚ˆแ€ฑแ€•แšแ€แ€ผแ€„ แ€™แ€แ€Šแ€•แ€ซแ€žแ€Šแ‹ แ€‘แ€ฑแ€”แ€ฌแ€€แ€†แ€ธแ€ฑแ€•แ€ธแ€ฑแ€แ€™แ‚ˆแ‚แ€„ แ€ฑแ€ปแ€™แ€šแ€ฌแ‚แ€„แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌ แ€กแ€ปแ€แ€ฌแ€ธแ€€แ€”แ€€แ€…แ€›แ€แ€แ‚”แ€žแ€Š แ€€แ€”แ€ฆแ€ธแ€แ€”แ‚”แ€™แ€”แ€ธแ€™แ‚ˆแ‚แ€„ แ€€แ€ผแ€ฌแ€ปแ€แ€ฌแ€ธแ€ฑแ€”แ€•แ€ซแ€€ แ„แ€„แ€ธแ€–แ€ผแ‚”แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€™แ‚ˆแ€€แ€”แ€€แ€…แ€›แ€แ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธ แ€€แ€”แ€€แ€…แ€›แ€ แ€กแ€แ€ธแ€กแ€ฑแ€œแ€ฌแ€แ€„แ€ธแ€žแ€Š แ€œแ€ฌแ€™แ€Šแ‚แ€…แ€™แ€ฌแ€ธแ แ€กแ€›แ‚ˆแ€ธแŠ แ€กแ€ปแ€™แ€ แ€ฑแ€•แšแ€แ€ผแ€„ แ€žแ€€แ€ฑแ€›แ€ฌแ€€แ€™แ‚ˆแ€›แ€œแ€™แ€™แ€Šแ‹

Financial risk management

แ€€แ€™แธแ€แ€กแ€•แ€…แ€žแ€Š แ€€แ€™แธแ€แ risk แ€™แ€แ€ซแ€’แ€กแ€› แ€กแ€•แ€…แ Financial risk แ€™แ€ฌแ€ธแ€€ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€ฑแ€”แ€…แ€ฅแ€กแ€แ€ผแ€„แ€ธ แ€œแ€•แ€„แ€”แ€ธ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€แ€œแ€ฑแ€œแ€ฌแ€€แ€ฑแ€žแ€ฌ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€›แ€„แ€ธแ€กแ€ปแ€™แ€…แ€™แ€ฌแ€ธแ€›แ€›แ‚แ€„แ€™แ‚ˆแ€€ แ€ฑแ€žแ€แ€ฌแ€ฑแ€…แ€›แ€” แ‚€แ€€แ€ธแ€•แ€™แ€ธแ€•แ€ซแ€žแ€Šแ‹ แ‚แ€แแ„ แ€แ‚แ€… แ€ฑแ€–แ€ฑแ€–แ€ฌแ€แ€ซแ€›แ€œ (แ‚แ‡) แ€›แ€€แ€…แ€ผแ€•แ€ซ แ€€แ€™แธแ€แ แ€œแ€•แ€„แ€”แ€ธ แ€Šแ‚Šแ€”แ€ธแ€แ€™แ€ธแ€แ€ผแ€„ risk แ€กแ€แ€€แ€กแ€œแ€€แ€™แ€ฌแ€ธแ€€ แ€‘แ€•แ€™แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแฟแ€•แ€ธ แ€€แ€™แธแ€แ€กแ€•แ€…แ€™ แ€›แ€„แ€†แ€„แ€ฑแ€”แ€›แ€ฑแ€žแ€ฌ แ€กแ€“แ€€แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ Risk แ€”แ€šแ€•แ€šแ€™แ€ฌแ€ธแ‚แ€„ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€†แ€„แ€›แ€ฌแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ‚แ€„ แ€žแ€€แ€†แ€„แ€ฑแ€žแ€ฌแ€™แ€แ€ซแ€’แ€™แ€ฌ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€กแ€แ€„แ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

Foreign exchange risk

แ€€แ€™แธแ€แ€กแ€•แ€…แ€žแ€Š แ€™แ€™แแ€œแ€•แ€„แ€”แ€ธแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€ฑแ€žแ€ฌ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€ปแ€–แ€„แ€™แ€Ÿแ€แ€˜ แ‚แ€„แ€„แ€ปแ€แ€ฌแ€ธแ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€ปแ€–แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€ผแ€„แ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€›แ€•แ€„แ€แ€ผแ€„แ‚แ€„ แ€ฑแ€•แ€ธแ€›แ€” แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ Foreign exchange risk แ€€แ€›แ€„แ€†แ€„แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ‚”แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€กแ€•แ€…แ€žแ€Š Foreign exchange risk แ‚แ€„ แ€›แ€„แ€†แ€„แ€™แ‚ˆ แ€กแ€แ€ผแ€€ แ€กแ€€แ€ฌแ€กแ€€แ€ผแ€šแ€ปแ€•แ€œแ€•แ€™แ€‘แ€ฌแ€ธแ€•แ€ซแ‹ แ€‘ risk แ€™แ€ฌ แ€ฑแ€ปแ€•แ€ฌแ€•แ€ฑแ€œแ€ฌแ€€แ€ฑแ€กแ€ฌแ€„ แ€กแ€ฑแ€›แ€ธแ€™แ€•แ€ซแ€Ÿ แ€ฑแ€™แ€ฌแ€™แ€”แ€ธแ€‘แ€ฌแ€ธแ€ปแ€แ€„แ€ธแ€ฑแพแ€€แ€ฌแ€„ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

Credit risk

แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ€‘แ€ฌแ€ธแ€žแ€Š แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€†แ€€แ‚แ€ผแ€šแ€žแ€Šแ€กแ€™แ€ฌแ€ธแ€†แ€ธ credit risk แ€™แ€ฌ แ€œแ€€แ€€แ€”แ€›แ€„แ€ธแ€แ€™แ€ธแ€แ€ผแ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€žแ€Š แ€ฑแ€„แ€ผแ€•แ€™แ€ฌแ€ (carrying amount) แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ‚”แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€กแ€•แ€…แ€€ แ€šแ€„แ€ธ risk แ€€ แ€กแ€”แ€Šแ€ธแ€†แ€ธแ€ปแ€–แ€…แ€ฑแ€กแ€ฌแ€„ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€” แ€™แ€แ€ซแ€’แ€™แ€ฌแ€ธ แ€แ€™แ€แ€‘แ€ฌแ€ธแ€ปแ€•แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ Market risk

แ€€แ€™แธแ€แ€กแ€•แ€…แ€žแ€Š market risk แ‚แ€„ แ‚€แ€€แ€ฑแ€แ€ผแ‚•แ€›แ€ปแ€แ€„แ€ธ แ€™แ€›แ€•แ€ซแ‹

Liquidity and cash flow risks

แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€…แ€ธแ€†แ€„แ€ธแ€™แ‚ˆ แ€กแ€แ€€แ€กแ€€แ แ€กแ€€แ€ธแ€žแ€€แ€ฑแ€›แ€ฌแ€€แ€™แ‚ˆแ€€ แ€ฑแ€œแ€ฌแ€”แ€Šแ€ธแ€ฑแ€…แ€›แ€”แ‚แ€„ แ€œแ€•แ€„แ€”แ€ธแ€กแ€แ€ผแ€€ แ€œแ€กแ€•แ€žแ€Šแ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธ แ€ฑแ€‘แ€ฌแ€€แ€•แ‚แ€„แ€›แ€” แ€’แ€ซแ‚แ€€แ€แ€ฌแ€™แ€ฌแ€ธแ€™ แ€œแ€ฑแ€œแ€ฌแ€€แ€™แ‚ˆแ€›แ€žแ€Šแ€Ÿ แ€šแ€†แ€ฑแ€žแ€ฌ แ€œแ€€แ€€แ€”แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€€ แ€€แ€™แธแ€แ€กแ€•แ€…แ€™ แ€ฑแ€…แ€ฌแ€„แพแ€€แ€Šแ€‘แ€”แ€ธแ€žแ€™แ€ธ แ€‘แ€ฌแ€ธแ€›แ€•แ€ซแ€žแ€Šแ‹

Capital management

แ€€แ€™แธแ€แ€กแ€•แ€…แ€žแ€Š แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€›แ€ฌแ€แ€ผแ€„แ€‘แ€ฌแ€ธแ€›แ€ฑแ€žแ€ฌ แ€›แ€Šแ€›แ€ผแ€šแ€แ€€แ€™แ€ฌแ€ธแ€™แ€ฌ แ€œแ€ฑแ€œแ€ฌแ€€แ€ฑแ€žแ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€œแ€Šแ€•แ€แ€ฑแ€„แ€ผแ€€ แ€€แ€ฌแ€€แ€ผแ€šแ€‘แ€”แ€ธแ€žแ€™แ€ธ แ‚แ€„แฟแ€•แ€ธ แ€œแ€•แ€„แ€”แ€ธแ€…แ€ฅแ€†แ€€แ€™แ€ปแ€•แ€ แ€†แ€€แ€œแ€€แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ‚แ€„แ€›แ€” แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แƒแ‹

แ„แ‹

แ…แ‹

MYANMAR THILAWA SEZ 118

Page 120: report CONTENTS - MTSH

แ€ปแ€™แ€”แ€™แ€ฌ

แ€€แ€•แ€ฑ

แ€„แ€ผ (แ€€

แ€•แ€ฑแ€‘

แ€ฌแ€„แ€ฑแ€•

แ€ซแ€„แ€ธ)

แ€™แ€›แ€„แ€ธ

แ€แ€”แ€–

แ€ธแ‚แ€

แแ† แ€ง

แฟแ€•แ€œ (แ

)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€–แ€ผแ€„แ€œ

แ€€แ€€

แ€”แ€ก

แ€žแ€…แ€

แ€šแ€ปแ€แ€„

แ€ธแ€•แ€ฑ

แ€žแ€•แ€„

แ€•แ€…แฅแ€Š

แ€ธแ€•แ€š

แ€–แ€€แ€ปแ€แ€„

แ€ธแ‚แ€

แแ‡ แ€™

แ€แ€œ

(แƒแ)

แ€›แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€•

แ€แ€œ

แ€€แ€€

แ€”แ€…แ€…

แ€ฑแ€•แ€ซแ€„

แ€ธ แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌแ‚แ€„

แ€แ€”แ€–

แ€ธแ€€แ

แ€†แ€ธแ€›

แ‚ˆแ€ธแ€™แ‚ˆแ‚ˆแ‚ˆ

แ‚แ€แแ†

แ€งแฟแ€•

(แ)แ€›

แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€–

แ€ผแ€„แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌแ€

แ€”แ€–แ€ธแ€ฑ

แ€œแ€ฌ

แ€แ€”แ€–

แ€ธแ€€แ

แ€†แ€ธแ€›

แ‚ˆแ€ธแ€™แ‚ˆ

แ€•แ€ฑแ€ž

แ€•แ€„แ€•แ€…

แฅแ€Šแ€ธแ€•

แ€šแ€–แ€€

แ€ปแ€แ€„แ€ธ

แ‚แ€แแ‡

แ€™แ€

แ€œ (แƒ

แ)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€•แ€

แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌ แ€˜

แ‚‘แ€ฌแ€ฑ

แ€›แ€ธแ‚แ€…

แ€€แ€”แ€†

แ€ธแ€ฑแ€ž

แ€ฌแ€ฑแ€”แ‚”แ€›

แ€…แ€…แ€ฑ

แ€•แ€ซแ€„แ€ธ

แ€กแ€ž

แ€ฌแ€ธแ€

แ€„ แ€

แ€”แ€–แ€ธ

แ€™แ€›แ€„แ€ธ

แ€แ€”แ€–

แ€ธแ‚แ€

แแ… แ€ง

แฟแ€•แ€œ (แ

)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€–แ€ผแ€„แ€œ

แ€€แ€€

แ€”แ€ก

แ€žแ€…แ€

แ€šแ€ปแ€แ€„

แ€ธแ€•แ€ฑ

แ€žแ€•แ€„

แ€•แ€…แฅแ€Š

แ€ธแ€•แ€š

แ€–แ€€แ€ปแ€แ€„

แ€ธแ‚แ€

แแ† แ€™

แ€แ€œ

(แƒแ)

แ€›แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€•

แ€แ€œ

แ€€แ€€

แ€” แ€…แ€…

แ€ฑแ€•แ€ซแ€„

แ€ธ แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌแ‚แ€„

แ€แ€”แ€–

แ€ธแ€€แ

แ€†แ€ธแ€›

แ‚ˆแ€ธแ€™แ‚ˆแ‚ˆแ‚ˆ

แ‚แ€แแ…

แ€งแฟแ€•

(แ)แ€›

แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€–

แ€ผแ€„แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌแ€

แ€”แ€–แ€ธแ€ฑ

แ€œแ€ฌ

แ€แ€”แ€–

แ€ธแ€€แ

แ€†แ€ธแ€›

แ‚ˆแ€ธแ€™แ‚ˆ

แ€•แ€ฑแ€ž

แ€•แ€„แ€•แ€…

แฅแ€Šแ€ธแ€•

แ€šแ€–แ€€

แ€ปแ€แ€„แ€ธ

แ‚แ€แแ†

แ€™แ€

แ€œ (แƒ

แ)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€•แ€

แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌ แ€˜

แ‚‘แ€ฌแ€ฑ

แ€›แ€ธแ‚แ€…

แ€€แ€”แ€†

แ€ธแ€ฑแ€ž

แ€ฌแ€ฑแ€”แ‚”แ€›

แ€…แ€…แ€ฑ

แ€•แ€ซแ€„แ€ธ

แ€กแ€ž

แ€ฌแ€ธแ€

แ€„ แ€

แ€”แ€–แ€ธ

แ‚แ€ธแ€แ€”

แ€ธแ€ปแ€•แ€”แ€œ

แ€Š

แ€ปแ€•แ€ปแ€•

แ€„แ€™แ€ผแ€™แ€ธ

แ€™แ€ปแ€แ€„

แ€ธ

แ

แ‡แ€,แ‚

แ‚แˆ

แ

แƒแ„,แ†

แ„แ…

(

แƒแ…,แƒ

แแ…)

แ‚

แ†แ‰,แ…

แ…แˆ

(แ‚

แ€,แƒแ‡

แ†)

(แ…แ‰,

แ‡แ‰แ…)

-

แ‚แ

,แ†แ‰แ†

(แ…

แˆ,แ„แ‡

แ…)

แ‚แ

แ,แ€แˆ

แƒ

แƒแ…,แƒ

แแ…

แ

แƒแ„,แ‰

แแƒ

-

แ

แ‡แ€,แ‚

แ‚แˆ

(แˆ

,แ‡แ„แ‡

)

(

แแ,แ†

แ‚แ‰)

-

-

(แ‚แ€

,แƒแ‡แ†

)

แแ„แ‰,

แˆแ…แ‚

แ€•แ€›แ€ฑแ€˜

แ€ฌแ€‚แ‚แ€„

แ€€

แ€›แ€šแ€ฌแ€™

แ€ฌแ€ธ

แ

แ„แ†,แ‰

แ‚แ…

แแแƒ

,แ‚แ‰แƒ

(

แ‚แƒ,แ€

แ‡แˆ)

แ‚

แƒแ‡,แ

แ„แ€

(แ‚แ‚,

แ‰แ‰แ)

(แ„แ†

,แˆแˆแ…

)

-

แ‡,แ…

แƒแˆ

(แ†

แ‚,แƒแƒ

แˆ)

แแ‡

แ„,แˆแ€

แ‚

แ…แ‰,แ†

แ€แ‡

แˆแ‡,แƒ

แแˆ

-

แ

แ„แ†,แ‰

แ‚แ…

(แ†

,แ…แ‚แ†

)

(

แแ†,แ„

แ†แ…)

-

-

(

แ‚แ‚,แ‰

แ‰แ)

แแ‚

แƒ,แ‰แƒ

แ„

แ€ฑแ€›แ€†

แ€ธแ€žแ€”แ‚”แ€…

แ€„ แ€…แ€€

แ€›

แ‚

แ‚แ,แ…

แ€แ€

แแ†แ†

,แƒแ€แ€

-

แƒแˆแ‡

,แˆแ€แ€

(แ‰แ‚แƒ

)

(

แแ„,แ…

แ‰แ‡)

-

-

(แแ…,

แ…แ‚แ€)

แƒแ‡แ‚

,แ‚แˆแ€

-

แ‚แ‚แ

,แ…แ€แ€

-

แ‚แ‚แ

,แ…แ€แ€

-

(แ‰

แ‚แƒ)

-

-

(แ‰แ‚แƒ

)

แ‚แ‚แ€

,แ…แ‡แ‡

แ€€แ€ผแ€”แ€•

แ€แ€ฌแ‚

แ€„แ€…แ€€

แ€•แ€…แฅแ€Š

แ€ธแ€™แ€ฌแ€ธ

แƒ

แˆ,แˆแ‚

แƒ

แแ†,แ…

แ‰แƒ

(แ,

แƒแ‡แ‚)

แ…แ„

,แ€แ„แ„

(แ

แ€,แˆแ†

แ„)

(แ‰,

แˆแ‰แ‰)

-

แ‡แ…แ„

(แ‚

แ€,แ€แ€

แ‰)

แƒแ„,

แ€แƒแ…

แ‚แ…,แ‰

แˆแ€

แแ‚,

แˆแ„แƒ

-

แƒแˆ,

แˆแ‚แƒ

(แ„,

แ€แ‚แ„)

(แ†,

แˆแ„แ€)

-

-

(แ

แ€,แˆแ†

แ„)

แ‚แ‡

,แ‰แ…แ‰

แ€…แ€€แ‚แ€„

แ€…แ€€

แ€•แ€…แฅแ€Š

แ€ธแ€™แ€ฌแ€ธ

แ…แ€,แ€

แแ…

แƒแ

,แ…แ€แˆ

-

แˆ

แ,แ…แ‚

แƒ

(

แ†,แˆแ‰

แˆ)

(แแ€,

แƒแ‚แ„)

-

-

(แแ‡,

แ‚แ‚แ‚)

แ†แ„

,แƒแ€แ

แƒ

แ…,แ€แ‚

แ…

แแ„,แ‰

แ‰แ€

-

แ…แ€,แ€

แแ…

(

แ,แ‚แ†

แ€)

(แ…,

แ†แƒแˆ)

-

-

(

แ†,แˆแ‰

แˆ)

แ„แƒ,

แแแ‡

แ€ฑแ€™แ€ฌแ€ฑ

แ€แ€ฌแ€š

แ€ฌแ€ฅ

แ‚แ‡แ„

,แ…แˆแ†

แ‡

แ€,แˆแ†

แ€

-

แƒ

แ„แ…,แ„

แ„แ†

(แ†

แ‚,แ†แ‡

แ…)

(แ…แˆ,

แ†แˆแ„)

-

-

(แ

แ‚แ,แƒ

แ…แ‰)

แ‚แ‚

แ„,แ€แˆ

แ‡

แแˆ

แ†,แ†แ

แ…

แ‰แ€,

แƒแ‰แ

(

แ‚,แ„แ‚

แ€)

แ‚แ‡แ„,

แ…แˆแ†

(แ

แ‡,แแ

แ…)

(

แ„แ†,แƒ

แ€แ†)

-

แ‡แ„แ†

(แ†แ‚,

แ†แ‡แ…)

แ‚แแ,

แ‰แแ

แ€…แ€…แ€ฑแ€•

แ€ซแ€„แ€ธ

แ‰แ€แ‚,

แ€แ‡แ‡

แ…แƒแƒ,

แแ‰แ‰

(แ…แ‰

,แ‡แ†แ…

)

แ,แƒ

แ‡แ…,แ…

แแ

(แแ‚แ„

,แ‡แ‚แ‡

)

(แ‚

แ€แ€,แ

แˆแ„)

-

แ‚แ‰,

แ‰แˆแˆ

(แ‚แ‰แ„

,แ‰แ‚แƒ

)

แ,

แ€แˆแ€,

แ…แˆแˆ

แƒแ„แ‚,

แ…แ„แ‚

แ…แ†

แ,แ‰แ…

แ…

(แ‚,

แ„แ‚แ€)

แ‰แ€

แ‚,แ€แ‡

แ‡

(แƒแ‡,

แ†แ‡แ‚)

(แˆ

แ‡,แˆแ€

แ)

-

แ‡

แ„แ†

(แแ‚แ„

,แ‡แ‚แ‡

)

แ‡แ‡

แ‡,แƒแ…

แ€

แ†แ‹ แ€•

แ€ฑแ€žแ€•แ€„

แ€•แ€…แฅแ€Š

แ€ธ

แ€€แ€™แธแ€

แ€กแ€•แ€…

แ€กแ€ฑแ€ž

แ€ธแ€…แ€

แ€กแ€แ€€

แ€กแ€œ

แ€€แ€™แ€ฌ

แ€ธแ€€ แ€ฑ

แ€กแ€ฌแ€€

แ€แ€ผแ€„แ€ฑ

แ€–แ€ฌแ€ปแ€•แ€‘

แ€ฌแ€ธแ€•แ€ซแ€ž

แ€Šแ‹

ANNUAL REPORT 2016 - 2017 119

Page 121: report CONTENTS - MTSH

แ€ปแ€™แ€”แ€™แ€ฌ

แ€€แ€•แ€ฑ

แ€„แ€ผ (แ€€

แ€•แ€ฑแ€‘

แ€ฌแ€„แ€ฑแ€•

แ€ซแ€„แ€ธ)

แ€™แ€›แ€„แ€ธ

แ€แ€”แ€–

แ€ธแ‚แ€

แแ† แ€ง

แฟแ€•แ€œ (แ

)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€–แ€ผแ€„แ€œ

แ€€แ€€

แ€”แ€ก

แ€žแ€…แ€

แ€šแ€ปแ€แ€„

แ€ธแ€ฑแ€ปแ€•

แ€ฌแ€„แ€ธแ€ฑ

แ€›แ‚Šแ‚• แ€ปแ€

แ€„แ€ธแ€•แ€ฑ

แ€žแ€•แ€„

แ€•แ€…แฅแ€Š

แ€ธแ€•แ€š

แ€–แ€€แ€ปแ€แ€„

แ€ธแ‚แ€

แแ‡ แ€™

แ€แ€œ

(แƒแ)

แ€›แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€•

แ€แ€œ

แ€€แ€€

แ€”แ€…แ€…

แ€ฑแ€•แ€ซแ€„

แ€ธ แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌแ‚แ€„

แ€แ€”แ€–

แ€ธแ€€แ

แ€†แ€ธแ€›

แ‚ˆแ€ธแ€™แ‚ˆแ‚ˆแ‚ˆ

แ‚แ€แแ†

แ€งแฟแ€•

(แ)แ€›

แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€–

แ€ผแ€„แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌแ€

แ€”แ€–แ€ธแ€ฑ

แ€œแ€ฌ

แ€ฑแ€ปแ€•แ€ฌแ€„

แ€ธแ€ฑแ€›แ‚Šแ‚•

แ€ปแ€แ€„แ€ธ

แ€แ€”แ€–

แ€ธแ€€แ

แ€†แ€ธแ€›

แ‚ˆแ€ธแ€™แ‚ˆ

แ€•แ€ฑแ€ž

แ€•แ€„แ€•แ€…

แฅแ€Šแ€ธแ€•

แ€šแ€–แ€€

แ€ปแ€แ€„แ€ธ

แ‚แ€แแ‡

แ€™แ€

แ€œ (แƒ

แ)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€•แ€

แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌแ€˜

แ‚‘แ€ฌแ€ฑ

แ€›แ€ธแ‚แ€…

แ€€แ€”แ€†

แ€ธแ€ฑแ€ž

แ€ฌแ€ฑแ€”แ‚”แ€›

แ€…แ€…แ€ฑ

แ€•แ€ซแ€„แ€ธ

แ€กแ€ž

แ€ฌแ€ธแ€

แ€„แ€แ€”แ€–

แ€ธแ€™แ€›

แ€„แ€ธแ€

แ€”แ€–แ€ธ

แ‚แ€แแ…

แ€งแฟแ€•แ€œ

(แ)แ€›

แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€–

แ€ผแ€„แ€œแ€€

แ€€แ€”

แ€กแ€ž

แ€…แ€แ€š

แ€ปแ€แ€„แ€ธ

แ€•แ€ฑแ€ž

แ€•แ€„แ€•แ€…

แฅแ€Šแ€ธแ€•

แ€šแ€–แ€€

แ€ปแ€แ€„แ€ธ

แ‚แ€แแ†

แ€™แ€

แ€œ (แƒ

แ)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€•แ€

แ€œแ€€

แ€€แ€”

แ€…แ€…แ€ฑแ€•

แ€ซแ€„แ€ธ แ€

แ€”แ€–แ€ธแ€ฑ

แ€œแ€ฌแ‚

แ€„ แ€

แ€”แ€–แ€ธแ€€

แแ€†

แ€ธแ€›แ‚ˆแ€ธแ€™

แ‚ˆแ‚ˆแ‚ˆแ‚แ€

แแ… แ€ง

แฟแ€• (แ

)แ€›แ€€

แ€ฑแ€”แ‚”แ€›

แ€…แ€ฌแ€›แ€„

แ€ธแ€–แ€ผแ€„แ€

แ€”แ€–แ€ธแ€ฑ

แ€œแ€ฌ

แ€แ€”แ€–

แ€ธแ€ฑแ€œ

แ€ฌแ€

แ€”แ€–แ€ธแ€€

แ แ€†

แ€ธแ€›แ‚ˆแ€ธแ€™

แ‚ˆแ€•แ€ฑ

แ€žแ€•แ€„

แ€•แ€…แฅแ€Š

แ€ธแ€•แ€š

แ€–แ€€แ€ปแ€แ€„

แ€ธแ‚แ€

แแ† แ€™

แ€แ€œ

(แƒแ)

แ€›แ€€แ€ฑแ€”

แ‚”แ€› แ€…แ€ฌ

แ€›แ€„แ€ธแ€•

แ€แ€

แ€”แ€–แ€ธแ€ฑ

แ€œแ€ฌ

แ€˜แ‚‘

แ€ฌแ€ฑแ€›แ€ธ

แ‚แ€…แ€€

แ€”แ€†แ€ธแ€ฑ

แ€žแ€ฌแ€ฑ

แ€”แ‚”แ€› แ€…

แ€…แ€ฑแ€•แ€ซ

แ€„แ€ธ แ€ก

แ€žแ€ฌแ€ธ

แ€แ€„แ€

แ€”แ€–แ€ธ

แ‚แ€ธแ€แ€”

แ€ธแ€ปแ€•แ€”แ€œ

แ€Š

แ€ปแ€•แ€ปแ€•

แ€„แ€™แ€ผแ€™แ€ธ

แ€™แ€ปแ€แ€„

แ€ธ

แแ‡แ€

,แ‚แ‚แˆ

แแƒแ„

,แ†แ„แ…

(แ‡

แ„แ…)

(แƒแ…,

แƒแแ…)

แ‚แ†แˆ,

แˆแแƒ

(แ‚

แ€,แƒแ‡

แ†)

(แ…แ‰,

แ†แ„แ†)

แแแ…

-

แ‚แ

,แ†แ‰แ†

(แ…

แˆ,แ‚แ

แ)

แ‚

แแ€,แ†

แ€แ‚

แƒแ…

,แƒแแ…

แแƒแ„

,แ‰แแƒ

-

แแ‡แ€

,แ‚แ‚แˆ

(แˆ

,แ‡แ„แ‡

)

(แแ,

แ†แ‚แ‰)

-

-

(แ‚

แ€,แƒแ‡

แ†)

แแ„

แ‰,แˆแ…

แ‚

แ€•แ€›แ€ฑแ€˜

แ€ฌแ€‚แ‚แ€„

แ€€

แ€›แ€šแ€ฌแ€™

แ€ฌแ€ธ

แแ„แ†

,แ‰แ‚แ…

แƒแ€

,แƒแ†แˆ

(แแ,

แ‰แ…แ†)

(แ‚แ,

แ€แ‚แ€)

แแ„แ„

,แƒแแ‡

(แ‚แ‚,

แ‰แ‰แ)

(แƒแ€,

แ‡แ†แ…)

แ„

,แ€แ„แ

-

แ†,แ€

แ‡แ…

(แ„

แƒ,แ†แ„

แ€)

แ

แ€แ€,แ†

แ‡แ‡

แ…แ‰,

แ†แ€แ‡

แˆแ‡

,แƒแแˆ

-

แ

แ„แ†,แ‰

แ‚แ…

(แ†,แ…

แ‚แ†)

(แแ†,

แ„แ†แ…)

-

-

(แ‚

แ‚,แ‰แ‰

แ)

แ

แ‚แƒ,แ‰

แƒแ„

แ€€แ€ผแ€”แ€•

แ€แ€ฌแ‚

แ€„แ€…แ€€

แ€•แ€…แฅแ€Š

แ€ธแ€™แ€ฌแ€ธ

แƒ

แˆ,แˆแ‚

แƒ

แ

แƒ,แ‡แ

แ

(แ‰,

แ„แ€แ‚)

(

แ,แแ…

แ‰)

แ„แ,

แ‰แ‡แƒ

(แ

แ€,แˆแ†

แ„)

(แ‡,แˆ

แ†แˆ)

แ

,แ…แ‰แƒ

-

แ‡แ€แ‰

(แ

แ†,แ„แƒ

แ€)

แ‚แ…,

แ…แ„แƒ

แ‚

แ…,แ‰แˆ

แ€

แแ‚,

แˆแ„แƒ

-

แƒ

แˆ,แˆแ‚

แƒ

(แ„

,แ€แ‚แ„

)

(แ†

,แˆแ„แ€

)

-

-

(แแ€

,แˆแ†แ„

)

แ‚แ‡,

แ‰แ…แ‰

แ€ฑแ€™แ€ฌแ€ฑ

แ€แ€ฌแ€š

แ€ฌแ€ฅ

แ‚แ‡แ,

แƒแแ†

แ„แƒ,

แ€แ€แ€

(

แแ…แƒ,

แƒแ„แ)

-

แแ†

แ€,แ‰แ‡

แ…

(แ†แ‚,

แ…แ†แ„)

(แ‚แ„,

แƒแแ‚)

แ‚แ„,

แ€แแˆ

-

-

(แ†แ‚,

แˆแ…แˆ)

แ‰แˆ,

แแแ‡

แแˆแ†

,แ†แแ…

แˆแ‡

,แแ‚แ

(แ‚

,แ„แ‚แ€

)

แ‚

แ‡แ,แƒ

แแ†

(แ

แ‡,แแ

แ„)

(แ„

แ†,แแ‰

แ†) -

แ‡

แ„แ†

(แ†

แ‚,แ…แ†

แ„)

แ‚

แ€แˆ,แ‡

แ…แ‚

แ€…แ€€แ‚แ€„

แ€…แ€€

แ€•แ€…แฅแ€Š

แ€ธแ€™แ€ฌแ€ธ

แƒแ…,

แ€แ‚แ…

-

(แƒ

แ…,แ€แ‚

แ…)

-

-

(แ…

,แ‡แแƒ

)

-

แ…,แ‡

แแƒ

-

-

-

-

แƒแ…,

แ€แ‚แ…

-

-

แƒแ…

,แ€แ‚แ…

(แ

,แ‚แ†แ€

)

(แ„,

แ„แ…แƒ)

-

-

(

แ…,แ‡แ

แƒ)

แ‚

แ‰,แƒแ

แ‚

แ€…แ€…แ€ฑแ€•

แ€ซแ€„แ€ธ

แ†แ†แ‚,

แƒแแ‡

แ‚

แ‚แ,แ‡

แ‚แ„

(แ‚แ

แ€,แ„แ†

แ‰)

(แ…

แ‡,แ„แ‰

แ„)

แ†แ

แ†,แ€แ‡

แˆ

(

แแ‚แ‚,

แ…แ€แˆ)

(

แแ‚แ‚,

แ…แ‰แ)

แƒแ…,

แ„แˆแ€

-

แ‚แˆ,

แ„แˆแ€

(แแˆแ

,แแƒแ‰

)

แ„แƒ

แ„,แ‰แƒ

แ‰

แƒแ„แ‚,

แ…แ„แ‚

แƒแ‚แ‚,

แแ‰แ…

(

แ‚,แ„แ‚

แ€)

แ†แ†

แ‚,แƒแ

แ‡

(แƒแ‡,

แ†แ‡แ)

(แˆ

แ…,แ…แˆ

แƒ)

-

แ‡แ„

แ†

(แ

แ‚แ‚,แ…

แ€แˆ)

แ…แƒแ‰,

แˆแ€แ‰

แ€€แ€™แธแ€

แ€กแ€ฑแ€ž

แ€ธแ€…แ€

แ€กแ€แ€€

แ€กแ€œ

แ€€แ€™แ€ฌ

แ€ธแ€€ แ€ฑ

แ€กแ€ฌแ€€

แ€แ€ผแ€„แ€ฑ

แ€–แ€ฌแ€ปแ€•แ€‘

แ€ฌแ€ธแ€•แ€ซแ€ž

แ€Šแ‹

MYANMAR THILAWA SEZ 120

Page 122: report CONTENTS - MTSH

แ‚แ€ธแ€แ€”

แ€ธแ€ปแ€•แ€”แ€œ

แ€Š

แ€ปแ€•แ€ปแ€•

แ€„แ€™แ€ผแ€™แ€ธ

แ€™แ€ปแ€แ€„

แ€ธ

แแ‡แ€

,แ‚แ‚แˆ

แแƒแ„

,แ†แ„แ…

(แ‡

แ„แ…)

(แƒแ…,

แƒแแ…)

แ‚แ†แˆ,

แˆแแƒ

(แ‚

แ€,แƒแ‡

แ†)

(แ…แ‰,

แ†แ„แ†)

แแแ…

-

แ‚แ

,แ†แ‰แ†

(แ…

แˆ,แ‚แ

แ)

แ‚

แแ€,แ†

แ€แ‚

แƒแ…

,แƒแแ…

แแƒแ„

,แ‰แแƒ

-

แแ‡แ€

,แ‚แ‚แˆ

(แˆ

,แ‡แ„แ‡

)

(แแ,

แ†แ‚แ‰)

-

-

(แ‚

แ€,แƒแ‡

แ†)

แแ„

แ‰,แˆแ…

แ‚

แ€‘แ€ฑแ€แ€ผแ‚•แ€€แ€„แ€แ€ผแ€šแแ€™แ€›แ€ฑแ€žแ€ฌแ€•แ€…แฅแ€Šแ€ธ

แ€กแ€ฑแ€žแ€ธแ€…แ€แ€กแ€แ€€แ€กแ€œแ€€แ€™แ€ฌแ€ธแ€€ แ€ฑแ€กแ€ฌแ€€แ€แ€ผแ€„แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ‚แ€แแ† แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ€กแ€žแ€…แ€แ€šแ€ปแ€แ€„แ€ธแ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ‚แ€แแ‡ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€œแ€€แ€€แ€”แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ‚แ€„ แ€แ€”แ€–แ€ธแ€€แแ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ‚ˆแ‚ˆแ‚แ€แแ† แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€–แ€ธแ€€แ แ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ‚แ€แแ‡ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€…แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ€ฑแ€”แ‚”แ€› แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€แ€”แ€–แ€ธแ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ‚แ€แแ… แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ€กแ€žแ€…แ€แ€šแ€ปแ€แ€„แ€ธแ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ‚แ€แแ† แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€œแ€€แ€€แ€”แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ‚แ€„ แ€แ€”แ€–แ€ธแ€€แแ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ‚ˆแ‚ˆแ‚แ€แแ… แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€–แ€ธแ€€แ แ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ‚แ€แแ† แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€…แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ€ฑแ€”แ‚”แ€› แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€แ€”แ€–แ€ธ

แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€™แ‚ˆ

แ€กแ€ฑแ€žแ€ธแ€…แ€แ€กแ€แ€€แ€กแ€œแ€€แ€™แ€ฌแ€ธแ€€ แ€ฑแ€กแ€ฌแ€€แ€แ€ผแ€„แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€™แ‚ˆแ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€กแ€แ€ธแ€€แ€กแ€žแ€ฌแ€ธแ€แ€„แ€กแ€ปแ€™แ€แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€›แ€ฑแ€„แ€ผแ‚แ€แแ‡ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€žแ€šแ€ฑแ€†แ€ฌแ€„แ€แ€”แ€–แ€ธ

แ€€แ€™แธแ€แ€กแ€•แ€…แแ€กแ€…แ€›แ€„แ€แ€žแ€Šแ€”แ€…แ€กแ€แ€ผแ€€ แ€•แ€„แ€†แ€„แ€™แ‚ˆแ€กแ€แ€ธแ€ปแ€–แ€„ แ€แ€ผแ€€แ€แ€€แ€ฑแ€žแ€ฌ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ (แ€ปแ€™แ€”แ€™แ€ฌแ€‚แ€•แ€”แ€žแ€œแ€แ€ซ แ€–แ€ผแ‚”แ€ปแ€–แ€ธ แ€แ€ธแ€แ€€แ€ฑแ€›แ€ธ แ€€แ€™แธแ€แ€œแ€™แ€แ€€) แ€™ แ€แ€ผแ€ฑแ€แ€ฑแ€žแ€ฌ แ€กแ€แ€ธแ€€แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€™แ€ฌ แ€€แ€• แแ†,แ‡แ„แ„,แแแ„,แ‚แแ€.แ…แ€ (แ€กแ€ฑแ€™แ€›แ€€แ€” แ€ฑแ€’แšแ€œแ€ฌ แแ‚,แ‚แ‰แƒ,แ‡แ†แ‰.แ†แ*แ,แƒแ†แ‚) (แ‚แ€แแ†: แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแ€€แ€• แแ„,แ‡แ…แ‡,แ„แ„แ,แ„แ„แ…) แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€€แ€™แธแ€แ€กแ€•แ€…แ€žแ€Š แ€•แ€„แ€†แ€„แ€™แ‚ˆแ€กแ€แ€ธแ€ปแ€–แ€„แ€แ€ผแ€€แ€แ€€แ€ฑแ€žแ€ฌ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€‘แ€™ แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€กแ€ปแ€–แ€… แ€กแ€ฑแ€™แ€›แ€€แ€”แ€ฑแ€’แšแ€œแ€ฌ แแ‰,แ‚แ‡แ€,แ€แ€แ€ แ€€ แ€›แ€›แ€แ€žแ€Šแ‹ แ€•แ€„แ€†แ€„แ€™แ‚ˆแ€กแ€แ€ธแ€ปแ€–แ€„แ€แ€ผแ€€แ€แ€€แ€ฑแ€žแ€ฌ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„ แ€€แ€™แธแ€แ€™แ€Ÿแ€แ€ฑแ€žแ€ฌแ€ฑแพแ€€แ€ฌแ€„ แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€žแ‚• แ€ฑแพแ€€แ€ปแ€„แ€ฌแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€ฑแ€›แ€ฌแ€„แ€ธแ€ฑแ€…แ€ธแ€™แ€›แ€•แ€ซแ‹

แ‡แ‹

แˆแ‹

แ€ฑแ€†แ€ฌแ€(แ€œ)

แ…,แ€แ‡แ แ,แ†แ‡แ€

(แƒแ‚แˆ) แ†,แ„แแƒ

(แˆแ‡แˆ) (แ,แ€แ‰แ‰)

- แแแ… (แ,แˆแ†แ‚) แ„,แ…แ…แ

แ,แ†แแ… แƒ,แ„แ…แ† -

แ…,แ€แ‡แ

(แแˆแˆ) (แ†แ‰แ€)

- -

(แˆแ‡แˆ) แ„,แแ‰แƒ

แ‚แ€แแ† แ‚แ…,แแ‚แ‚,แ‚แ‡แ… - แแ„,แ‡แ…แ‡,แ„แ„แ

(แแ„,แƒแ„แ‡,แƒแ‡แƒ) แ‚แ…,แ…แƒแ‚,แƒแ„แƒ

แ‚แ€แแ‡ แ‚แ…,แ…แƒแ‚,แƒแ„แƒ - แแ†,แ‡แ„แ„,แแแ„

(แ‚แƒ,แ‡แแ€,แ…แ„แ„) แแˆ,แ…แ†แ…,แ‰แแƒ

ANNUAL REPORT 2016 - 2017 121

Page 123: report CONTENTS - MTSH

แ€ฑแ€กแ€ฌแ€€แ€แ€ผแ€„ แ€แ€ผแ€–แ€€แ€€แ€™แธแ€แ แ€แ€„แ€ฑแ€„แ€ผแŠแ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ‚แ€„ แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธ แŠแ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€€ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€žแ€Šแ‹

แ€กแ€ฑแ€™แ€›แ€€แ€”แ€ฑแ€’แšแ€œแ€ฌ ( แ€ฑแ€’แšแ€œแ€ฌแ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ )แ€•แ€„แ€†แ€„แ€™แ‚ˆ แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€œแ€€แ€„แ€„แ€ธแ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€œแ€€แ€„แ€„แ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌแ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€œแ€€แ€„แ€„แ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€œแ€€แ€„แ€„แ€ธแ€™แ€Ÿแ€แ€ฑแ€žแ€ฌแ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€แ€ฌแ€แ€”แ€™แ€ฌแ€ธแ€กแ€žแ€ฌแ€ธแ€แ€„แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธ

แ€แ€„แ€ฑแ€„แ€ผแ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ€กแ€ปแ€™แ€แ€กแ€ปแ€™แ€ แ€แ€ผแ€ฑแ€แ€ปแ€แ€„แ€ธ

แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€แ€ผแ€„ แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ‚‡แ€•แ‚แ€™แ‚ˆ

แ€€แ€™แธแ€แ€™แ€›แ€ฌแ‚แ‚ˆแ€”แ€ธแ€ปแ€•แ€Šแ€•แ€„แ€†แ€„แ€ฑแ€žแ€ฌ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€™แ€ฌ แ€žแ€œแ€แ€ซแ€•แ€ฑแ€›แ€ฌแ€•แ€ซแ€แ€ธแ€’แ€แ€•แ€ฑแ€œแ€ฌแ€™แ€„แ€œแ€™แ€แ€€แ€ปแ€–แ€…แฟแ€•แ€ธ แ€•แ€‚แขแ€œแ€€แ€•แ€„แ€€แ€™แธแ€แ€กแ€ปแ€–แ€… แ‚แ€แแ… แ€แ‚แ€…แŠแ€™แ€แ€œ(แแ‰) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€กแ€€แ€ฅแ€•แ€ฑแ€’แ€•แ€ซแ€ปแ€•แ€Œแ€ฌแ€”แ€ธแ€แ€€แ‚แ€„แ€กแ€Š แ€–แ€ผแ‚•แ€…แ€Šแ€ธแ€แ€Šแ€ฑแ€‘แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹ แ€œแ€€แ€›แ€แ€ผแ€„ แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ€žแ€Š แ„แ€„แ€ธแ แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€แ€ผแ€„ แˆแ€ แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€•แ€„แ€†แ€„แฟแ€•แ€ธ แ€€แ€”แ€›แ€ฑแ€žแ€ฌ แ‚แ€ แ€›แ€ฌแ€แ€„แ‚แ‚ˆแ€”แ€ธแ€€ Thilawa Special Economic Zone Management Committee (TSEZMC) แ€™ แ€•แ€„แ€†แ€„แ€‘แ€ฌแ€ธแ€žแ€Šแ‹แ€€แ€™แธแ€แแ€กแ€“แ€€แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€™แ€ฌ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€แ€ผแ€„ แฟแ€™แ‚•แ€ปแ€•แ€กแ€™แ€›แ€ฌ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€žแ€Š แ€ฑแ€ปแ€™แ€šแ€ฌแ€™แ€ฌแ€ธ แ€ฑแ€–แ€ฌแ€‘แ€แ€ปแ€แ€„แ€ธแŠ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€™แ€ฌแ€ธแŠ แ€œแ€ฑแ€” แ€กแ€™แ€›แ€ฌแ€™แ€ฌแ€ธแŠ แ‚แ€ธแ€แ€”แ€ธแ€™แ€ฌแ€ธแ‚แ€„ แ€†แ€€แ€…แ€•แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€™แ€ฌแ€ธ แ€แ€Šแ€ฑแ€†แ€ฌแ€€แ€ปแ€แ€„แ€ธแŠ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‚แ€„ แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ปแ€แ€„แ€ธแ€แ‚” แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€”แ‹ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€กแ‚€แ€€แ€กแ€„แ€‚แ€„แ€”แ€šแ€ฌแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€”แ‹ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€†แ€„แ€›แ€ฌ แ€€แ€”แพแ€€แ€™แ€ธแŠ แ€€แ€”แ€ฑแ€แ€ฌแ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธ แ€กแ€ฑแ€‘แ€ฌแ€€แ€กแ€€แ€ปแ€• แ€…แ€€แ€šแ‚แ€›แ€ฌแ€ธแ€šแ€ฌแ€ฅแ‚แ€„ แ€กแ€›แ€”แ€†แ€€แ€…แ€•แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€€ แ€ปแ€•แ€Šแ€•แ€™ แ€แ€„แ€žแ€ผแ€„แ€ธแ€ปแ€แ€„แ€ธแŠ แ€ปแ€•แ€Šแ€แ€ผแ€„แ€ธแŒ แ€แ€šแ€šแ€ปแ€แ€„แ€ธแŠ แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ปแ€แ€„แ€ธ แ‚แ€„ แ€ปแ€•แ€”แ€œแ€Šแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธแ‹ แ€กแ€ปแ€™แ€แ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€™แ€ฑแ€แ€›แ€”แ€กแ€แ€ผแ€€ แ€กแ€…แ€…แ€•แ€œแ€•แ€„แ€”แ€ธ แ€žแ‚”แ€™แ€Ÿแ€ แ€กแ€…แ€กแ€…แ€ฅ แ€แ€…แ€แ€แ€แ€ผแ€„แ€•แ€ซแ€แ€„แ€›แ€”แ‹ แ€ฑแ€ปแ€™แ€šแ€ฌแ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ก แ€กแ€•แ€ซแ€กแ€แ€„ แ€•แ€„แ€†แ€„แ€™แ‚ˆแ€™แ€ฌแ€ธแŠ แ€›แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแŠ แ€œแ€•แ€„แ€”แ€ธแ€œแ€•แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแŠ แ€œแ€„แ€…แ€„แ€™แ€ฌแ€ธแŠ แ€‚แ€›แ€”แ€™แ€ฌแ€ธแŠ แ€™แ€•แ€„แ€™แ€ฌแ€ธแŠ แ€€แ€”แ€กแ€™แ€ แ€แ€†แ€•แ€™แ€ฌแ€ธแŠ แ€™แ€•แ€„แ€แ€ผแ€„แ€™แ€ฌแ€ธแ€แ€šแ€›แ€” (แ€žแ‚”) แ€กแ€ปแ€แ€ฌแ€ธแ€”แ€Šแ€ธแ€œแ€™แ€ธแ€™แ€ฌแ€ธแ€ปแ€–แ€„แ€›แ€šแ€›แ€”แ‚แ€„ แŽแ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ‚แ€„ แ€กแ€แ€ผแ€„แ€กแ€ฑแ€›แ€ธแ€™แ€ฌแ€ธแ€€ แ€žแ€„แ€ฑแ€œแ€ฌแ€žแ€œ แ€–แ€ผแ‚•แฟแ€–แ€ธแ€แ€ธแ€แ€€แ€ฑแ€…แ€›แ€” แ€กแ€€แ€ธแ€›แ€…แ€ผแ€ฌ แ€กแ€žแ€ธแ€แ€›แ€”แ‚แ€„ แ€…แ€™แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€›แ€”แ‹

แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ€žแ€Š แ€กแ€™แ€ฌแ€ธแ€•แ€„แ€€แ€™แธแ€แ€™แ€Ÿแ€แ€ฑแ€žแ€ฌแ€ฑแพแ€€แ€ฌแ€„ แ€กแ€™แ€ฌแ€ธแ€ปแ€•แ€Šแ€žแ€žแ‚•แ€ฑแพแ€€แ€ปแ€„แ€ฌแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€ฑแ€›แ€ฌแ€„แ€ธแ€ฑแ€…แ€ธแ€™แ€›แ€•แ€ซแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€€แ€™แธแ€

แ‚แ€…แ€…แ€›แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€‘แ€Šแ€แ€„แ€ฑแ€„แ€ผแ‚แ€แแ‡ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€žแ€šแ€ฑแ€†แ€ฌแ€„แ€แ€”แ€–แ€ธ

แ‰แ‹

แ‚แ€แแ† แ„แ% แแ€แƒ,แƒแ„แƒ แแ‰,แ…แˆแ‡ แแ‚แ‚,แ‰แƒแ€ แ†แ†,แ†แ€แƒ - แ†แ†,แ†แ€แƒ แ…แ†,แƒแ‚แ‡

แƒแ‡,แ…แ†แ‰(แ‡,แ‰แ†แ‰)

แ‚แ‰,แ†แ€แ€ แแ‚,แแƒแ†

แ‚แ€แแ†แ,แ€แ€แ€,แ€แ€แ€

แ‚แƒ,แ€แ€แ€,แ€แ€แ€แ‚แ„,แ€แ€แ€,แ€แ€แ€

แ‚แ€แแ‡ แ„แ% แแแ€,แƒแ…แƒ แแƒ,แแƒแ† แแ‚แƒ,แ„แˆแ‰ แ‡แ†,แˆแˆแƒ แ‡,แ‚แ‰แ„ แˆแ„,แแ‡แ‡ แƒแ‰,แƒแแ‚

แƒแ‡,แ€แ‡แ„

(แ‡,แ€แˆแ‰) แ‚แ‰,แ‰แˆแ… แแ‚,แ‚แ‰แ„

แ‚แ€แแ‡ แ‚แ„,แ€แ€แ€,แ€แ€แ€

- แ‚แ„,แ€แ€แ€,แ€แ€แ€

MYANMAR THILAWA SEZ 122

Page 124: report CONTENTS - MTSH

แ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆ แ€•แ€…แฅแ€Šแ€ธ

แ€กแ€ฑแ€žแ€ธแ€…แ€แ€กแ€แ€€แ€กแ€œแ€€แ€™แ€ฌแ€ธแ€€ แ€ฑแ€กแ€ฌแ€€แ€แ€ผแ€„แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ‚แ€แแ† แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ€€แ€”แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€™ แ€œแ‚Šแ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€ปแ€แ€„แ€ธแ‚แ€แแ‡ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€œแ€€แ€€แ€”แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ‚แ€„ แ€แ€”แ€–แ€ธแ€€แแ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ‚ˆแ‚ˆแ‚แ€แแ† แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€–แ€ธแ€€แ แ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ‚แ€แแ‡ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€…แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ€ฑแ€”แ‚”แ€› แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€แ€”แ€–แ€ธแ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ‚แ€แแ… แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ€กแ€žแ€…แ€แ€šแ€ปแ€แ€„แ€ธแ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ‚แ€แแ† แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€œแ€€แ€€แ€”แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ‚แ€„ แ€แ€”แ€–แ€ธแ€€แแ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ‚ˆแ‚ˆแ‚แ€แแ… แ€งแฟแ€• (แ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€–แ€ธแ€€แ แ€†แ€ธแ€›แ‚ˆแ€ธแ€™แ‚ˆแ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ‚แ€แแ† แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚”แ€› แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€…แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ€ฑแ€”แ‚”แ€› แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธ แ€กแ€žแ€ฌแ€ธแ€แ€„แ€แ€”แ€–แ€ธ

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€™แ€ฌแ€ธแ€ฑแ€›แ€ธแ€†แ€ผแ€แ€”แ€› แ€•แ€…แฅแ€Šแ€ธแแ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌแ€แ€”แ€–แ€ธแ€žแ€Š แ€แ€€แ€ฑแ€žแ€แ€ฌแ€™แ‚ˆแ€›แ€œแ€™แ€™แ€Š แ€™แ€Ÿแ€แ€ฑแพแ€€แ€ฌแ€„แ€ธ แ€’แ€ซแ€›แ€€แ€แ€ฌแ€™แ€ฌแ€ธแ€€ แ€‘แ€„แ€ปแ€™แ€„แ€šแ€†แพแ€€แ€žแ€Šแ‹ แŽแ€‘แ€„แ€ปแ€™แ€„แ€šแ€†แ€แ€€แ€žแ€Š แ€ฑแ€กแ€ฌแ€€แ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซ แ€กแ€แ€€แ€กแ€œแ€€แ€™แ€ฌแ€ธแ€ฑแ€•แšแ€แ€ผแ€„ แ€กแ€ฑแ€ปแ€แ€แ€•แ€ซแ€žแ€Šแ‹แแ‹ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€แ€ผแ€„ แ€กแ€†แ€•แ€ซแ€•แ€…แฅแ€Šแ€ธแ‚แ€„ แ€กแ€™แ€ธแ€กแ€…แ€ฌแ€ธแ€แ€•แ€…แฅแ€Šแ€ธแ€™แ€›แ€ปแ€แ€„แ€ธแŠแ‚แ‹ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€แ€ผแ€„ แ€กแ€†แ€•แ€ซแ€•แ€…แฅแ€Šแ€ธแ‚แ€„ แ€แ€Šแ€ฑแ€žแ€ฌ แ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธแ€€ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€กแ€แ€š แ€ปแ€•แ€œแ€•แ€แ€ฑแ€žแ€ฌ แ€žแ€™แ€„แ€ธแ€ฑแพแ€€แ€ฌแ€„แ€ธแ€™แ€›แ€แ€ปแ€แ€„แ€ธแŠแƒแ‹ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€‡แ€”แ€แ€ผแ€„ แ€กแ€†แ€•แ€ซแ€•แ€…แฅแ€Šแ€ธแ€กแ€™แ€ธแ€กแ€…แ€ฌแ€ธแ€€แ€žแ‚” แ€•แ€…แฅแ€Šแ€ธแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€กแ€ปแ€–แ€… แ€…แ€ฌแ€›แ€„แ€ธแ€ฑแ€–แ€ฌแ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆ แ€™แ€›แ€แ€ปแ€แ€„แ€ธแ‹

แ€‘แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€แ€ผแ€„ แ€แ€šแ€œแ€ฑแ€žแ€ฌแ€†แ‚แตแ€›แ€žแ‚แ€„ แ€ฑแ€›แ€ฌแ€„แ€ธแ€œแ€ฑแ€žแ€ฌแ€†แ‚แตแ€›แ€žแ€กแ€ฑแ€•แš แ€กแ€ฑแ€ปแ€แ€แ แ€แ€”แ€–แ€ธแ€žแ€แ€™แ€แ€›แ€” แ€™แ€ปแ€–แ€…แ‚แ€„แ€ฑแ€žแ€ฌแ€ฑแพแ€€แ€ฌแ€„ Sale Comparison Approach แ€€ แ€œแ€€แ€แ€€แ€„แ€žแ€ธแ‚แ€„แ€™แ€Š แ€™แ€Ÿแ€แ€ฑแ€•แ‹

แ€•แ€…แฅแ€Šแ€ธแ แ€แ€”แ€–แ€ธแ€žแ€แ€™แ€แ€›แ€” Income Capitalization Approach แ€€ แ€žแ€ธแ€™แ€Šแ€†แ€•แ€ซแ€€ แ€‘แ€•แ€…แฅแ€Šแ€ธแ€žแ€Š แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€œแ€ฑแ€œแ€ฌแ€€แ€ฑแ€žแ€ฌ แ€กแ€แ€”แ€ฑแ€•แ€ธแ‚แ€„แ€›แ€™แ€Šแ‹ แ€‘แ‚”แ€กแ€ปแ€•แ€„ แ€•แ€…แฅแ€Šแ€ธแแ€ปแ€•แ€”แ€›แ€แ€€แ€žแ€Š แ€แ€Šแฟแ€„แ€™แ€™แ‚ˆแ€›แ Capitalization rate แ€€แ€กแ€žแ€ธแ€ปแ€•แ‚แ€„แ€ฑแ€žแ€ฌ แ€กแ€ฑแ€ปแ€แ€กแ€ฑแ€”แ€›แ€›แ€•แ€ซแ€™แ€Šแ‹ แ€•แ€„แ€†แ€„แ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€แ€ผแ€„แ€ปแ€•แ€™แ€”แ‚”แ€žแ€Š แ€œแ€€แ€แ€ฑแ€œแ€ฌแ€€แ€ฌแ€œแ€แ€ผแ€„ แ€›แ€›แ€‘แ€ฌแ€ธแ€žแ€ปแ€–แ€„ แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€™แ‚ˆแ€ปแ€–แ€…แ€…แ€ฅแ€žแ€Š แ€€แ€”แ€ฆแ€ธแ€กแ€†แ€„แ€แ€ผแ€„แ€žแ€ฌ แ€›แ€•แ€ซแ€žแ€Šแ‹ แ€žแ‚”แ€ปแ€–แ€…แ Income Capitalization Approach แ€€ แ€€แ€„แ€žแ€ธแ‚แ€„แ€™แ€Š แ€™แ€Ÿแ€แ€ฑแ€•แ‹

แ€€แ€”แ€ฆแ€ธแ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€แ€”แ€–แ€ธแ€žแ€แ€™แ€แ€ปแ€แ€„แ€ธแ€”แ€Šแ€ธแ€œแ€™แ€ธแ‚แ€…แ€แ€€ แ€กแ€žแ€ธแ€™แ€ปแ€•แ‚แ€„แ€ฑแ€žแ€ฌแ€ฑแพแ€€แ€ฌแ€„ แ€แ€แ€š แ€กแ€žแ€ธแ€ปแ€•แ‚แ€„แ€ฑแ€žแ€ฌ แ€”แ€Šแ€ธแ€œแ€™แ€ธแ€™แ€ฌ Cost Approach แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹ แ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌ แ€แ€šแ€šแ€žแ€™ แ€กแ€œแ€ฌแ€ธแ€แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธแ€แ€…แ€ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ปแ€แ€„แ€ธแ€กแ€แ€ผแ€€ แ€€แ€”แ€€แ€ฑแ€žแ€ฌแ€…แ€›แ€แ€”แ€„ แ€แ€Šแ€ฑแ€žแ€ฌแ€•แ€™แ€ฌแ€ (แ€žแ‚”แ€™แ€Ÿแ€) แ€•แ€ฑแ€žแ€ฌแ€•แ€™แ€ฌแ€แ€ปแ€–แ€„ แ€ฑแ€•แ€ธแ€ฑแ€แ€ปแ€แ€„แ€ธแ€€ แ€†แ€œแ€•แ€ซแ€žแ€Šแ‹ Cost Approach แ€žแ€Š แ€•แ€…แฅแ€Šแ€ธแแ€แ€”แ€–แ€ธแ€€ แ€แ€”แ‚”แ€™แ€”แ€ธแ€ปแ€แ€„แ€ธแ‚แ€„ แ€ปแ€•แ€”แ€œแ€Šแ€แ€”แ€–แ€ธแ€žแ€แ€™แ€แ€ปแ€แ€„แ€ธแ€กแ€แ€ผแ€€ แ€กแ€žแ€„แ€ฑแ€แ€ฌแ€†แ€ธ แ€”แ€Šแ€ธแ€œแ€™แ€ธ แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ‚แ€„แ€„ แ€…แ€ฌแ€›แ€„แ€ธแ€€แ€„แ€…แ€™แ€ฌแ€ธ - แ„แ€ แ€แ€ผแ€„ แ€ปแ€•แ€Œแ€ฌแ€”แ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌ แ€แ€”แ€–แ€ธแ€žแ€แ€™แ€แ€ปแ€แ€„แ€ธแ€™แ€ฌแ€ธแ€€ แ€’แ€ซแ€›แ€€แ€แ€ฌแ€™แ€ฌแ€ธแ€€ แ€€แ€„แ€žแ€ธแ€›แ€” แ€œแ€€แ€แ€ฑแ€žแ€ฌแ€œแ€Šแ€ธ แ€œแ€€แ€›แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€แ€”แ€› แ€แ€”แ€–แ€ธแ€€แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€ผแ€„แ€ธแ€›แ€ฌแ€แ€ผแ€„ แ€€แ€”แ€€แ€…แ€›แ€แ€€ แ€กแ€ฑแ€ปแ€แ€แ€ฑแ€žแ€ฌ Cost Approach (แ€•แ€™แ€žแ€„แ€ฑแ€œแ€ฌแ€ฑแ€žแ€ฌ แ€แ€”แ€–แ€ธ) แ€€แ€žแ€ฌ แ€กแ€žแ€ธแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แแ€แ‹

แ€ฑแ€ปแ€™แ€šแ€ฌ แ‚แ€„ แ€กแ€ฑแ€†แ€ฌแ€€แ€กแ€ฆแ€ธ

-

แ„,แ‚แแƒ,แ‚แ‰แ‰ แ„,แ‚แแƒ,แ‚แ‰แ‰

- (แ‚แ,แ€แ†แ†) - (แ‚แ,แ€แ†แ†) แ„,แแ‰แ‚,แ‚แƒแƒ

--- -

--- ---

ANNUAL REPORT 2016 - 2017 123

Page 125: report CONTENTS - MTSH

แ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ€ฑแ€„แ€ผแ‚แ€„ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€Šแ€™แ€ปแ€แ€„แ€ธแ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€แ‚”แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€

แ€ฑแ€„แ€ผแ€œแ€€แ€€แ€”แ€˜แ€แ€œแ€€แ€€แ€” - แ€…แ€ฌแ€›แ€„แ€ธแ€›แ€„แ€˜แ€แ€œแ€€แ€€แ€” - แ€…แ€ฑแ€„แ€ผแ€˜แ€แ€œแ€€แ€€แ€” - แ€ฑแ€แšแ€šแ€กแ€•แ€ฑแ€„แ€ผ

แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธ

แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€แ‚”แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€ แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธ -แ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ*แ€กแ€ปแ€แ€ฌแ€ธแ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€™-แ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ**-แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€แ€€แ€™แธแ€แ‚แ€„แ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ***-แ€†แ€€แ‚แ€ผแ€šแ€™แ‚ˆแ€™แ€›แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€›แ€ธแ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธ-แ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€…แ€›แ€”แ€ฑแ€„แ€ผแ€ฑแ€›แ€ฌแ€„แ€ธแ€žแ€™แ€ฌแ€ธแ€žแ‚” แ‚€แ€€แ€แ€„แ€ฑแ€•แ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€กแ€ปแ€แ€ฌแ€ธ แ‚€แ€€แ€แ€„แ€ฑแ€•แ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ‚€แ€€แ€แ€„แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€”แ‚€แ€€แ€แ€„แ€€แ€”แ€žแ€ผแ€šแ€แ€ผแ€”

* แ€กแ€‘แ€€แ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซ แ€…แ€ฌแ€›แ€„แ€ธแ€žแ€Š MJTD แ€™ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€ฑแ€€แ€ฌแ€™แ€›แ€„แ€กแ€แ€ผแ€€ แ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธแ€ปแ€–แ€…แฟแ€•แ€ธ แ€€แ€™แธแ€แ€™ แ€™แ€แ€†แ€€ แ€ฑแ€•แ€ธแ€ฑแ€žแ€ฌแ€แ€šแ€žแ‚แ€„ MJTD แ€กแพแ€€แ€ฌแ€ธ แ€ฑแ€กแ€ฌแ€„แ€ปแ€™แ€„แ€…แ€ผแ€ฌ แ€…แ€ฌแ€แ€•แ€แ€•แ€†แ€ฑแ€›แ€ธแ€‘แ€ธแ€”แ€„แ€™แ‚ˆแ€กแ€แ€ผแ€€ แ€แ€…แ€ฌแ€ธแ€แ€ผแ€„แ€ปแ€–แ€…แ€žแ€Šแ‹** แ€กแ€‘แ€€แ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซแ€…แ€ฌแ€›แ€„แ€ธแ€žแ€Š MJTD แ€™ แ‚แ€แแ† แ€…แ€€แ€แ€„แ€˜แ€ฌแ€œแ€€แ€”แ€› แ€กแ€ปแ€™แ€แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€€ แ€กแ€แ€ธแ€€แ€แ€ผแ€ฑแ€แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€ปแ€™แ€แ€ฑแ€แ€… แ€ปแ€–แ€…แ€žแ€Šแ‹*** แ€กแ€‘แ€€แ€ฑแ€–แ€ฌแ€ปแ€•แ€•แ€ซแ€…แ€ฌแ€›แ€„แ€ธแ€žแ€Š TPD แ€€แ€šแ€…แ€ฌแ€ธ แ€€แ€™แธแ€แ€€ แ€€แ€แ€ฑแ€•แ€ธแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€”แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธ

แ€€แ€”แ€œแ€€แ€€แ€”แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€žแ€œแ€แ€ซแ€กแ€‘แ€ธแ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€›แ€ธแ€‡แ€”แ€กแ€แ€ผแ€„แ€ธแ€› แ€œแ€ฑแ€”แ€กแ€™แ€šแ€ฌแ‚แ€„ แ€…แ€ธแ€•แ€ผแ€ฌแ€ธแ€ฑแ€›แ€ธแ€งแ€›แ€šแ€ฌแ€–แ€ผแ‚”แฟแ€–แ€ธแ€ฑแ€›แ€ธแ€กแ€แ€ผแ€€ MJTD แ€‘แ€™ แ€แ€šแ€šแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€ฑแ€ปแ€™แ€แ€”แ€–แ€ธแ‚แ€„ แ€ฑแ€ปแ€™แ€šแ€ฌแ€ฑแ€–แ€ฌแ€‘แ€แ€žแ€Š แ€€แ€”แ€€แ€…แ€›แ€แ€แ‚” แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€‘แ‚”แ€กแ€ปแ€•แ€„ แ€šแ€แ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€ฑแ€ปแ€™แ€ปแ€•แ€ปแ€•แ€„แ€™แ‚ˆแ€™แ€ฌแ€ธแŠ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแŠ แ€†แ€„แ€แ€”แ€ธแ€™แ€ฌแ€ธแ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ปแ€แ€„แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธ

แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€แ‚”แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€†แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€ แ‚แ€…แ€…แ€›แ€…แ€ฌแ€›แ€„แ€ธแ€–แ€ผแ€„แ€œแ€€แ€€แ€”แ€€แ€”แ€‘แ€›แ€€แ€กแ€แ€ผแ€€แ€€แ€”แ€€แ€ฑแ€„แ€ผแ€กแ€žแ€กแ€™แ€แ€ปแ€•แ€กแ€ปแ€™แ€ / แ€กแ€›แ€ธแ‚แ€…แ€€แ€”แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€œแ€€แ€€แ€”แ€™แ€ปแ€•แ€Šแ€…แ€ฑแ€žแ€ฌ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธแ แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€€แ€”แ€€ แ€…แ€›แ€แ‚แ€„ แ€กแ€žแ€กแ€™แ€แ€ปแ€• แ€กแ€ปแ€™แ€แ€ฑแ€„แ€ผแฟแ€•แ€ธแ€…แ€ธแ€™แ‚ˆแ€กแ€แ€ผแ€€แ€ฑแ€„แ€ผแ€ฑแ€แ€ฌแ€„แ€ธแ€แ€œแ‚Šแ€ฌแ‚แ€…แ€€แ€”แ€…แ€ฌแ€›แ€„แ€ธแ€•แ€แ€œแ€€แ€€แ€”แ€€แ€”แ€‘แ€›แ€€แ€œแ€•แ€„แ€”แ€ธ แ€กแ€•แ‚แ€žแ€‘แ€™ แ€›แ€›แ€”แ€›แ€™แ€ฌแ€ธ (แ€™แ€แ€… - แแ‚)

แแแ‹

แแ‚แ‹

แแƒแ‹

แแ„แ‹

แ‚แ€แแ†แ‡,แ†แˆแ…

แแ†,แ…แ†แ‡,แ‡แ€แ„แ‡แแ…,แƒแ„แˆแ…แแˆ,แ€แ€แ„

แแ‡,แˆแ€แˆ,แ‡แ„แ

แ‚แ€แแ†

แ‚แ‚แ„,แ‡แ…แ‡

- แ‚แƒแ€,แ…แ‰แ‚ -

- แ‚แแ€ แแ,แ€แ‚แ€ แแ€แ€,แƒแ†แ‰ แ,แ‡แƒแƒ,แ„แ„แ…

- แ‚,แƒแ€แ€,แƒแ‰แƒ

แ‚แ€แแ† - - -

- - - - -

แ‚แ€แแ†แแ€,แ†แแ‰

แ‚แƒ,แ…แ‚แ„,แ€แ†แ…แ‚,แ†แˆแ,แ†แƒแ…

แ…แแˆ,แ€แ€แ„แ‚แ†,แ‡แƒแ„,แƒแ‚แƒ

แ‚แ€แแ†

แ‚แ‚แ„,แ‡แ…แ‡

แ,แ€แˆแˆ - -

- แˆ,แƒแ„แ€ แแ,แ€แ‚แ€ แ,แ‰แ€แ€,แ‚แ†แ แ,แ‡แƒแƒ,แ„แ„แ…

- แƒ,แˆแ‡แˆ,แ‰แแ

แ‚แ€แแ‡ แแ‚,แ„แ…แ€ แแˆ,แ‚แƒแ†,แˆแ€แ‚ แ†แƒแ‰,แ„แ„แ แ‡แ€แ†,แแ‡แˆ แแ‰,แ…แ‰แ„,แˆแ‡แ

แ‚แ€แแ‡

แ‰แˆแ†,แ€แ‰แ€

แแƒ,แ‡แƒแ‰,แƒแ„แ„ แ‡แƒ,แ‡แ‡แˆ

-

- แƒ,แ‚แ†แƒ

- แแ€แ†,แ†แ‰แ€

แ†แ€แ…,แแ‡แˆ -

แแ…,แ…แแ„,แƒแ„แƒ

แ‚แ€แแ‡

- แƒ,แ€แ„แˆ,แ‰แˆแƒ

(แƒ,แ€แƒแ‰,แ‡แˆแ‡ ) แ‰,แแ‰แ† แ„,แ‚แ‰แ€,แแƒแ (แ„,แ‚แ‰แ€,แแƒแ) - แƒแ€แ€,แ…แ€แ‰

แ‚แ€แแ‡ แ‚แ,แ€แ‡แ แ‚แ‚,แ‡แ†แƒ,แ‚แ…แ„ แ‚,แˆแ‡แ†,แ€แ‡แ…

แ‡แ€แ†,แแ‡แˆ แ‚แ†,แƒแ†แ†,แ…แ‡แˆ

แ‚แ€แแ‡

แ‰แˆแ†,แ€แ‰แ€

แแƒ,แ‡แƒแ‰,แƒแ„แ„ แแˆแ€ แƒแ„แ‡

แƒแ€แ€,แ…แ€แ‰ แ†,แƒแ€แ

- แƒแ‚แ,แˆแ‡แ„ แ†แ€แ…,แแ‡แˆ

แ‡แ‰แ„,แ€แˆแƒ แแ†,แ‡แ…แƒ,แ‰แ€แ†

MYANMAR THILAWA SEZ 124

Page 126: report CONTENTS - MTSH

แ€™แ€แ€Šแ€›แ€„แ€ธแ‚แ€ธแ€ฑแ€„แ€ผ

แ‚แ€แแ† แ€แ‚แ€…แŠ แ€ฑแ€กแ€ฌแ€€แ€แ€˜แ€ฌ แ‚แƒแ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€€แ€„แ€ธแ€•แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€กแ€…แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ แ‚แ€…แ€…แ€ฅแ€€แ€„แ€ธแ€•แ€œแ€€แ€›แ€ฑแ€žแ€ฌ แ‚แ€…แ€•แ€แ€œแ€Š แ€กแ€…แ€Šแ€ธแ€กแ€ฑแ€แ€ธแŒ แ€›แ€šแ€šแ€ฌแ€™แ€ฌแ€ธแ€€ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ€กแ€แ€ผแ€€ แ€แ€…แ€†แ€šแ€…แ€กแ€ปแ€–แ€…แ€แ€ผแ€›แ€” แ€›แ€šแ€šแ€ฌแ€›แ€„แ€™แ€ฌแ€ธแ€€ แ€กแ€แ€Šแ€ปแ€•แ€แพแ€€แ€žแ€Šแ‹ แ€›แ€šแ€šแ€ฌ แ€แ€…แ€ฑแ€…แ€ฌแ€„แ€œแ€„ แ€€แ€• แแ€,แ€แ€แ€ แ€™ แ€€แ€• แ,แ€แ€แ€ แ€žแ‚” แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€žแ€แ€™แ€แ€แฟแ€•แ€ธ แ€›แ€šแ€šแ€ฌแ€กแ€ฑแ€›แ€กแ€แ€ผแ€€แ€™แ€ฌแ€œแ€Šแ€ธ แƒ,แˆแ‰แ‚,แ‰แแ… แ€™ แƒแˆ,แ‰แ‚แ‰,แแ…แ€ แ€žแ‚” แ€ฑแ€ปแ€•แ€ฌแ€„แ€ธแ€œแ€žแ€ผแ€ฌแ€ธแ€žแ€Šแ‹ แ€‘แ€แ€ฑแ€แ€ปแ€•แ€ธ แ€žแ€ฌแ€™แ€”แ€กแ€…แ€›แ€šแ€šแ€ฌแ€™แ€ฌแ€ธแ€กแ€ฌแ€ธแ€œแ€ธแ€€ แ€ฑแ€„แ€ผแ€žแ€ฌแ€ธแ€ปแ€–แ€„ แ€กแ€ปแ€•แ€Šแ€กแ€แ€ฑแ€•แ€ธแ€ฑแ€แ€‘แ€ฌแ€ธแฟแ€•แ€ธแ€ปแ€–แ€…แ€žแ€Šแ‹ แ€žแ€ฌแ€™แ€”แ€กแ€…แ€›แ€šแ€šแ€ฌแ€แ€…แ€ฑแ€…แ€ฌแ€„แ แ€™แ€›แ€„แ€ธแ€แ€”แ€–แ€ธแ€™แ€ฌ แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€• แ,แ€แ€แ€ แ€ปแ€–แ€…แ€žแ€Šแ‹ แ€กแ€ปแ€•แ€Šแ€กแ€แ€ฑแ€•แ€ธแ€ฑแ€แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€…แ€›แ€šแ€šแ€ฌแ€™แ€ฌแ€ธแ€žแ€Š แ€แ€…แ€ฑแ€…แ€ฌแ€„แ€œแ€„ แ€แ€…แ€™ แ€™แ€ฑแ€•แ€ธแ€แ€ผแ€„แ€›แฟแ€•แ€ธ แ€€แ€™แธแ€แ€€ แ€กแ€ปแ€™แ€แ€ฑแ€แ€… แ€ฑแพแ€€แ€ปแ€„แ€ฌแ€žแ€Šแ€กแ€แ€ซ แ€กแ€œแ€ฌแ€ธแ€แ€•แ€„ แ€›แ€•แ€„แ€แ€ผแ€„แ€›แ€•แ€ซแ€žแ€Šแ‹

แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธ แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€แ‚”แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€ แ€™แ€†แ€€แ‚แ€ผแ€šแ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ แ€žแ‚” แ€€แ€”แ€žแ€ผแ€šแ€™แ‚ˆแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธแ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€™แ€ฌแ€ธ- แ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ- แ€†แ€€แ‚แ€ผแ€šแ€™แ‚ˆแ€™แ€›แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€žแ€™แ€ฌแ€ธแ€‘แ€™ แ€…แ€›แ€”แ€›แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€กแ€žแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€›แ€กแ€ปแ€™แ€แ€ฑแ€แ€…แ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€”

แ€แ€„แ€ฑแ€„แ€ผ

แ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€แ‚”แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€

แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€ฑแ€€แ€ฌแ€™แ€›แ€„แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€ฑแ€ปแ€™แ€šแ€ฌแ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€€แ€”แ€žแ€ผแ€šแ€œแ€•แ€„แ€”แ€ธแ€แ€ผแ€”

แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผ

แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€€ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€•แ€‚แขแ€œแ€™แ€ฌแ€ธแ€€ MJTD แ€กแ€ฌแ€ธ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€•แ€ธแ€ปแ€แ€„แ€ธแ€กแ€แ€ผแ€€ แ€›แ€›แ€แ€•แ€ซแ€žแ€Šแ‹(แ) แ€ฅแ€€แ‚’(แ‚) แ€’แ€ฅแ€€แ‚’(แƒ) แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€กแ€›แ€ฌแ€›แ€แ€•(แ„) แ€…แ€™แ‚แ€„ แ€œแ‚”แ€…แ€ผแ€™แ€ธแ€กแ€ฌแ€ธแ€กแ€›แ€„แ€ธแ€กแ€ปแ€™แ€…แ€กแ€›แ€ฌแ€›แ€แ€•

แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€ฑแ€€แ€ฌแ€™แ€›แ€„

แ€€แ€™แธแ€แ€žแ€Š แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌแ€›แ€ฑแ€žแ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€™แ€ฌแ€ธ แ€Šแ‚แ‚ˆแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€•แ€ธแ€›แ€”แ‚แ€„ แ€žแ€แ€„แ€ธแ€กแ€แ€€แ€กแ€œแ€€แ€™แ€ฌแ€ธแ€€ แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€ฑแ€•แ€ธแ€›แ€” MJTD แ‚แ€„ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€™แ€ฌแ€ธ แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹

แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€แ€„แ€ฑแ€„แ€ผ

แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€แ€„แ€ฑแ€„แ€ผแ€แ€ผแ€„ MJTD แ€™ แ€กแ€“แ€€แ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€œแ€™แ€ธแ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€€แ€”แ€‘แ€›แ€€แ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซ แ€€แ€”แ€‘แ€›แ€€แ€œแ€•แ€„แ€”แ€ธแ€™แ€ฌแ€ธแ€€ แ€•แ€ผแ€„แ€œแ€„แ€ธแ€ฑแ€œแ€œแ€œแ€•แ€„แ€”แ€ธแ€…แ€ฅแ€™แ€ฌแ€ธแ€ปแ€–แ€„ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€•แ€ซแ€žแ€Šแ‹

แแ…แ‹

แแ†แ‹

แแ‡แ‹

แ‚แ€แแ† แ,แ‰แ„แ„

- - -

แแ‰แ,แˆแ†แ€ - - แแ‰แƒ,แˆแ€แ„

แ‚แ€แแ† แˆแ‡แ„,แƒแ†แ‚ แ,แ‰แ‡แ‡,แ€แ‰แ‰ - -

(แแƒแ…,แ‡แˆแ…) แ‚,แ‡แแ…,แ†แ‡แ†

แ‚แ€แแ†แ‚แˆแˆ,แ„แ‚แ‚

- แแ…แ‰,แ€แ€แ€

-แแ‰แ,แˆแ†แ€

- -

แ†แƒแ‰,แ‚แˆแ‚

แ‚แ€แแ† แˆแ‡แ„,แƒแ†แ‚ แ,แ‰แ‡แ‡,แ€แ‰แ‰ - -

(แแƒแ…,แ‡แˆแ…) แ‚,แ‡แแ…,แ†แ‡แ†

แ‚แ€แแ‡

-

แ„แ‡แ€,แ€แ€แ€ - - แแƒแˆ,แ†แ„แ€ แ†แˆแ‡,แ…แ†แ„ แ‰,แ‚แ‡แƒ แ,แƒแ€แ…,แ„แ‡แ‡

แ‚แ€แแ‡ แˆแˆแ…,แ‡แ‰แ‡ แ,แแแ€,แ„แƒแ€ - -

(แ‰แ…,แ€แ…แˆ) แ,แ‰แ€แ,แแ†แ‰

แ‚แ€แแ‡ แ‰แ€แ,แ‰แ†แ…

แ„แ‡แ€,แ€แ€แ€แแ…แ‰,แ‰แˆแ†แ‡แ‚แ‰,แ‡แ‚แƒแแƒแˆ,แ†แ„แ€แ†แˆแ‡,แ…แ†แ„แแ…แƒ,แแแ‰

แƒ,แ‚แ„แ€,แ‰แ‰แ‡

แ‚แ€แแ‡ แˆแˆแ…,แ‡แ‰แ‡ แ,แแแ€,แ„แƒแ€ แ„,แ‚แ‰แ€,แแƒแ แ„,แ„แƒแ‚,แƒแ‚แ€

(แ…แ€แ‰,แ‰แ‚แˆ) แแ€,แ‚แ€แˆ,แ‡แ…แ€

ANNUAL REPORT 2016 - 2017 125

Page 127: report CONTENTS - MTSH

แ€ฑแ€ปแ€™แ€šแ€ฌแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€™แ‚ˆ

แ€ฑแ€ปแ€™แ€šแ€ฌแ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€™แ‚ˆแ€แ€ผแ€„ แ€ปแ€•แ€Šแ€แ€ผแ€„แ€ธแ€˜แ€แ€แ‚แ€…แ€แ€ž แ‚” แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€ฑแ€ปแ€™แ€šแ€ฌแ€™แ€ฌแ€ธ แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€กแ€ปแ€แ€ฌแ€ธ แ€แ€„แ€ฑแ€„แ€ผ

แ€กแ€ปแ€แ€ฌแ€ธแ€แ€„แ€ฑแ€„แ€ผแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€แ‚” แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€

แ€กแ€แ€ธแ€แ€„แ€ฑแ€„แ€ผ-แ€˜แ€แ€กแ€•แ‚แ€ฑแ€„แ€ผ-แ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚”แ€กแ€…แ€Šแ€ธแ€แ€”แ€‘แ€™แ€ธ แ€’แ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ‚แ€„ แ€กแ€แ€ผแ€” แ€ปแ€•แ€”แ€กแ€™แ€ธแ€ฑแ€„แ€ผแ€›แ€šแ€šแ€ฌแ€†แ€€แ€…แ€•แ€แ€„แ€ฑแ€„แ€ผแ€…แ€ฌแ€›แ€ผแ€€แ€…แ€ฌแ€แ€™แ€ธแ€ฑแ€›แ€ฌแ€„แ€ธแ€›แ€ฑแ€„แ€ผแ€แ€„แ€’แ€ซแ€ฑแ€แšแ€ปแ€แ€„แ€ธแ€™แ€›แ€ฑแ€„แ€ผ

แ€กแ€ปแ€แ€ฌแ€ธ แ€กแ€ปแ€™แ€/ แ€กแ€›แ‚ˆแ€ธแ€™แ€ฌแ€ธ

แ€กแ€ปแ€แ€ฌแ€ธแ€กแ€ปแ€™แ€/ แ€กแ€›แ‚ˆแ€ธแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€แ‚”แ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€

แ€กแ€ปแ€แ€ฌแ€ธ แ€ฑแ€„แ€ผแ€ฑแพแ€€แ€ธแ€œแ€œแ€šแ€™แ‚ˆแ€™ แ€กแ€ปแ€™แ€

แ€œแ€•แ€„แ€”แ€ธแ€…แ€ฅแ€กแ€œแ€€ แ€…แ€›แ€แ€™แ€ฌแ€ธ

แ€…แ€…แ€ฑแ€•แ€ซแ€„แ€ธแ€€แ€”แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€”แ€–แ€ธแŠ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ‚แ€„แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€›แ€ฌแ€ฑแ€–แ€ผแ€ฑแ€›แ€ธแ€€แ€”แ€€แ€…แ€›แ€แŠ แ€…แ€™แ€กแ€•แ€แ€•แ€™แ‚ˆแ€…แ€›แ€แ‚แ€„ แ€กแ€ปแ€แ€ฌแ€ธแ€€แ€”แ€€แ€…แ€›แ€แ€™แ€ฌแ€ธแ€€ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซ แ€กแ€แ€„แ€ธ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€

แ€ฑแ€ปแ€™แ€šแ€ฌ แ€€แ€”แ€€แ€…แ€›แ€แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธ แ€€แ€”แ€€แ€…แ€›แ€แ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธ แ€•แ€šแ€–แ€€แ€ปแ€แ€„แ€ธแ€•แ€ฑแ€žแ€•แ€„แ€•แ€…แฅแ€Šแ€ธ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€›แ€„แ€ธแ‚แ€ธแ€ปแ€™แ€•แ‚แ€™แ‚ˆแ€•แ€…แฅแ€Šแ€ธ แ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€‘แ€ฑแ€แ€ผแ‚”แ€€แ€„แ€แ€ผแ€šแแ€™แ€›แ€ฑแ€žแ€ฌ แ€•แ€…แฅแ€Šแ€ธแ€แ€”แ€–แ€ธแ€ฑแ€œแ€ฌแ€แ€”แ€‘แ€™แ€ธแ€กแ€€แ€ธแ€กแ€ปแ€™แ€แ€…แ€›แ€ ( แ€™แ€แ€…-แ‚แ)แ€ฑแ€žแ€ฌแ€แ€€แ€€แ€ฑแ€žแ€ฌ แ€…แ€™แ€กแ€•แ€แ€•แ€žแ‚แ€„ แ€’แ€ซแ€›แ€€แ€แ€ฌแ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€™แ€ฌแ€ธ (แ€™แ€แ€…-แ‚แƒ)แ€ฑแพแ€€แ€ฌแ€ปแ€„แ€ฌแ‚แ€„ แ€ฑแ€กแ€‚แ€„แ€…แ€…แ€›แ€แ€™แ€ฌแ€ธแ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€แ€…แ€›แ€แ€žแ€šแ€šแ€•แ‚”แ€ฑแ€†แ€ฌแ€„แ€ฑแ€›แ€ธแ€…แ€›แ€แ€…แ€ฌแ€›แ€„แ€ธแ€แ€„แ€…แ€›แ€แ€กแ€ปแ€แ€ฌแ€ธแ€…แ€›แ€แ€™แ€ฌแ€ธ

แแˆแ‹

แแ‰แ‹

แ‚แ€แ‹

แ‚แ€แแ†

แˆแแ,แ†แ‰แ† - -

แ…แ‚,แ†แˆแ‡ แƒ แ„แ€แ€ แˆแ†แ„,แ‡แˆแ†

แ‚แ€แแ† แ†,แแƒแ€,แแ‰แ‡ แ†,แแƒแ€,แแ‰แ‡

แ‚แ€แแ† - - แ,แ€แ‡แ„ แˆแ…,แ…แˆแƒ

- แ†แ‰แ€ แ„แ€แˆ,แ…แ„แ‚ แ„แ‡แ,แแ‰แˆ

แ‚แแ,แแ‰แƒ

แˆแ„,แ†แ…แƒ แแ‰แ…,แ‡แแ‡

- แƒแ€แ‚,แƒแ€แ‚ แ,แ‡แ†แ€,แ‰แ…แ‚

แ‚แ€แแ†

แ‰แ†แ,แแˆแˆ - - แ…แ‚,แ†แˆแ‡ แƒ แ†,แแ€แ€ แ,แ€แแ‰,แ‰แ‡แˆ

แ‚แ€แแ† แ†,แ€แˆแ‚,แ…แˆแ† แ†,แ€แˆแ‚,แ…แˆแ†

แ‚แ€แแ†

- - แ,แ€แ‡แ„ แˆแ‡,แˆแ€แ - แ†แ‰แ€ แ…แ„แƒ,แ‚แ‚แ‰ แ…แ‚แ„,แ…แ‡แ†

แ‚แแ‚,แ†แˆแ

แˆแ„,แ†แ…แƒ แแ‰แˆ,แ‚แแ„ - แƒแ„แ‡,แ…แ„แƒ แ‚,แ€แ€แ€,แ„แ†แ

แ‚แ€แแ‡

แแ„แ‰,แ‡แ‰แ„ แ‰แ‰,แ€แ‡แ„ แƒ,แ€แ„แ€ แ‡แ€แƒ

- -

แ‚แ…แ‚,แ†แแ

แ‚แ€แแ‡ แ‚,แ†แแ,แˆแ‰แ… แ‚,แ†แแ,แˆแ‰แ…

แ‚แ€แแ‡ - - แ‚แ‰,แ‚แ‚แ‡ แแ‚แ‚,แ…แ‰แ

- แ,แ€แ‰แ‰ แƒแ†แ€,แ€แƒแ‡ แ,แƒแ€แ…,แ„แ‚แ‚

แ‰แ€,แ†แ‡แ‚

แแ†แ‡,แ„แ†แˆ แแ‰,แ„แ†แƒ แแ„แ‰,แˆแƒแƒ แ„แ‚แƒ,แ‡แ‰แ‡ แ‚,แ†แ†แ‰,แ†แ€แ‰

แ‚แ€แแ‡

แƒแ€แ„,แ€แƒแ‰ แ‰แ‰,แ€แ‡แ„ แƒ,แ€แ„แ€ แ‡แ€แƒ

- แ‰,แ‰แ€แ€ แ„แแ†,แ‡แ…แ†

แ‚แ€แแ‡ แƒ,แ‚แˆแ‰,แ…แ‚แˆ แƒ,แ‚แˆแ‰,แ…แ‚แˆ

แ‚แ€แแ‡ แ,แ„แ‡แ‰,แˆแแ‰ แƒ,แแƒแ,แ‚แ…แ‰ แ‚แ‰,แ‰แ‰แ€ แ‚แ€แ€,แแˆแ„ แ‚แ,แ€แ†แ†

แ,แ€แ‰แ‰ แ…แˆแ„,แ…แ‡แ‚ แ,แƒแ‡แ‰,แ€แ‚แ€

แ‰แ‰,แแ†แ€

แแ†แ‡,แ„แ†แˆ แ„แ‰,แแ‚แ… แแ„แ‰,แˆแƒแƒ แ…แแ†,แƒแƒแ‰ แ‡,แˆแ€แˆ,แ‰แƒแ„

MYANMAR THILAWA SEZ 126

Page 128: report CONTENTS - MTSH

แ€แ€”แ€‘แ€™แ€ธแ€กแ€€แ€ธแ€กแ€ปแ€™แ€แ€…แ€›แ€

แ€แ€”แ€‘แ€™แ€ธแ€กแ€€แ€ธแ€กแ€ปแ€™แ€แ€…แ€›แ€แ€แ€ผแ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€กแ€แ€„แ€ธแ€•แ€ซแ€แ€„แ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€

แ€œแ€•แ€แ‚แ€„ แ€œแ€…แ€ฌแ€™แ€ฌแ€ธแ€กแ€ปแ€แ€ฌแ€ธแ€กแ€€แ€ธแ€กแ€ปแ€™แ€แ€™แ€ฌแ€ธ

แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ แ€แ€„แ€ฑแ€„แ€ผ

แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แ แ€กแ€ฑแ€ปแ€แ€แ€แ€„แ€ฑแ€„แ€ผ

แ€กแ€ฑแ€ปแ€แ€แ€€แ€ฑแ€žแ€ฌ แ€›แ€šแ€šแ€ฌแ€แ€…แ€…แแ€แ€„แ€ฑแ€„แ€ผแ€€ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€…แ€กแ€แ€ผแ€„แ€ธ แ€€แ€™แธแ€แแ€กแ€…แ€›แ€„แ€™แ€ฌแ€ธแ€žแ‚” แ€แ€ผแ€ฑแ€แ€ฑแ€•แ€ธแ€›แ€ฑแ€žแ€ฌแ€กแ€ปแ€™แ€แ€€ แ€กแ€แ€”แ‚แ€„แ€•แ€™แ€ธแ€™แ€š แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€žแ€ฌแ€™แ€”แ€กแ€…แ€›แ€šแ€šแ€ฌแ€กแ€ฑแ€›แ€กแ€แ€ผแ€€แ€ปแ€–แ€„ แ€…แ€ฌแ€ธแฟแ€•แ€ธ แ€แ€ผแ€€แ€แ€€แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ‚แ€…แ€กแ€แ€ผแ€„แ€ธแ€€แ€™แธแ€แแ€กแ€…แ€›แ€„ แ€™แ€ฌแ€ธแ€žแ‚”แ€แ€ผแ€ฑแ€แ€ฑแ€•แ€ธแ€›แ€ฑแ€žแ€ฌแ€กแ€žแ€ฌแ€ธแ€แ€„แ€กแ€ปแ€™แ€/(แ€กแ€›แ‚ˆแ€ธ) (แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผแ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)แ€กแ€แ€”แ‚แ€„ แ€•แ€™แ€ธแ€™แ€šแ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€žแ€ฌแ€™แ€”แ€กแ€…แ€›แ€šแ€šแ€ฌแ€กแ€ฑแ€›แ€กแ€แ€ผแ€€ (แ€›แ€šแ€šแ€ฌแ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)แ€กแ€ฑแ€ปแ€แ€แ€€แ€ฑแ€žแ€ฌแ€›แ€šแ€šแ€ฌแ€แ€…แ€…แแ€กแ€ปแ€™แ€ แ€›แ€šแ€šแ€ฌแ€แ€…แ€ฑแ€…แ€ฌแ€„แ€œแ€„ ( แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•)

แ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€กแพแ€€แ€ฌแ€ธ แ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€แ€€แ€™แ€ฌแ€ธ

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ แ€กแ€ปแ€แ€ฌแ€ธแ€ฑแ€”แ€›แ€ฌแ€™แ€ฌแ€ธแ€แ€ผแ€„ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€ฑแ€žแ€ฌ แ€กแ€แ€€แ€กแ€œแ€€แ€™แ€ฌแ€ธแ€กแ€ปแ€•แ€„ แ€ฑแ€กแ€ฌแ€€แ€•แ€ซแ€œแ€•แ€„แ€”แ€ธแ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€แ€€แ€™แ€ฌแ€ธแ€žแ€Š แ€€แ€™แธแ€แ‚แ€„ แ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€”แ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€กแพแ€€แ€ฌแ€ธแ€แ€ผแ€„ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€™แ€ฌแ€ธแ‚แ€„แ€กแ€Š แ€ฑแ€•แšแ€ฑแ€•แ€ซแ€€แ€แ€•แ€ซแ€žแ€Šแ‹

(แ€€) แ€€แ€”แ€…แ€Šแ‚แ€„ แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€™แ€ฌแ€ธ แ€แ€šแ€šแ€ปแ€แ€„แ€ธแ‚แ€„ แ€ฑแ€›แ€ฌแ€„แ€ธแ€แ€ปแ€แ€„แ€ธ

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) MJTD แ€‘แ€™ แ€›แ€›แ€แ€ฑแ€žแ€ฌ แ€กแ€•แ€แ€•แ€™แ‚ˆแ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผMJTD แ€‘แ€™ แ€›แ€›แ€แ€ฑแ€žแ€ฌ แ€กแ€ฑแ€›แ€ฌแ€„แ€ธแ€ฑแ€€แ€ฌแ€™แ€›แ€„MJTD แ€‘แ€™ แ€›แ€›แ€แ€ฑแ€žแ€ฌ แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ฑแ€›แ€ธแ€œแ€•แ€„แ€”แ€ธ แ€แ€„แ€ฑแ€„แ€ผแ€กแ€ปแ€แ€ฌแ€ธแ€†แ€€แ‚แ€ผแ€šแ€•แ€แ€žแ€€แ€ฑแ€”แ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธ *แ€œแ€€แ€ฑแ€กแ€ฌแ€€แ€ แ€€แ€™แธแ€แ€€แ€šแ€…แ€ฌแ€ธ แ€…แ€€แ€‘แ€แ€ฑแ€•แ€ธแ€ฑแ€แ€‘แ€ฌแ€ธแ€™แ‚ˆแ€™แ€ฌแ€ธ

*แ€กแ€ปแ€แ€ฌแ€ธแ€†แ€€แ‚แ€ผแ€š แ€•แ€แ€žแ€€แ€ฑแ€”แ€ฑแ€žแ€ฌ แ€•แ€‚แขแ€œแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€žแ€Š แ€กแ€“แ€€แ€กแ€ฌแ€ธแ€ปแ€–แ€„ แ€กแ€•แ€…แ แ€กแ€“แ€€แ€€แ€ฑแ€žแ€ฌ แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ แ€กแ€‘แ€„แ€€แ€› แ€œแ‚Šแ€™แ€ธแ€™แ€ธแ€ปแ€แ€„แ€ธแ€แ€›แ€ฑแ€žแ€ฌ (แ€žแ‚”แ€™แ€Ÿแ€) แ€‘แ€”แ€ธแ€แ€•แ€แ€›แ€ฑแ€žแ€ฌ แ€€แ€™แธแ€แ€™แ€ฌแ€ธแ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ‚แแ‹

แ‚แ‚แ‹

แ‚แƒแ‹

แ‚แ€แแ† แแƒแ‚,แƒแ‰แ„ แ‚แ‡แ†,แแ„แˆ แ„แ€แˆ,แ…แ„แ‚

แ‚แ€แแ†แ‚แ€,แˆแ€แ…,แ€แ‰แˆ

แƒ,แˆแ‰แƒ

แ…,แƒแ„แ„แแ€,แ€แ€แ€

แ‚แ€แแ† แˆแƒแ‚,แ‡แ‚แ† แ,แˆแˆแ‚,แ‰แ…แ

- แ,แƒแแ‚,แ„แ†แˆ แ‚แƒแ€,แ…แ‰แ‚

แ‚แ€แแ† แ‚แ„แ†,แ€แ‡แ† แ‚แ‰แ‡,แแ…แƒ แ…แ„แƒ,แ‚แ‚แ‰

แ‚แ€แแ†แ‚แ€,แ†แ‰แ‰, แ…แ…แ†

แƒ,แˆแ‰แƒ

แ…,แƒแแ‡แแ€,แ€แ€แ€

แ‚แ€แแ‡ แˆแ„แƒ,แ†แแ†

แ,แ€แ…แ‡,แ…แ…แƒ แ„,แ€แˆแ†,แƒแ‚แ„

แ‚แ…แ‡,แแƒแ‚ แ‡แƒ,แ…แ‰แˆ

แ‚แ€แแ‡

แ‚แ…แ,แ‚แ„แˆ แแ€แˆ,แ‡แˆแ‰ แƒแ†แ€,แ€แƒแ‡

แ‚แ€แแ‡ แแˆ,แƒแแ†,แแ†แƒ

แƒแˆ,แ‰แ‚แ‰

แ„แ‡แแ,แ€แ€แ€

แ‚แ€แแ‡ แ„แแ…,แ„แ‚แ€ แแ†แ‰,แแ…แ‚ แ…แˆแ„,แ…แ‡แ‚

แ‚แ€แแ‡ แ‚แ,แ…แ‚แ„,แแ‰แ€

แƒแˆ,แ‰แ‚แ‰

แ…แ…แƒ

แ,แ€แ€แ€

ANNUAL REPORT 2016 - 2017 127

Page 129: report CONTENTS - MTSH

แ‚แ€แแ† แแ„แ†,แ‰แ‰แˆ แƒแ‚แ„,แ‚แ€แ€ แ„แ‡แ,แแ‰แˆ

แ‚แ€แแ‡ แ€™แ€แ€œ(แƒแ) แ€›แ€€แ€ฑแ€”แ‚”แ€กแ€‘ แ€†แ€€แ‚แ€ผแ€šแ€•แ€€แ€žแ€€แ€ฑแ€žแ€ฌแ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ แ€œแ€€แ€€แ€”แ€…แ€ฌแ€›แ€„แ€ธแ€™แ€ฌแ€ธแ€€ แ€™แ€แ€… (แแ‚) แ‚แ€„ (แแ†) แ€แ‚”แ€แ€ผแ€„ แ€กแ€žแ€ธแ€žแ€ธ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

(แ€) แ€ฑแ€žแ€ฌแ€แ€€แ€€แ€ฑแ€žแ€ฌ แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ€กแ€แ€ผแ€€ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผ

แ€€แ€™แธแ€แแ€’แ€ซแ‚แ€€แ€แ€ฌแ€™แ€ฌแ€ธแ€€ แ€ฑแ€žแ€ฌแ€แ€€แ€€แ€ฑแ€žแ€ฌ แ€กแ€•แ€แ€•แ€žแ€™แ€ฌแ€ธแ€กแ€ปแ€–แ€… แ€‘แ€Šแ€žแ€ผแ€„แ€ธแ€…แ€ฅแ€ธแ€…แ€ฌแ€ธแฟแ€•แ€ธ แ€‘แ€žแ€แ‚”แ€กแ€ฌแ€ธ แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผ แ€ฑแ€•แ€ธแ€กแ€•แ€‘แ€ฌแ€ธแ€ปแ€แ€„แ€ธ แ€™แ€ฌแ€ธแ€€ แ€ฑแ€–แ€ฌแ€ปแ€•แ€‘แ€ฌแ€ธแ€•แ€ซแ€žแ€Šแ‹

แ€ปแ€™แ€”แ€™แ€ฌแ€€แ€•แ€ฑแ€„แ€ผ(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ€กแ€•แ€… แ€€แ€™แธแ€

แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€†แ€ฑแพแ€€แ€ธ

(แ€‚) แ€†แ€€แ‚แ€ผแ€šแ€•แ€€แ€žแ€€แ€ฑแ€žแ€ฌ แ€กแ€–แ€ผแ‚•แ€กแ€…แ€Šแ€ธแ€™แ€ฌแ€ธแ€กแพแ€€แ€ฌแ€ธ แ€กแ€ฑแ€›แ€ธแ€•แ€ซแ€ฑแ€žแ€ฌแ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€™แ€ฌแ€ธ

แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€€แ€™แธแ€แ€žแ€Š แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€†แ€„แ€›แ€ฌ แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€™แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€”แ€กแ€แ€ผแ€€ แ€ปแ€™แ€”แ€™แ€ฌแ€‚แ€•แ€”แ€žแ€œแ€แ€ซ แ€’แ€แ€•แ€ฑแ€œแ€ฌแ€™แ€„ แ€€แ€™แธแ€แ€œแ€™แ€แ€€ แ‚แ€„ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€†แ€„แ€›แ€ฌ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€™แ‚ˆแ€™แ€ฌแ€ธ แ€ปแ€•แ€œแ€•แ€แ€•แ€ซแ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซแ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€€แ€™แธแ€แ€žแ€Š แ€žแ€ฑแ€˜แ€ฌ แ€แ€Šแ€แ€€แ€แ€ผแ€„ แ€žแ€แ€™แ€แ€‘แ€ฌแ€ธแ€žแ€Šแ€กแ€แ€„แ€ธ แ€…แ€™แ€แ€”แ‚”แ€แ€ผแ€™แ‚ˆแ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€€ แ€›แ€•แ€„แ€แ€ผแ€„แ€›แ€•แ€ซแ€žแ€Šแ‹ แ„แ€„แ€ธแ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€žแ€Š แ‚แ€แแˆ แ€แ‚แ€…แ€แ€ผแ€„ แ€žแ€€แ€แ€™แ€ธแ€€แ€”แ€†แ€ธแ€™แ€Šแ€ปแ€–แ€…แ€žแ€Šแ‹

แ€ฑแ€€แ€ฌแ€™แ€›แ€„แ€กแ€แ€ฑแพแ€€แ€ธแ€ฑแ€„แ€ผแ€€แ€™แธแ€แ€žแ€Š แ€กแ€œแ€ฌแ€ธแ€กแ€œแ€ฌแ€›แ€ฑแ€žแ€ฌ แ€œแ€•แ€„แ€”แ€ธแ€›แ€„แ€™แ€ฌแ€ธแ‚แ€„ แ€แ€”แ€ฑแ€†แ€ฌแ€„แ€™แ‚ˆแ€™แ€ฌแ€ธ แ€Šแ‚แ‚ˆแ€„แ€ธแ€ฑแ€†แ€ฌแ€„แ€›แ€ผแ€€แ€ฑแ€•แ€ธแ€›แ€”แ‚แ€„ แ€žแ€แ€„แ€ธแ€กแ€แ€€ แ€กแ€œแ€€แ€™แ€ฌแ€ธแ€ฑแ€•แ€ธแ€›แ€” แ€ปแ€™แ€”แ€™แ€ฌแ€‚แ€•แ€”แ€žแ€œแ€แ€ซแ€’แ€แ€•แ€ฑแ€œแ€ฌแ€™แ€„แ€€แ€™แธแ€แ€œแ€™แ€แ€€แ‚แ€„ แ€ฑแ€…แ€ธแ€€แ€ผแ€€แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€™แ‚ˆแ€™แ€ฌแ€ธ แ€ปแ€•แ€œแ€•แ€แ€žแ€Šแ‹ แ€กแ€†แ€•แ€ซแ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€แ€™แ€ฌแ€ธแ€กแ€› แ€€แ€™แธแ€แ€žแ€Š แ€…แ€ฌแ€แ€•แ€แ€”แ€–แ€ธแ (แ†%) แ€€ แ€ฑแ€€แ€ฌแ€™แ€›แ€„แ€กแ€ปแ€–แ€… แ€›แ€•แ€„แ€แ€ผแ€„แ€›แ€•แ€ซแ€™แ€Šแ‹ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€™แ‚ˆแ€žแ€Š (แ…)แ‚แ€…แ€žแ€€แ€แ€™แ€ธแ€›แ€™แ€Šแ€ปแ€–แ€…แฟแ€•แ€ธ แ€ฑแ€”แ€ฌแ€€แ€‘แ€• แ€žแ€€แ€แ€™แ€ธแ€แ€ธแ€ปแ€™แ€„แ€›แ€”แ€กแ€แ€ผแ€€ แ€žแ€ฑแ€˜แ€ฌแ€แ€Šแ€แ€€ แ€žแ€€แ€แ€™แ€ธแ€™แ€€แ€”แ€™ แ€กแ€”แ€Šแ€ธแ€†แ€ธแ€›แ€€แ€ฑแ€•แ€ซแ€„แ€ธ (แƒแ€) แพแ€€แ€แ€„แ€กแ€žแ€ฑแ€•แ€ธแ€›แ€™แ€Š แ€ปแ€–แ€…แ€•แ€ซแ€žแ€Šแ‹

แ‚แ€แแ†(แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ) แ„แ…,แƒแ‰แ€

แ‰แ€แ‰,แ€แ€แ€

แ…แ‡,แ„แแ‚

แ‚แ‰,แƒแ‰แ€

แ…แƒ,แ‰แ€แƒ

แˆแ„,แ…แ‰แƒ

แแƒแ‚,แ‡แˆแ€

แ,แƒแแ‚,แ„แ†แˆ

แ€†แ€€แ‚แ€ผแ€šแ€ฑแ€”แ€ฑแ€žแ€ฌ แ€•แ€‚แขแ€œแ€™แ€ฌแ€ธ

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„

แ€ฆแ€ธแ€แ€„แ€ธแ€ฑแ€กแ€ฌแ€„

แ€ฆแ€ธแ€ฑแ€กแ€ฌแ€„แ€แ€„แ€ธ

แ€ฆแ€ธแ€žแ€”แ€ธแ€Ÿแ€”

แ€ฆแ€ธแ€ฑแ€€แ€ฌแ€ฑแ€€แ€ฌแ€แ€„แ€ธ

แ€กแ€™แ€

แแ‹

แ‚แ‹

แƒแ‹

แ„แ‹

แ…แ‹

แ†แ‹

แ‡แ‹

แ€€แ€™แธแ€แ€กแ€™แ€Š

Dagon International Ltd. (แ€šแ‚แ€›แ€ฌแ€ธแ€™แ€ฌแ€ธแ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ปแ€แ€„แ€ธ)Dangon Construction Co.,Ltd(แ€กแ€ฑแ€†แ€ฌแ€„แ€ฑแ€†แ€ฌแ€€แ€œแ€•แ€ปแ€แ€„แ€ธ)Dagon Timber Limited(แ€šแ‚แ€›แ€ฌแ€ธแ€™แ€ฌแ€ธแ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ปแ€แ€„แ€ธ)Global Star Limited(แ€šแ‚แ€›แ€ฌแ€ธแ€™แ€ฌแ€ธแ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ปแ€แ€„แ€ธ)Myint Myat Htut Kaung Co.,Ltd

Union of Myanmar Federation of Chamber of commerce & Industry (แ€›แ€ธแ€แ€•แ€„แ€ฌแ€ธแ€›แ€™แ€ธแ€ปแ€แ€„แ€ธ)Sinma Construction Group Ltd(แ€›แ€ธแ€žแ€…แ€ปแ€•แ€ปแ€•แ€„แ€™แ€ผแ€™แ€ธแ€™แ€ปแ€แ€„แ€ธ)

แ‚แ€แแ† แแˆแ…,แˆแแˆ แƒแƒแˆ,แ‡แ…แˆ แ…แ‚แ„,แ…แ‡แ†

แ‚แ€แแ‡ แƒแ‰แ…,แ‰แแ‡ แ‰แ€แ‰,แ…แ€แ… แ,แƒแ€แ…,แ„แ‚แ‚

แ‚แ€แแ‡

แ„แ…แ„,แˆแƒแ„ แ‰แ‚แ„,แแˆแ† แ,แƒแ‡แ‰,แ€แ‚แ€

แ€›แ€ฌแ€‘แ€ธ

แ€ฅแ€€แ‚’

แ€ฅแ€€แ‚’

แ€ฅแ€€แ‚’

แ€ฅแ€€แ‚’

MJTDแ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ€กแ€›แ€ฌแ€›แ€แ€•แ€กแ€•แ€แ€•แ€™แ‚ˆแ€’แ€ซแ€›แ€€แ€แ€ฌ

Alternate แ€’แ€ซแ‚แ€€แ€แ€ฌ

แ‚แ€แแ‡ (แ€€แ€•แ€ฑแ€‘แ€ฌแ€„แ€ฑแ€•แ€ซแ€„แ€ธ)

แ‚แ‰,แ‡แแˆ

- แ…แˆ,แƒแ„แ†

-

-

แแ†แ‡,แ„แ†แˆ

แ,แ†แ€แ€

แ‚แ…แ‡,แแƒแ‚

MYANMAR THILAWA SEZ 128

Page 130: report CONTENTS - MTSH

แ€กแ€…แ€›แ€„แ€แ€…แ€ฌแ€แ€„แ€• แฟแ€•แ€ธ แ€œแ€•แ€ฑแ€†แ€ฌแ€„แ€ฑแ€žแ€ฌ แ€ปแ€–แ€…แ€›แ€•แ€™แ€ฌแ€ธ

แ€˜แ€แ€กแ€–แ€ผแ‚•แ€€ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€‡แ€ผแ€”แ€œ (แ‚แ‰)แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ)แ€›แ€€แ€ฑแ€”แ‚” แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌแ‚แ€…แ€กแ€แ€ผแ€€ แ€›แ€šแ€šแ€ฌแ€แ€…แ€ฑแ€…แ€ฌแ€„แ€œแ€„ แ€กแ€ปแ€™แ€แ€ฑแ€แ€… แ‚แ†แ€ แ€€แ€• แ€‘แ€แ€ฑแ€•แ€ธแ€›แ€” แ€†แ€ธแ€ปแ€–แ€แ€แ€žแ€Šแ‹

แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€กแ€แ€Šแ€ปแ€•แ€ปแ€แ€„แ€ธ

แ€ปแ€™แ€”แ€™แ€ฌแ€žแ€œแ€แ€ซ แ€กแ€€(แ€…)แ€กแ€ธแ€‡แ€€ แ€Ÿแ€ธ(แ€œ)แ€’แ€„แ€ธ(แ€…) แ€•แ€แ€˜แ€œแ€…แ€œแ€™แ€แ€€แ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€™แ€แ€œ (แƒแ) แ€›แ€€แ€ฑแ€”แ‚” แ€€แ€”แ€†แ€ธแ€ฑแ€žแ€ฌ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธ แ‚แ€…แ€กแ€แ€ผแ€€ แ€˜แ‚‘แ€ฌแ€ฑแ€›แ€ธแ€›แ€„แ€ธแ€แ€™แ€ธแ€ฑแ€•แ€ซแ€„แ€ธแ€แ€•แ€€ แ‚แ€แแ‡ แ€แ‚แ€…แŠ แ€‡แ€ผแ€”แ€œ (แ‚แ‰) แ€›แ€€แ€ฑแ€”แ‚”แ€แ€ผแ€„ แ€’แ€ซแ‚แ€€แ€แ€ฌแ€กแ€–แ€ผแ‚•แ แ€†แ€ธแ€ปแ€–แ€แ€แ€€แ€กแ€› แ€‘แ€แ€ปแ€•แ€”แ€›แ€” แ€กแ€แ€Šแ€ปแ€•แ€แ€•แ€ซแ€žแ€Šแ‹

แ‚แ„แ‹

แ‚แ…แ‹

ANNUAL REPORT 2016 - 2017 129

Page 131: report CONTENTS - MTSH

DIRECTORY

RESPONSIBLE ENTITY

SUBSIDIARY

ASSOCIATE

AUDITOR

INVESTOR INQUIRIES

MYANMAR THILAWA SEZ 130

Page 132: report CONTENTS - MTSH