Burmese Tycoons Part II
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Monday, May 23, 2022


Burmese Tycoons Part II

By The Irrawaddy JULY, 2000 - VOLUME 8 NO.7

(Page 2 of 3)

During the 10-year period of market economy, only three co-operative banks have been established: Co-operative Development Bank, Co-operative Bank and Co-operative Farmer Bank (CFB). Both the CDB and CFB were granted their charters at a time when permission to open banks was severely limited by the government.

Now, most shares of the three co-operative banks have already been sold and transferred at the current price, which has risen to 500% of its total investment.

U Kyaw Myint

Golden Flower Co., Ltd.,
Shwemarlar Housing Project,
Two Fish Brand Pure Groundnut oil

U Kyaw Myint is one of the wealthiest tycoons in Burma. He founded the Golden Flower Co, Ltd in 1989 and both Shwemarlar Housing Project and Two Fish Brand pure groundnut oil in 1997.

Construction on his well-known Shwemarlaryeik Mon Housing Project began on Bayinnaung Road in 1997. Two years later, Shwesabeyeik Mon Housing Project followed. These housing projects are managed very systematically and successfully. They have benefited from being the first company to introduce the conventional treatment of septic waste rather than storage in tanks.

South Dagon Oil Mill (which produces Two Fish Brand pure groundnut cooking oil) and Paing Soe are sister companies of Golden Flower. Golden Flower has been successful in the production and distribution of cooking oil on a large scale.

In addition to being engaged in the construction business, the Golden Flower Company’s mainly involved in import and export businesses. U Kyaw Myint also runs the Golden Lion Restaurant.

It has also formed a joint venture business with a Singaporean company to form Myanmar Integrated Pte, Ltd The company is involved in a port construction project that will serve the transportation of coconut cooking oil. The project is located on the Yangon River in Thilawa.

U Thein Tun

Myanmar Golden Star Co., Ltd.
Crusher Drinks, Tun Foundation Bank

U Thein Tun serves as president of Myanmar Golden Star (MGS) Co, Ltd, which was founded in 1989. He is often referred to as "Pepsi" Thein Tun as his company is famous for bringing Pepsi to Burma. MGS is one of the ten strongest businesses in Burma and reportedly benefits from U Thein Tun’s connections with ex-Lt Gen Tun Kyi.

Born to U Ba Tun and Daw Thein Nyunt in Wakema Township, Irrawaddy Division, U Thein Tun, 63, was married to Daw Nelly Than (deceased) and has 2 sons and 1 daughter. One son, U Thant Zin Tun is President of Mandalay Novotel Hotel & the LP Holding Group. His other son, U Oo Tun, is Managing Director of MGS Beverages Co, Ltd. His daughter, Daw Mi Mi Tun, serves as Executive Director of MGS Beverages Co, Ltd.

Pepsi first came to Burma in 1991 in a joint venture between MGS (controlling 60%) and Pepsi International (40%). In 1998, when Pepsi pulled out of Burma, the factory in Hmawbe township changed its name to MGS and began producing Quench, Crusher Orange, Crusher Cloudy, Crusher Frutio and Miranda Club Soda.

U Thein Tun owns a private commercial bank and 15 business companies (some of them are joint-ventures with foreign investors).

Two MGS subsidiaries—MGS Food Co, Ltd and Dagon Dairy Product Co, Ltd—produce "Sun" and "Queen" brands condensed milk in cooperation with military-owned Union of Myanmar Economic Holding (UMEH).

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