Myanmar has been making progress in preparations for launching the country's first stock exchange by October 2015 with technical aid from Japan, according to Deputy Minister of Finance Dr. Maung Maung Thein.

Major work for the emergence of a capital market that are taking place simultaneously included the formation of a securities and exchange commission and preparations by companies to be listed, the official said at a recent seminar in Yangon.

According to him, the Yangon Stock Exchange will be operated by the Myanmar Economic Bank in partnership with Japan's Tokyo Stock Exchange and Daiwa Securities Group. A joint venture agreement to this effect is expected to be signed soon.

Six private companies with impressive business performances have applied for listing on the stock exchange.

Only a small number of companies will be allowed to list on the stock exchange initially to highlight quality, the official said.

Myanmar enacted the Securities and Exchange Law in July 2013 to pave the way for the launch of the country's first stock exchange.

In 2012, a memorandum of understanding on Japan's technical aid for the development of the capital market was signed between the Central Bank of Myanmar and the Daiwa Research Institute and Tokyo Stock Exchange in Nay Pyi Taw.

Prior to it, Myanmar allowed the establishment of public companies in a bid to shape the capital market.

The country's Directorate of Investment and Companies is encouraging the public to invest in the public companies.

Public company applicants are advised to have at least seven initial holders, to sell unlimited shares to the public, to be an economically sustainable business, to employ skilled labor and to submit the name list to the institutions concerned.

Applicants are also notified to advertise in dailies and other media their start-up capital, business priorities, share portfolio, membership in the first board of directors and qualifications, share transfer and dealing, profit sharing, audit and electing board of directors.