NgathaingChaing-Gwa road project will be completed in 2021
Local contractors which won road project tender of JICA ODA loan program met with U Win Htay, the minister for Ayeyawady Region Electrical Power, Energy, Industry and Transport at road management office in Pathein township, on 15 July,2019.
The meeting was also presented by U San Lwin, Director of Road Department for JICA-ODA loan, U Yan Naing Zaw, Director of road department, Deputy Team Leader Mr. Kenji Ishizuka of JICA Consultant company and officials, Future Creator Group Company Limited and Golden Conguar Company Limited.
The contractors presented their part of detail implementation respectively. The minister urged the contractors to keep their eye on good quality road, timing and safety during the project.
One of the contractors, Future Creator Group Construction Company Limited (FCGC) has contracted with JICA on 13, February,2019 and received JICA concurrence on 14, March, 2019. The company started the project on 15 March, 2019 and will complete on 14 March, 2021.
FCGC will construct for the part of the road, with 18 feet wide, between STA 18+000 KM and STA 35.898 KM), total length 17.898 KM. Guard Rail, Road Sign, Stone Masonry Retaining Wall & Side Drain, Reflectorized Payment Marking are included in the construction.
Practically, FCGC successfully constructed Han Myint Moh- Myo Gyi-YwarNgan road project and Tayana-Phayarkon road project which are under the program of Regional Development Project for Poverty Reduction Phase 1 of JICA ODA Loan.
“This is the third road project with JICA for us. These projects are very challenge for us because we always think about the quality of the road. Working with JICA, we got experience more and more in term of road quality control,” said U Zay Yar Tun, CEO of FCGC company limited.
Under the program of Regional Development Project for Poverty Reduction Phase-2 of JICA ODA loan, Ngathaingchaung-Gwa Road project has been constructed by local companies since early 2019.
CM visited Upper Yeywa Hydropower project
Chairman of IGE Group visited The Upper Yeywa Hydropower Project which is a 280 MW power plant built on Dotehtawaddy River (Myitnge River) and will generate 1409 Million kWh per year and aims to supply electricity across the country via national grid. The main dam to be built is roller-compacted concrete (RCC) type. The full storage capacity is 2.77 lakhs Acre-feet and 38.73 % of the project is finishing now. It is managing and operating to be finished 43 % of the project in September, 2019 and the whole project will be finished in 2021-2022. It is generating 790 MW from Yeywa Hydropower Plant built on Dotehtawaddy River (Myitnge River). In the future, it will be implemented Namtu (Hsipaw) project (210 MW), Middle Yeywa project (735 MW) and Deedoke project (60 MW).
Corp HR issues policies
Corporate Governance Practice is an elementary principle of IGE Group, for its business long-term sustainability. The topic of transformation to corporate governance in Myanmar are found the interest of policymakers, investors and other stakeholders. Among the principles, transparency and trust is crucial that IGE also pays attention considerably to be able to compete and succeed in the modern business world. As a part of it, the company went another effort trying to meet corporate governance structure that is a series of Human Resource policies were developed.
National Environment Policy
The National Environment Policy, the Climate Change Policy, and Climate Change Strategy and Master Plan have been approved by the cabinet and were being disseminated in the Word Environment Day ceremony, held in Nay Pyi Taw on June 5, 2019 in order to mainstream environmental conservation and climate change mitigation activities in all relevant sectors.
The president was greatly honored to launch these policies in this auspicious ceremony. These policies, strategy and master plan have to be implemented effectively in the relevant sectors through short- and long-term development plans and investments, respectively.
He said Investing in renewable energy sources for electricity generation, such as solar, wind and hydropower, minimizing and effectively disposing of waste rather than uncontrolled incineration, matching technologies to emission standards and supporting villages by providing clean fuel stoves can significantly reduce air pollution.
The vision of National Environment Policy which is “a clean environment, with healthy and functioning ecosystems, that ensures inclusive development and wellbeing for all people in Myanmar”, the vision of Climate Change Policy which is “climate-resilient, low carbon society that is sustainable, prosperous and inclusive for the wellbeing of present and future generations” and the vision of National Waste Management Strategy and Master Plan which is “Sustainable, Green, Clean and Healthy, Environment towards a brighter future” have been approved by the Government for combatting air pollution according to today’s theme, the president said.
BEHIND THE CHANGES
FOLLOWING changes, the evolution of Myanmar’s business scenario can be seen gradually within certain period. Particularly, for the time of investing in Myanmar by oversea investors, local entrepreneurs are required to transform to be like a regional standard company. Companies are trying to practice corporate governance system, apply business used technology, disclosure information, comply rule and regulations and pay attention to Corporate Social Responsibility. Being in business since 1994, IGE Group has not hesitated to adopt the new changes and make an effort to practice as an international recognized local company. The Group also learnt the questions sent by MCRB and discussed the challenges and searched the way to overcome the difficulties under the guidance of Chairman who is keen to be a standard local company. Today, IGE Group has reached rank 17 for transparency matter among the other local companies in Myanmar.
Future Creator Group Construction Co., Ltd. (FCGC), one of the subsidiaries of IGE Group, is recognsied as a Grade-A Construction Company in Myanmar by Myanmar Engineering Council. Myanmar Engineering Council appraises the engineering companies or organisations for their registeration for recogniation based on their working capital, liability, asset, tax clearance, working experiecce, manural certificates of Quality Control, Quality Assurance, Health Safety and Enviroment, CSR activities, appointed engineers experts, using excellent machineries and equipments.
FCGC, mainly focuses on infrastructure development across the country, is currently working on Tayanar-Phayargone Road Project and Hanmyintmo-MyoGyi-Ywarngan Road Project under JICA’s Offical Development Assistance Program titled Regional Development Projects for Poverty Reguction Phase.1.Read More>>
As part of the capacity building programs, IGE group has been providing training courses to its staff to build middle management competency and capabilities. “Middle Management, especially the Heads of Department, is the most critical level in the organization. They have to not only manage their subordinates, but also to manage their superiors,” said Mr. Wong Sau Yee, Deputy General Manager for Training and Development of IGE Corporate Human Resource Department.
Training modules specially designed for middle management included the role of manager, managing team conflict through personalities, Read More>>
With zeroing in on anti-corruption in doing business, IGE Group actively takes part in anti-corruption movements, when the government has shown its willingness to address corruption as a matter of national concern. In August, the responsible persons of IGE attended the workshop on building business integrity co-hosted by Myanmar C entre for Responsible Business and UNODC which has been working on corruption related issues, particularly with government and the Anti-Corruption Commission.
“We are following the anti- corruption law since the government launched. We already had Code of Conduct in which anti-corruption points are also included, said U Aung Thurein, Deputy General Manager for the Corporate Human Resource Department of IGE. Read More>>
The Chairman of IGE Group attended the forum which aims at providing a platform for the government officials and representatives from local and international business groups to explore and discuss about the investment opportunities in Myanmar and met with local and international business groups. Yangon-based IGE Group is one of the leading business companies in Myanmar and exhibited its goods and services at the Myanmar Investment Forum 2017 which was held at the MICC II, Nay Pyi Taw on 6-7 June, 2017, attended by more than 100 economic organizations, 90 foreign enterprises and nearly 200 Myanmar business people. Hundreds of foreign investors visited IGE Company’s booth at where current projects, successfully implemented Read More>>
Amara Communication Company Limited ( ACS ) will launch a new 4G LTE and fiber-to-the-subscriber (FTTx) network with Alepo’s complete BSS solution, ERP and Managed Services Offering (MSO), in Myanmar. Aiming for a swift rollout of new 4G LTE data and FTTx services with advanced customer experience for high-end residential and enterprise customers throughout Myanmar, ACS has selected Alepo’s BSS solution and managed services which will enable Amara to quickly launch innovative LTE and FTTx services to maximize return on the multi-network investment. “When picking Alepo’s complete BSS solution, we looked at our present as well as future needs and found Alepo’s BSS solution very scalable,” said Aye Mya Mya Kyi, CEO for Amara Communications. “We found Alepo’s convergent BSS solution to be one of the most flexible and robust solutions available on the market, Read More>>
On the occasion of Myanmar New Year Eve, All the staff from IGE land Company visiting Hini Si Kone home for aged in Bahan township and made meritorious deeds with the collection of their earned money and services. They donated Kyat 400,000 aiming for three meals, breakfast, lunch and dinner to 181 elderly person at the Home for Aged. With their benevolently collective donation covered for nourished chicken rice soup for the breakfast and dinner, chicken-curry and rice for lunch and cold drinks. As service charity, the staff spent their time cleaning the hand and food of the old at the home for aged. After they had done their good deed, they made their merit share to others Read More>>
IGE Chairman participated in the discussion of low cost housing project implementation.
MRTV conducted a panal discussion on the issue of low-cost housing project for civil servants by inviting the experienced persons from public and private sector. U Nay Aung, Chairman of IGE Group, participated in that discussion as an Executive of Myanmar Banks Association (Chairman of United Amara Bank) together with Officials from Ministry of Finance and Planning, Ministry of Construction, Naypyitaw City Development Committee, Myanmar Construction Entrepreneurs Association and Myanmar Economic Bank.
U Nay Aung discussed on project financing for developers and long term mortgage loan program for buyers at low interest rate and the requirement of law to generate for long term. “I thought there are two model for loan program, one is project financing for developers and another is long-term loan for buyers at lower interest rate. I also have a plan for the combination plan for two model,” he expressed in the discussion.
There is important fact to consider in providing loans. Currently, loan period is 8 years or 10 years in the market. We could consider to extend these period to 10 years or 15 years or 20 years so that the buyers would not have any stress for their loan. The next fact is to reduce the interest rates. The current interest rate for loan programs is 13 percent. If we want to reduce the interest rate, I think we have to develop a fund by private banks, foreign banks and Myanmar Economic Bank to be able to borrow the money at lower rate. We would need to reduce the amount of down payment for buyer. Currently, customers have to pay 30 percent down payment of total amount. If possible, we could reduce to 20 or 10 percent,” he said. U Nay Aung also pointed out the Apartment Act to be developed which is essentially needed for bankers, developers and buyers for long term real estate development in Myanmar. Finally, He suggested to implement integrated township models in the outskirt of the cities.
IGE Sharing Hands Foundation, founded by IGE group with the aim of improving the prospects for future generations by supporting education initiatives and vocational training, donated MMK 500,000 to 320 children who participated in the contests: storytelling, poetry reading and singing. Children from 40 Nursery Schools in Yangon under the Department of Social Welfare showed their talents in the contests which were held in commemoration of the 70th Union Day and 102nd anniversary of Bogyoke Aung San’s birthday also known as Children’s Day in Myanmar. The awarding ceremony was held on Myanmar Children’s Day at the No.1 Nursery School, Bahan Township and IGE foundation’s responsible person attended the event. Read More>>
IGE Group donated MMK 14 million to provide need support and assistance to internally displaced persons (IDP) in Shan state and Kachin state. A donation of MMK 10 million was given to the National League for Democracy office in Sanchaung township, Yangon to support IDPs in Kachin State. An additional donation of MMK 4 million was sent directly to IDP camps in Shan state near the city of Muse. The donations provided by township administrators, members of parliament, and the wider community meant that the displaced persons were given food and clothing. Read More>>
The IGE Team comprising of our chairman, board members and senior management visited the project site of the Pengerang Integrated Petroleum Complex (“PIPC”) in the state of Johor, Malaysia. PIPC is one of the largest pieces of investments in Pengerang district and located on a single plot measuring about 20,000 acres. The project will house oil refineries, naphtha crackers, petrochemical plants as well as a liquefied natural gas (LNG) import terminal and a regasification plant. Two major catalytic projects have been committed within the PIPC area. Read More>>
IGE Group successfully conducted as part of its capability building initiative a financial training course for its senior management team. The “Finance for Senior Executives” program took place in October 2016 at the Sedona Hotel in Yangon and was not only attended by Board of Directors of IGE Group, led by U Ne Aung but also by the leadership team of the various operating subsidiaries and corporate head office staff. The training conducted by Christopher Schweiger, Group Chief Financial Officer covered a broad range of subject areas ranging from the foundations of corporate governance and risk management, Read More>>
YANGON, 19 October 2016: The Ministry of Transport and Communication held auctions for 2600 MHz 4G spectrum at the Hotel Royal ACE on October 17, 18 and 19. Tender bids had been invited for the auction earlier in 2016 to encourage the development of nationwide high-speed internet services as well as to allow the Union to earn more tax revenue. Nine out of 20 companies were shortlisted for the auctions, and the final winners included Amara Communications Co. (ACS), a business unit of IGE. To ensure fair bidding, a Simultaneous Multi-Rounds Auction (SMRA) was exercised with 32 auctions held over the course of the three days. Read More>>