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Myanmar government no longer afford



Subject: Myanmar government no longer afford to hold  factories, mills,

cinemas
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Myanmar to privatise factories, mills, cinemas
07:40 a.m. Jan 28, 1999 Eastern
YANGON, Jan 28 (Reuters) - Myanmar's military government announced on
Thursday it would sell off dozens of state-owned enterprises including
factories, rice mills and cinemas.

An announcement in the state press said bidding for two garment factories, a
leatherware factory, a flour mill, seven rice mills and 57 cinemas would be
based on floor prices covering land, buildings, machinery, telephones and
electricity meters.

It said priority would be given to original owners before nationalisation,
provided they were Myanmar citizens and their bids the same as the highest
bid.

According to official statistics, 15,976 private enterprises, most owned by
foreigners, were nationalised when Myanmar's first post-independence
military government took power in 1962.

Myanmar ditched more than 25 years of rigid socialist planning and announced
a return to market economy in 1988 when the military crushed a nationwide
uprising for democracy.

But progress in privatisation has been slow with only about 40 enterprises
so far sold by the state.

The policy is the responsibility of the Myanmar Privatisation Committee
headed by Lieutenant General Khin Nyunt, the powerful chief of military
intelligence.

He said on Monday government enterprises that could not be efficiently run
by the state would be transferred to Myanmar entrepreneurs who were
financially strong and able to work with foreign partners.