At the first special general meeting held in Yangon’s National Theatre, the firm said that a new constitution will replace current memorandum and articles of association, as well as rebranding itself as “First Myanmar Investment Public Company Limited”.
Serge Pun, FMI’s executive chair, introduced the company’s new real estate project, City Loft, at the meeting.
The project targets middle-income earners and will develop in phases at a 22-acre site within Yoma’s Star City in Yangon’s Thanlyin Township with 2000 units planned.
With a mortgage repayment terms of 25 years, City Loft is aiming to make homeownership accessible to young professionals who would be left out in the traditional property market.
The first phase will have 250 apartments and the second will have 315, with the homes expected to be complete in 2020.
Mr Pun said that the development is “carefully curated” to provide a modern livelihood style and also to enable “an inclusive community to thrive”.
As one of Myanmar’s largest public companies, FMI has been a giant investor in the financial, real estate and healthcare sectors since 1992, and it was the first company listed on the Yangon Stock Exchange in 2016.