By Nyein Nyein
Yangon Urban Public Transportation company (YUPT) is working in line with its financial rules and regulations to address the wishes of its shareholders, Joint-Secretary U Hla Aung of Yangon Region Transport Authority (YRTA) has said.
“YRTA officials acknowledge the reports from YUPT shareholders and have notified them that action will be pursued to fulfill their requests. Our Chairman and shareholder representatives have already met at the YRTA office, however, as it is company-owned finances, we must ensure any step taken meets the financial rules and regulations of the relevant company,” said U Hla Aung.
He added that they will systematically resolve the difficulties YUPT shareholders are facing in addition to any public inconvenience regarding the Yangon Bus System (YBS) as a result of YUPT’s management. He said it will all be done according to the rules and regulations laid down for the development of YUPT.
U Hla Aung said, “The Yangon Region Government is providing assistance to resolve the challenges regarding YUPT and thus, we will make prearrangement to ensure the issues do not affect our operation of public transportation. We always consider possible public inconvenience on YBS routes. That is why we have said we will resolve the issues submitted by the shareholders and we will work hard to improve YUPT.”
YUPT is currently the largest operating bus network among the YBS companies and has over 280 shareholders in its company, including the Yangon Region government.
Shareholders had demanded their dividends be paid and the resignation of certain members of the YUPT’s board of directors, who were directly appointed by the Yangon Region cabinet, during the company’s second annual general meeting on 30 October last year.
Disputes rose between the company and its shareholders and this lead to the Regional Minister Daw Nilar Kyaw holding two meetings with representatives of the company shareholders, where the company stated they would buy back the shares but have yet to do so.
YUPT shareholders recently held a press conference at the Myanmar Press Freedom Center on 4 February and announced they would pursue legal action as there has been no share of profits for three years and the company has yet to fulfill their promise to buy back the shares. (Translated by Zaw Htet Oo)