News Light of Myanmar in EnglishLight of Myanmar News in English
New Light of Myanmar' will be overhauled after the call for tenders.
New Light of Myanmar is being privatized so that Myanmar can have an "international standard" in English every day until the South East Asian Games, a high-ranking officer of the Information Department said on June 26. However, in a surprising ruling, the government commissioned a firm with little press expertise to bid in front of seasoned operating companies, among them Myanmar Times sponsors.
On June 14, the oversight board of Global Direct Link Co announces that it has won the bidding procedure, thus winning three other short-listed companies: Logistic Media Services Co, Media One Co et Far Eastern Consolidated Media. On 25 March, the Department issued invitations to bid for the privatisation of the document and set up a commission to monitor the tendering procedure.
Tendering ended on 25 April. is a Myanmar-based privately held corporation that has been incorporated in 2011 and does most commercial transactions with Japan. It has no previous exposure in the news publishing sector, but will call in Kyodo News of Japan for help, said U Ye Naing.
Myanmar Times was not able to contact the proprietor of Global Direct Link, U Tin Nyunt, because he travelled to Japan last weekend. "We now need to set up a JV to run the paper and we will have a full discussion before signing a letter of intent with Global Direct Link.
Under the terms of the present deal, 51% of the shares will be distributed to News and Periodicals Enterprises and the remainder will be held by Global Direct Link," said U Ye Naing. Mr U Ye Naing said that Global Direct Link and the company have pledged to spend K6 billion (about US$6 million) on the MPC.
Myanmar's New Light was established on January 12, 1964 as Working People's daily and changed its name on April 17, 1993. For the first in 50 years, the goverment allowed personal papers to start print on April 1. To date, around 31 privately owned dailies have been licensed.