Out of 14 factories rumoured to have been closed down, only seven were running under the permission of Myanmar Investment Commission (MIC) while two of them actually closed shop, said Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration.
“This is the issue of 14 factories. Only seven of them were operating under the MIC permission. Two of the seven then returned their permits citing no profit,” he said.
The two close-down companies are Chamzon Apparel Manufacturing Co Ltd and Success Time International Co Ltd.
One company named United Beauty Palace Myanmar Co Ltd has moved to another place for difficulty with land space in the industrial zone where it was located, he added.
North Shore Group Co Ltd, which had sought two permits, moved to Pathein after returning the Yangon permit.
“This company had two permits for Yangon and Pathein. The factory in Yangon was old. It failed an test for international order. After three years, the factory moved to Pathein,” said Than Aung Kyaw.
There are two companies still operating and they are Popular International Garment Manufacturing Co Ltd and United Knitting (Myanmar) Co Ltd.
Pearl Garment Co Ltd has informed MIC about return of its permit and closure, he added.
“So I would say. Of the seven factories, two closed down after returning their permits. One has been relocated. One with two permits have moved to Pathein after returning one permit. Two are still running. One has proposed to shut down,” said Than Aung Kyaw.