Myanmar Thilawa Sez Holdings Public Company

What Myanmar Thilawa Sez Holdings Public Company does

Myanmar Thilawa SEZ Holdings Public Co., Ltd. (MTSH) is a Yangon-headquartered, Yangon Stock Exchange-listed holding company (ticker LC00002, ~40 staff, 17,000 shareholders) that invests in and manages Myanmar's inaugural Special Economic Zone. Its core economic exposure is a 41% stake in Myanmar Japan Thilawa Development Limited (MJTD) — a Myanmar-Japan joint venture with JICA, Mitsubishi, Marubeni, and Sumitomo — and an 80% stake in Thilawa Property Development Limited (TPD) for residential and commercial components.

The company's operational footprint spans 2,400 hectares, comprising Zone A (370 ha industrial + 35 ha residential/commercial under a 50-year lease running 2014–2064) and Zone B (224 ha across three phases). It generates revenue from industrial land leases, rental factories (Blocks A–D, 852–1,500 sqm units), office rentals (25–85 sqm), utilities (33 kV power, up to 48,000 m3/day water, optical fiber telecom, wastewater treatment), residential/commercial real estate (Thilawa Garden City, dormitories, shophouses), and share-of-profit from MJTD. The underlying technology stack is an industrial-park platform with 50 MW internal gas generation, 230 kV grid connection, 3,861 kWp installed solar PV (target 15 MW), and 6,000 m3/day water purification scaling to 42,000 m3/day.

MTSH's go-to-market is enterprise field sales coordinated through the government-operated One Stop Service Center (OSSC), targeting foreign direct investors and manufacturing tenants via site visits, investor events, and direct leasing channels. As of the latest disclosures it serves 89 tenants, has attracted US$1.86 billion in cumulative FDI, reports 84% industrial-zone occupancy, and represents roughly 33% of total Yangon Stock Exchange trading volume. Pricing is not publicly disclosed, but tenant economics are anchored in SEZ Law 2014 tax incentives (7-year corporate income tax exemption in the Free Zone) and minimum USD 750,000 / USD 300,000 investment thresholds for Free and Promotion zones respectively.

Name

Myanmar Thilawa Sez Holdings Public Company

Legal name

Myanmar Thilawa SEZ Holdings Public Co., Ltd.

Website

https://mtshmyanmar.com

Company type

Public

Founded year

2013

Headcount range

101–250 employees

Short description

Myanmar Thilawa SEZ Holdings is a Yangon-listed holding company that invests in and operates Myanmar's first Special Economic Zone, providing industrial land leases, rental factories, utilities, and residential/commercial real estate to manufacturing tenants via joint ventures with Japanese and Myanmar government partners.

Ownership category

akta.pro rank

Headquarters

HQ city

Yangon

HQ country

Myanmar (Burma)

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Industrial Land Lease: Lease of industrial land within Thilawa SEZ to manufacturing and logistics companies. Zone A industrial area covers 370 hectares with lease period from 2014 to 2064. Zone B phases cover additional 224 hectares total.
2. Industrial Park Maintenance and Utilities: Revenue from providing electricity (33kV), water supply (up to 48,000 m3/day total supply), telecom (optical fiber), and maintenance services to tenants.
3. Rental Factory and Office Spaces: Ready-built factories (1,500 sqm units in Block A, 875-1,500 sqm in Block C, 852-1,428 sqm in Block D) and rental offices (25-85 sqm units) leased to tenants.
4. Residential and Commercial Development: Through subsidiary TPD, develops 35 hectares of residential and commercial area including Thilawa Garden City, dormitories (180 rooms), shophouses, and shopping facilities.
5. Investment Returns from Associates: Share of profit from associate company MJTD. In FY2024-25, share of profit from MJTD increased to MMK 4.4 billion from MMK 1.3 billion in FY2023-24.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

MTSH develops, leases, and manages the Thilawa Special Economic Zone, providing industrial land, ready-built factory and office rentals, utility services (electricity, water, telecom), and residential/commercial property development. The company operates through joint ventures MJTD (industrial park) and TPD (residential/commercial), serving 89 industrial tenants across manufacturing sectors including automotive components, electronics, food processing, and consumer goods. Revenue streams include industrial land leases, factory and office rentals, utility service fees, and investment returns from the 41% stake in MJTD.

Product overview

Myanmar Thilawa SEZ Holdings Public Co., Ltd. (MTSH) operates as a Special Economic Zone developer offering a comprehensive portfolio of industrial and commercial real estate services. The company functions as a holding company with two primary joint ventures: Myanmar Japan Thilawa Development Limited (MJTD) holding 41% stake for industrial park development, and Thilawa Property Development Limited (TPD) for residential and commercial development. The core offering consists of industrial land leasing (Zone A: 370 ha, Zone B: 224 ha across three phases), rental factory units in multiple blocks (A through D) ranging from 852-1,500 sqm per unit, and rental office spaces. Supporting services include utilities infrastructure (power, water, telecom), construction services, and investment facilitation. Add-on modules include solar PV power generation with 3,861 kWp installed capacity targeting 15 MWp, and the MSME Commercial Hub for small enterprise development. The company also operates the Thilawa Garden City residential/commercial development and provides worker dormitories and shophouse rentals.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Land Lease (Zone A & Zone B) Long-term industrial land leases within Thilawa Special Economic Zone available to manufacturing and logistics companies. Zone A industrial area covers 370 hectares with lease period from 2014 to 2064; Zone B phases cover an additional 224 hectares total. Includes access to tax incentives under Myanmar SEZ Law 2014.
• Rental Factory Units (Blocks A-D) Pre-built factory units available for lease in multiple blocks within Zone A of Thilawa SEZ, with floor areas ranging from 852 sqm to 1,500 sqm per unit (Block A: 1,500 sqm; Block C: 875-1,500 sqm; Block D: 852-1,428 sqm). Designed for manufacturing and industrial tenants requiring ready-built production space.
• Rental Office Spaces Office space rentals available on floors 1 and 2 with units ranging from 25 sqm to 85 sqm per unit within the SEZ, providing administrative workspace for tenants and SEZ businesses.
• Construction Services Construction and development services within Thilawa SEZ including land development, utilities setup, facility construction, and the Gyogone Housing Redevelopment Project (mixed-use apartments, affordable housing, villas, townhouses, commercial areas, and institutional facilities) for industrial and commercial use.
• Utilities Services Utility services provided to SEZ tenants including electric power (33kV distribution), water supply (48,000 m3/day total, 4,800 m3/day treatment), telecom (optical fiber), recruitment support, and industrial waste treatment within the SEZ.
• Residential and Commercial Development (Thilawa Garden City) Development of 35 hectares of residential and commercial area within Thilawa SEZ, including Thilawa Garden City, workers accommodation (180 dormitory rooms), shophouses, shopping malls, and integrated urban development for SEZ workforce and supporting businesses.
• Solar PV Power Generation Solar photovoltaic power generation initiative within Thilawa SEZ providing renewable energy to industrial tenants. Current installed capacity of 3,861 kWp generating approximately 5,157,450 kWh annually, targeting expansion to 15 MWp total capacity.
• MSME Commercial Hub Commercial hub project designed to foster growth of Micro, Small, and Medium Enterprises within Thilawa SEZ. Comprises showrooms, offices, and warehouses to integrate MSMEs as supporting industries for larger manufacturers operating in the zone.
• Dormitory and Shophouse Rentals Worker accommodation (180 dormitory rooms) and commercial shophouse units (C4-C7 blocks) within the SEZ, providing housing for SEZ workforce and retail spaces for businesses serving the SEZ community.

Quantifiable outcome

• 84% industrial zone occupancy rate
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and major.

• Myanmar Japan Thilawa Development Limited (MJTD)coreStrategic or Co-development Partner · 10 January 2014Joint venture established January 10, 2014 to develop, construct, market, lease, and operate Zone A of Thilawa SEZ. MJTD is the sole developer of the 2,400-hectare Thilawa SEZ project. Ownership: MTSH 41%, TSMC 10%, JICA 10%, MMSTD 39%. Zone A completed August 2015.
• Thilawa SEZ Management Committee (TSMC)coreStrategic or Co-development PartnerGovernment regulatory body representing Myanmar government in Thilawa SEZ. Holds 10% stake in MJTD and operates the One Stop Service Center (OSSC) for investment approvals and permits.
• Japan International Cooperation Agency (JICA)coreStrategic or Co-development PartnerJapanese government agency holding 10% stake in MJTD, representing Japanese government support for the Thilawa SEZ project.
• MMS Thilawa Development Co., Ltd. (MMSTD)coreStrategic or Co-development PartnerJapanese private sector consortium equally owned by Mitsubishi Corporation, Marubeni Corporation, and Sumitomo Corporation. Holds 39% stake in MJTD.
• Thilawa Property Development Limited (TPD)coreStrategic or Co-development PartnerSubsidiary joint venture between MTSH and TSMC established March 2015, focused on developing 35 hectares of residential and commercial components including Thilawa Garden City, dormitories, shophouses, and shopping facilities.
• Mitsubishi CorporationmajorStrategic or Co-development PartnerPart of MMS Thilawa Development consortium, representing Japanese private sector investment in Thilawa SEZ through MMSTD.
• Marubeni CorporationmajorStrategic or Co-development PartnerPart of MMS Thilawa Development consortium, representing Japanese private sector investment in Thilawa SEZ through MMSTD.
• Sumitomo CorporationmajorStrategic or Co-development PartnerPart of MMS Thilawa Development consortium, representing Japanese private sector investment in Thilawa SEZ through MMSTD.

Scale indicators10 records

Recent moves13 records

Expansion highlights6 records

Broad incumbents

• Sembcorp Industries: Sembcorp is a Singapore-listed conglomerate that develops and operates industrial parks (notably in Vietnam and China) alongside its urban solutions and energy businesses — a broader incumbent with overlapping capabilities to MTSH's industrial estate and utility operations.
• CapitaLand Investment: CapitaLand is a major Asia-Pacific real estate investor with logistics/industrial funds and business parks across the region; comparable in business model (industrial asset leasing, recurring rental income) though it operates at much larger scale and as a fund manager.
• Mapletree Industrial Trust: Mapletree Industrial Trust owns a portfolio of industrial properties across Singapore, the US, and Asia; its business model of leasing industrial space to manufacturers and the recurring rental revenue stream are highly analogous to MTSH's rental factory and land lease operations.
• Frasers Property: Frasers Property is a Singapore-listed multi-segment real estate group with industrial, logistics, and residential operations across ASEAN (including via Hemaraj in Thailand); broader in scope than MTSH but directly comparable on industrial estate development and recurring rental income.

Direct peers

• Hemaraj Land and Development: Hemaraj (now part of Frasers Property) develops industrial estates in Thailand with utilities and ready-built factories for automotive and manufacturing tenants, directly comparable to MTSH's Thilawa industrial land lease and rental factory business.
• Rojana Industrial Park: Thai-listed Rojana develops and manages industrial estates with utilities (power, water), ready-built factories, and residential/commercial components around Bangkok and Rayong — directly comparable to MTSH's mixed industrial-utility-real estate model.
• AMATA Corporation: AMATA develops and operates large industrial estates in Thailand (Amata City Chonburi, Amata City Rayong) and Vietnam (Amata City Bien Hoa, Amata City Ha Long), offering industrial land lease, ready-built factories, and utilities to foreign manufacturers — a near-perfect functional analog to MTSH's Thilawa SEZ in a regional ASEAN context.
• WHA Corporation: WHA is Thailand's largest industrial estate developer and also operates utilities (power, water, digital) within its estates, making it the closest pure-play analog to MTSH's combined industrial-park-plus-utility platform.

Regional players

• Yoma Strategic Holdings: Yoma is a Myanmar-listed conglomerate with real estate development, automotive, and consumer businesses — the closest publicly listed Myanmar peer to MTSH for country exposure, capital-market context, and local operating environment.

Emerging players

• Bangchak Corporation: Bangchak is a Thai energy company expanding into renewables and sustainable infrastructure; relevant as an emerging adjacent player in the same Southeast Asian industrial/utility ecosystem that MTSH operates in, though it is not a direct industrial estate developer.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/mtshofficial
• LinkedInlinkedin.com/company/mtsh

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Myanmar Thilawa Sez Holdings Public Company