"Myanmar tycoon Win Aung is open to foreign investment in the listed industrial-estate provider he oversees, following Ayala Corp's tie-up with a firm traded on the nation's fledgling stock exchange. In an interview in Yangon, Win Aung said a stake sale is an option as he plans to expand Myanmar Thilawa SEZ Holdings, which operates a manufacturing zone where 109 firms have opened factories or plan to do so. "We'll need more capital and technology," Win Aung, the firm's chairman, said on Thursday (Nov 28). "Detailed plans will be revealed later after the authorities officially allow foreigner participation on the Yangon Stock Exchange." Myanmar is trying to expand a stunted bourse that currently has just five stocks by allowing overseas purchases of domestic equities from 2020. The Philippines' oldest conglomerate Ayala is investing in one of those five - First Myanmar Investment - via an US$82.5 million convertible loan that will become a 20 per cent shareholding when rules permit. The four-year-old Thilawa special economic zone is viewed by some as the largest in Myanmar. Japanese, Thai and Malaysian firms account for the bulk of the factories located there, according to Win Aung..."