Chit Khine

Chit Khine

Chit Khine

Birth:  5 January 1948
Source of wealth:  Eden Group

Type:   Private
Founded:   1990
Address:  No.30/31, Shwe Padauk Yeikmon, Bayint Naung Rd, Kamayut Tsp, YANGON
Business: Construction, Real Estate Developer, Hotels, Banking, Food and Beverages, Finance, Oil and Gas exploration, Agribusiness, Rice Milling, Cement, Restaurants

Former NLD leader Chit Khine is chairman of the Eden Group of Companies and Myanmar Apex Bank (MAB). His companies have built numerous hotel and industrial complexes and energy business. His group has grown to become the largest and most influential diversified conglomerate in Myanmar.

“Our country needs to develop so much infrastructure and real estate. We need to expand our business for the future.”

Chit Khine is a millionaire and influential entrepreneur. He chairs the Eden Group of Companies, Myanmar’s fifth largest conglomerate, with extensive business presence in multiple industries, ranging from construction and agriculture to finance.

Known as ‘Eden Chit Khine’, he made his fortune from his numerous hotel and industrial complexes in Myanmar. His Eden Group, founded in 1990, is estimated to have over US$2 billion in assets and more than 9,500 employees. Eden’s annual revenue is about US$600 million, with the energy business being the largest revenue source.

The Eden Group enjoys close ties with Myanmar’s former military government. Eden projects have included the construction of the Presidential palace and the Defence Services Museum in Naypyitaw. It was one of the eight companies that constructed Naypyitaw and was also granted several car import licenses. Awarded many lucrative projects such as the construction of universities, hospitals and industrial complexes, Eden Group currently has two Hilton-brand hotels in the capital city of Naypyitaw and the western beach resort destination of Ngapali. Eden also operates smaller hotels under the Thingaha and Link brands. Eden Hotels and Resorts (owned by Singapore-based home developer, Keppel Land), is an affiliate company of the Eden Group. The Eden Group owns a collection of hotels located in key prime areas within Myanmar in Naypyitaw, Ngapali Beach, Mandalay, Bagan, Inle Lake and Aye Thar Yar of Shan State.

In 2014, Chit Khine bought Marina Residence, Yangon’s affluent expatriate community, for US$4.8 million. In June 2014, his group signed several management agreements with Hilton for five Hilton Hotels and Resorts in Myanmar. His group plans an estimated US$130 million on two further Hilton developments; and a joint venture with Starbucks. Other international agreements include an MoU with South Korea-based (SK) Networks, in 2016, to collaborate in a range of business sectors, including Korean restaurant and hotel franchises.

He is also a major investor in cross-border trade with China and in rural areas, which have been overlooked by other developers. His group is considering offering loans through its banking unit – Myanmar Apex Bank (MPA), which has about 80 branches nationwide.

In 2008, Chit Khine founded Asia General and as the largest shareholder, became one of its directors. Asia General manufactures switch-gear panels and transformers. Asia General Electric (AGE) and Asia General Transformer (AGT) are both owned by Asia General Holdings (AGH). In 2015, AGT signed a technical license agreement with Mitsubishi Electric.

Alongside his chairmanship of Eden Group and other activities, Chit Khine heads the Myanmar Rice Federation and owns Eden BBB restaurant, Signature restaurant and the Fuji Café House, adjacent to the US embassy in Yangon. He also owns Denko Trading which operates an industrial oil storage facility with several tanks and terminals. Denko Trading also runs auto service centers and gas stations throughout the country. In 2014, the company established a 24-acre industrial oil storage facility in Thilawa Deep Sea port.

Chit Khine is also Chairman of Myanmar Agribusiness Public Company (MAPCO), which he founded in 2012 with support from partner investors. It was established as the business arm of Myanmar Rice Federation. MAPCO is working closely with Mitsui & from Japan to construct a grain terminal and modern warehouses in Thilawa to serve Myanmar exporters. MAPCO was one of six companies that were first listed on Yangon Stock Exchange (YSX).

Chit Khine is one of the founders of Myanmar Rice Industry Association (MRIA). Since its foundation in 2010, Chit Khine has served as its chairman. Chit Khine plans to have the Myanmar Apex Bank which opened for trading in 2016 and some of his subsidiaries listed on the YSX.

Between 1989 and 1990, Chit Khine served as the chair of the Insein township branch of the National League for Democracy (NLD) party. NLD won in a landslide victory during the 2015 election and formed the current government, aided by Aung San Suu Kyi, the Nobel Peace Laureate. During the 2015 flood crisis, Chit Khine made an anonymous donation of 1,000 rice bags to the NLD, to be distributed in Rakhine State. Chit Khine is well known for his close ties with General Khin Nyunt, the junta’s prime minister. Khin Nyunt was also the military intelligence chief until his removal in 2014. Along with several other well-connected tycoons, Chit Khine was formerly subject to European Union, British, and U.S sanctions. The US lifted all financial sanctions on him in October 2016.