Aik Htun

Aik Htun

Birth:  October 21, 1948
Source of wealth:  Shwe Taung Group

Type:   Private
Founded:   1970
Address:  2nd Fl, Olympic Tower (II), River View Garden Housing, Stand Rd, Ahlone Tsp, YANGON
Business: Construction, Real Estate Developer, Engineering, Hotels, FM Radio Station, Petrol Stations, Heavy Machinery & Automobile Agent, Insurance

In 1970, Aik Htun founded one of Myanmar’s preeminent builders of infrastructure, Shwe Taung Group. The company leads key development projects such as highways and bridge construction, power grid construction, and landmark real estate projects and distributes building materials throughout Myanmar. The group’s success has made Aik Htun among the richest men in Myanmar.

“We will continue to (build) the infrastructure. Infrastructure in Myanmar has just started now. We need a lot of infrastructure right now for example, subways, highways. That’s our plan.”

Aik Htun is the founder of Shwe Taung Group and chairman of its Board of Directors. He is the driving force behind the group’s exponential growth, from a modest trading house in 1970 to one of Myanmar’s largest conglomerates. Today, Shwe Taung Group has a workforce of more than 6,000 people, serving Myanmar’s infrastructure in key development projects such as highways, roads and bridge construction, power grid construction, and landmark real estate projects. Prior to 2004, Shwe Taung Company was known as Olympic Construction Company. The company changed its name in 2004 due to a bank scandal at the now-defunct Asia Wealth Bank.

Aik Htun’s leadership has been pivotal in building Shwe Taung into a diversified conglomerate, with key businesses in real estates, entertainment, shopping centers, constructions, engineering, cement and construction materials, infrastructure, hotels, energy, trading and investment.

Aik Htun was born in Mogok in the Southern Shan State and moved to Yangon in 1970. He set up a biscuit shop and by 1984, he had expanded into border business. In 1991, he established Olympic Construction Company. He also invested in agricultural projects within Magwe and Delta Divisions and the 8-Mile Junction Supermarket that was established in 1999. In 1994, Aik Htun founded the Asia Wealth Bank that later became Myanmar’s largest financial institution, until the 2003 banking crisis.

Since 1991, Aik Htun’s group has delivered more than 200 public and private sector projects. It has over 20 years’ worth of experience in real estate projects, including design, development and construction.

The group has constructed some of Myanmar’s largest and most challenging projects, including Baluchaung No.3 Hydropower Plant, Myanmar Radio and Television Building, Ruby Hall, and a 60,000 square metre venue for the 2014 ASEAN Summit. Baluchaung demonstrated Shwe Taung’s capabilities as the market leader in Myanmar’s hydropower sector. The group’s other prominent projects include Yeywa Hydropower Project in Southern Shan State (Myanmar’s largest RCC dam), Hledan Junction Flyover in Yangon, Yangon-Mandalay Highway, Myanmar International Convention Center, Dagon Ayeyarwum low-cost housing project, Hlaing township residential upgrading and development and the Thumingalar township development and the iconic mixed-use development, ‘Junction City’, in Yangon. Launched in December 2015, the US$300 million Junction City will feature a five-star hotel that will be run by Pan Pacific Hotels. An office tower will also be built in partnership with Singapore’s Keppel Land.

High Tech Concrete (HTC), a core subsidiary of Shwe Taung, is ISO certified and provides high quality, ready mixed CVC and RCC concrete for a broad spectrum of construction needs. HTC was the sole supplier of RCC concrete for the Yeywa Hydropower Plant.

Shwe Taung Distribution is a top distributor of world-leading brands for machinery and vehicles in Myanmar. It introduced Scania and Liebherr into the Myanmar auto market in 2007. In 2012, Shwe Taung Distribution extended its range of services to include logistic and trading businesses. Shwe Taung’s logistics services are run through Octagon International Services (OIS), a subsidiary of Shwe Taung Distribution that was formed in 2016.

In 2011, Aik Htun’s group was among five companies granted a 70-year-lease of the sought-after 12-acre premise near Shwedagon Pagoda for Dagon City and four other related projects. In 2016, the former President’s Office provided replacement land as compensation for cancelling some of the group’s projects.

The group’s international business partners include the Japan-based Tokyu Construction Company, Korea’s K-Water Company and Tiong Seng Company and Pan Pacific Hotels, in Singapore. In 2015, Shwe Taung Group entered into an agreement with Microsoft to receive software and services, for an undisclosed fee. The deal was the second largest deal that Microsoft has signed in Myanmar.

In 2015, Shwe Taung, in partnership with UK-based Oxford Business Group (OBG), donated a six-storied building that now houses Yangon Technological University (YTU) human resource development center.

As a proactive member in Myanmar’s nation-building, Aik Htun’s group has participated in the United Nations Global Compact since 2013. The group has committed itself to adopting sustainable and socially responsible policies, especially in matters of human rights, environment, labour, and anti-corruption. In corporate philanthropy, Shwe Taung Group has donated more than US$23 million to charitable causes, built 90 schools and three hospitals.