Oway Group (IFC-38400)

Countries
  • Myanmar
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 14, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
OWAY COMPANY LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 16, 2019

Disclosed by Bank May 13, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Oway Group (or the “Company”) is the leading online travel booking service provider in Myanmar. The Company operates a B2B model where businesses book their travel through the platform, as well as a B2C booking website for private travelers. OwayTravel offers a wide range of booking services, including flight (domestic / regional) and bus ticketing, hotel and tour package booking, car rentals, and guide hiring, with ticketing making up most of the volume today. In March 2016, Oway Group launched its second major business segment, OwayRide, an on-demand ride-hailing service.

The project Sponsor (Founder & CEO) in Nay Aung, a Myanmar national with previous experience at Google and Blue Lithium. He is a graduate of Stanford GSB and London School of Economics. Other key shareholders of the Company include Taft Co. Pte. Ltd., Emerging Markets Group Investments, BeeNext Capital and Qualgro Capital.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The project Sponsor (Founder & CEO) in Nay Aung, a Myanmar national with previous experience at Google and Blue Lithium. He is a graduate of Stanford GSB and London School of Economics.

Other key shareholders of the Company include Taft Co. Pte. Ltd., Emerging Markets Group Investments, BeeNext Capital and Qualgro Capital.

Total project cost is estimated at up to US$10 million to finance working capital and operating costs of the business, including for costs related to sales & marketing and technology development related to OwayTravel and OwayRide.

IFC is considering investing up to US$3 million in equity in Oway Group.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

36 Myay Nu Street,
Grand Myay Nu Tower, 9th floor,
Myay Ni Gone, Yangon, Myanmar
Attn: Mr. Nay Aung (CEO)

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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