Max Myanmar
A Myanmar conglomerate with interests spanning construction, engineering, transport, hospitality, energy retail, plantations, banking and other sectors.
Last updated August 24, 2026
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Overview
Max Myanmar is a Myanmar-based diversified holding group owned by businessman Zaw Zaw. The group began in 1993 as Max Myanmar Co., Ltd., initially importing buses from Japan. It subsequently added generators, earth-moving machinery and other equipment, using import-export operations as a platform for expansion into sectors connected with Myanmar’s infrastructure and economic development. Over time, Max Myanmar developed interests in civil construction, mechanical engineering, transportation, hospitality and tourism, manufacturing, banking, energy retail, rubber plantations, cement and gems mining. The company participated in major construction and development activities in Naypyidaw, Myanmar’s new administrative capital, including construction of the Zabudipa Stadium for the 2013 Southeast Asian Games. It also built and operated the Royal Kumudra Hotel and developed the Ayeyarwady Hotel at Naypyidaw’s National Landmark Garden. In Yangon, the group acquired a majority stake in the Pyay Towers development, a mixed-use project planned to include retail, office and residential space. Transportation was part of the group’s early business model and remained a significant activity. In March 2008, Max Myanmar launched Nay Pyi Taw Taxi and Car Rental Service, described as a metered taxi and vehicle-rental operation. The group later operated fuel stations through its energy business. A proposed 2012 reverse takeover involving Singapore-listed Aussino Group was intended to provide capital for petrol-station operations and give Max Myanmar control of a Singaporean vehicle, although the proposal was not completed as a conventional expansion of the group’s listed structure. The group also entered financial services. In August 2010, it opened Ayeyarwady Bank after receiving a banking licence from Myanmar’s central bank. The bank was described as having branches across the country. Max Myanmar further participated in the redevelopment of Yankin Children’s Hospital in Yangon, converting and equipping a former government building into a 550-bed pediatric facility that opened in March 2011. Max Myanmar’s growth has been accompanied by substantial public controversy. Reports have linked the company and associated ventures to land confiscation, rubber-plantation development, mining-related environmental damage and politically connected construction work. The group was also criticized after its charitable foundation donated more than 1.368 billion kyats to Myanmar’s armed forces during the military’s 2017 campaign associated with the Rohingya crisis. These issues have shaped public perceptions of Max Myanmar as a politically connected conglomerate whose commercial expansion and philanthropy have operated within Myanmar’s highly contested business and governance environment. The group established the Ayeyarwady Foundation in 2010 as a nonprofit organization. Its stated areas of activity include youth development and sport, health, education, disaster management and responsible business practices. During the COVID-19 crisis, the foundation reportedly contributed nearly US$2 million to Myanmar’s response, while Max Energy provided discounted fuel valued at 1 billion kyats for health workers, ambulances, civil-society organizations and taxi drivers. Publicly available reference material does not establish a current consolidated corporate structure, complete list of subsidiaries or present financial condition.
History
Max Myanmar was established as Max Myanmar Co., Ltd. in 1993. Its first reported business was the importation of buses from Japan, followed by generators, earth-moving equipment and other machinery. This origin gave the company experience in transportation, logistics and equipment supply, areas that later supported its move into construction and infrastructure. The company subsequently pursued an aggressive diversification strategy. It expanded from import-export into civil construction, mechanical engineering, transport services, hospitality, tourism, manufacturing, banking, energy retail, rubber plantations and mining-related activities. Its projects were closely associated with Myanmar’s infrastructure development, particularly during the construction and expansion of Naypyidaw. Max Myanmar constructed the Zabudipa Stadium for the 2013 Southeast Asian Games and built and operated the Royal Kumudra Hotel. It also developed the Ayeyarwady Hotel at Naypyidaw’s National Landmark Garden, which opened in January 2012. The group’s development portfolio included the Pyay Towers project in Yangon. Max Myanmar acquired a 60 percent interest in the project in 2010, with the stake later described as a majority holding acquired for US$5.8 million in 2013. The proposed complex was intended to combine a shopping center, offices and apartments. Max Myanmar also participated with India’s Essar Group in the Kaladan Multi-Modal Transit Transport Project, an infrastructure scheme designed to connect India’s Mizoram State with Sittwe in Rakhine State through road, river and port links. Financial services became another important part of the group’s diversification. In August 2010, Ayeyarwady Bank began operations after receiving a banking licence from Myanmar’s central bank. The group also maintained an energy-retail presence through Max Energy and operated petrol stations. In 2012, a proposed reverse takeover with Singapore’s Aussino Group was structured around Max Strategic Investments, a vehicle intended to fund the expansion of fuel stations in Myanmar. The proposal reflected the group’s interest in using an international corporate structure to support domestic growth, although the reference material does not establish that the transaction was completed. Max Myanmar also entered extractive and plantation activities. It was associated with rubber plantations in Mon and Kayin States, coal production in Sagaing Region and gems mining in Kachin State. These operations generated criticism over land rights and environmental impacts. Reports alleged that approximately 5,000 acres had been confiscated for rubber plantations in a joint venture involving Max Myanmar and a military-owned company. The group was also accused of dumping earth from jade mines into waterways in Kachin State and of involvement in land seizures in Dagon Seikkan Township. In 2013, Zaw Zaw pledged to return unused land acquired through government channels, and the company had earlier paid compensation to landowners in Ngwehsaung Sub-township. The group’s public profile has included both controversy and philanthropy. Max Myanmar Construction was criticized in 2010 for building an oversized Thingyan water pavilion for the grandson of then-leader Than Shwe, despite local limits on pavilion length. In 2009, a football match involving Delta United, a club owned by a Max Myanmar subsidiary, prompted allegations of referee influence. Zaw Zaw subsequently transferred ownership of the club, citing a conflict of interest related to his role at the Myanmar Football Federation. Max Myanmar established the Ayeyarwady Foundation in 2010. The foundation describes its work through five broad areas: youth and sports development, health, education, disaster management and responsible business practices. It supported COVID-19 relief in 2020, while Max Energy discounted fuel for health workers, ambulances, civil-society organizations and taxi drivers. The foundation’s later donation to Myanmar’s armed forces during the 2017 Rakhine crisis, however, became a major source of international criticism. Public information cited here does not provide a complete account of the group’s current subsidiaries, ownership structure, financial performance or operations after the events described.
- 2013
Max Myanmar acquires majority interest in Pyay Towers
[1]The group takes a majority stake in the Yangon mixed-use property development.
- 2012
Ayeyarwady Hotel opens in Naypyidaw
[1]The group opens its first hotel at Naypyidaw’s National Landmark Garden.
- 2011
Yankin Children’s Hospital opens after redevelopment
[1]Max Myanmar redevelops and equips a former government building as a 550-bed pediatric hospital in Yangon.
- 2010
Ayeyarwady Bank opens
[1]The group enters banking after receiving a licence from Myanmar’s central bank.
- 2010
Ayeyarwady Foundation is established
[1]The group creates a nonprofit foundation covering health, education, youth and sports, disaster management and responsible business practices.
- 2008
Nay Pyi Taw taxi and car-rental service launches
[1]Max Myanmar introduces a metered taxi and car-rental service in Naypyidaw.
- 1993
Max Myanmar is established
[1]Max Myanmar Co., Ltd. begins operations by importing buses from Japan and later adds generators and heavy machinery.
Products and positioning
A diversified Myanmar business group focused on infrastructure, construction, consumer-facing services and strategic investments, with a parallel philanthropic profile through the Ayeyarwady Foundation.
Construction
Construction and civil engineering
Max Myanmar’s construction activities have included civil works, infrastructure development and major public or commercial projects. The group participated in the development of Naypyidaw, constructed Zabudipa Stadium for the 2013 Southeast Asian Games and was involved in the Kaladan Multi-Modal Transit Transport Project with Essar Group.
Hospitality
Hotels and tourism
The group’s hospitality portfolio has included the Royal Kumudra Hotel and Ayeyarwady Hotel in Naypyidaw. These properties formed part of Max Myanmar’s broader move from industrial and construction activities into tourism and accommodation services.
Banking · 2010
Ayeyarwady Bank
Ayeyarwady Bank was established by Max Myanmar after the group obtained a banking licence in 2010. Reference material describes the bank as operating branches across Myanmar, although current ownership and operating status are not established here.
Energy retail
Max Energy
Max Energy is the group’s fuel-retail business. The company operated petrol stations in Myanmar and later supported COVID-19 relief by providing discounted fuel for healthcare workers, ambulances, civil-society organizations and taxi drivers.
Transportation · 2008
Nay Pyi Taw Taxi and Car Rental Service
Launched in March 2008, this service provided metered taxis and vehicle rentals in Naypyidaw, extending the company’s original transportation and vehicle-import business into passenger mobility.
Real estate development · 2010
Pyay Towers
Pyay Towers was planned as a prominent Yangon mixed-use development combining shopping, offices and apartments. Max Myanmar acquired a majority interest in the project, but the reference material does not provide a current completion or operating update.
Controversies
2017
Donation to Myanmar armed forces during Rakhine crisis
The Ayeyarwady Foundation donated more than 1.368 billion kyats to Myanmar’s armed forces during a fundraising campaign linked to military clearance operations in northern Rakhine State. The donation attracted criticism because of the military’s role in the Rohingya crisis.
2012
Land-seizure allegations in Dagon Seikkan
The group was reported to have been involved in land seizures in Dagon Seikkan Township and subsequently implemented a profit-sharing arrangement with affected farmers.
2010
Oversized Thingyan pavilion construction
Max Myanmar Construction built a large Thingyan water pavilion for the grandson of Than Shwe near Yangon’s Inya Lake, despite reported city regulations limiting pavilion length.
2009
Football match controversy involving Delta United
Fans of Yadanabon FC accused Zaw Zaw of influencing the referee during a match against Delta United, a club owned by a Max Myanmar subsidiary. Zaw Zaw later transferred ownership of the club, citing a conflict of interest.
2004
Alleged land confiscation for rubber plantations
Max Myanmar was reported to be involved in the alleged confiscation of approximately 5,000 acres in Mon and Kayin States for rubber plantations in a joint venture with a military-owned company.
Marketing campaigns
- 2020COVID-19 relief support
Myanmar
The Ayeyarwady Foundation contributed to Myanmar’s coronavirus response, while Max Energy supplied discounted fuel for frontline workers and community-service organizations.
Outcome. The reported support included nearly US$2 million from the foundation and fuel discounts valued at 1 billion kyats from Max Energy.
- 2010Ayeyarwady Foundation
Myanmar
Max Myanmar established a nonprofit foundation organized around youth and sports development, health, education, disaster management and responsible business practices.
Outcome. The foundation became the group’s principal philanthropic vehicle, including later disaster and pandemic-response activities.
Brand decisions
2013
Pledge to return unused acquired landStrategyBackground
The pledge followed broader criticism of land acquisition and land-grab practices in Myanmar.
Action taken
Zaw Zaw said Max Myanmar would return land acquired through government channels that remained unused.
Aftermath
The available source does not quantify the land returned or document the full implementation of the pledge.
2012
Proposed Aussino reverse takeoverM&ABackground
Singapore’s Aussino Group proposed a transaction involving Max Strategic Investments, a Max Myanmar vehicle intended to support expansion of the group’s Myanmar petrol-station business.
Action taken
The proposed structure would have involved Aussino issuing shares to acquire Max Strategic Investments and would have given Max Myanmar majority control of the Singaporean company.
Aftermath
The available reference material describes the proposal but does not establish that the transaction was completed.
Proposed transaction value. (2012)
2012
Withdrawal from Dawei special economic zone projectStrategyBackground
Max Myanmar had participated in plans for a major Dawei special economic zone involving a port and industrial complex.
Action taken
Zaw Zaw announced that Max Myanmar would withdraw from the project and its associated investment.
Aftermath
The group redirected its strategic focus away from the Dawei project, although no detailed explanation or later outcome is provided in the reference material.
Project share value reportedly withdrawn. (2012)
Recent events
- 2020
Ayeyarwady Foundation supports Myanmar’s COVID-19 response[1]
Other
The foundation reportedly contributed nearly US$2 million to pandemic response efforts, while Max Energy offered discounted fuel to frontline and community-service groups.
- 2013
Max Myanmar pledges to return unused acquired land[1]
Regulation · Other
In response to national criticism over land-grab allegations, Zaw Zaw said the group would return unused land acquired through government channels.
- 2012
Max Myanmar proposes reverse takeover involving Aussino Group[1]
M&A
Aussino Group proposed issuing shares to acquire Max Strategic Investments, a vehicle intended to support Max Myanmar’s fuel-station business and give the Myanmar group majority control of the Singaporean company.
- 2012
Max Myanmar withdraws from Dawei special economic zone project[1]
Other
Zaw Zaw announced that Max Myanmar would withdraw from participation in the large Dawei port and industrial-zone project.
- 2011
Max Myanmar redevelops Yankin Children’s Hospital[1]
Other
A former Ministry of Mining building was redeveloped, equipped and furnished as a 550-bed pediatric hospital in Yangon.
- 2010
Max Myanmar opens Ayeyarwady Bank[1]
Product launch
The group entered banking after receiving a licence from Myanmar’s central bank and opened a bank described as having nationwide branches.
- 2008
Max Myanmar launches Nay Pyi Taw taxi and car rental service[1]
Product launch
The group introduced a metered taxi and vehicle-rental service in Naypyidaw.
Sources1 sources
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