In January 1999 the Executive Board of Directors was reformed to ensure that their roles and objectives maximized their talents and contributions to the company.

The Board of Directors recognized the need to constantly innovate and upgrade the skills of the employees to be up to date with the latest technologies. This ensured that all of the components of the Naing Group were managed in accordance with the rules and regulations of the construction industry to accentuate safety, quality, and profit. 

The company was started by its Chairperson, U Kyaw Naing Oo, who began as an independent contractor at the age of twenty in 1991. Learning family values from his mother and father, Haji U Win Naing and Hajima Daw Hla Hla Htway, U Kyaw Naing Oo has made them a central part of the company's mission. As a result of the Naing brothers' hard work, the business progressed rapidly. On March 2, 1996, they established a contracting company known as the Naing Group after the names of the principals and built the business into the conglomerate know today as the Naing Group of Companies. As a result of completing more than two hundred buildings in just over eleven years, they qualified as a Development Company in 2003.