TIDMMIL
RNS Number : 7959I
Myanmar Investments Intl Ltd
21 June 2017
21 June 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, INTO OR FROM ANY JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
Myanmar Investments International Limited
Additional equity raising of US$1 million
Myanmar Investments International Limited [AIM: MIL] ("MIL" or
the "Company"), the Myanmar focused investment company with
existing investments in the telecommunications, microfinance and
pharmacy retail sectors and a well-developed pipeline of
opportunities, today announces that, further to its announcement on
19 June 2017, it has raised an additional US$1.0 million (before
costs) through a follow-on fundraise (the "Fundraising"). Under the
Fundraising the Company will issue 847,500 new ordinary shares of
nil par value each in the capital of the Company (the "Fundraising
Shares") at a price of US$1.18 per new ordinary share (the "Issue
Price"), conditional only on admission of the Fundraising Shares to
trading on AIM. The Fundraising was conducted as a subscription
between the Company and an institutional investor.
This follows an initial equity fundraising, announced on 19 June
2017, where the Company disclosed it had raised US$6.3 million
(before costs), (the "Initial Fundraise"). The Issue Price is the
same for both the Initial Fundraise and the Fundraising. The
Company has raised a total of US$7.3 million from the Initial
Fundraise and the Fundraising.
The Fundraising Shares, when issued, will be fully paid and will
rank pari passu in all respects with the existing ordinary shares
of nil par value (the "Ordinary Shares") of the Company. The
Fundraising Shares represent, in aggregate, approximately 2.3 per
cent. of the currently issued share capital of the Company.
The proceeds of the Fundraising will be used to fund the
Company's investment pipeline in order to take advantage of a
number of live investment opportunities and also for possible
follow-on investments into MIL's current portfolio. It is expected
that, subject to market conditions, the proceeds of the Fundraising
will be deployed within six months.
The Company set out its successful investment strategy to date
and gave an insight into its investment pipeline in its Strategic
and Trading Update announcement of 10 April 2017, which was a
precursor to the successful investment in the pharmacy, healthcare
and personal care joint venture announced on 26 May 2017.
After the Fundraising, the following shareholders will hold more
than 3% of the ordinary shares of the Company:
Percentage
of enlarged
issued
share Warrants
Resultant capital held as
interest Resultant in respect a percentage
Current in Ordinary interest of the of total
interest Current Shares in Warrants Ordinary Warrants
Shareholder in Ordinary interest following held following Shares in issue
Name Shares in Warrants the Fundraising the Fundraising (%) (%)
--------------------- ------------ ------------ ---------------- ---------------- ------------ -------------
LIM Asia Special
Situations Master
Fund Limited 7,718,665 2,938,145 7,718,665 2,938,145 21.0 18.3
Stewart Investors
Asia Pacific
Fund 3,023,695 973,315 3,023,695 973,315 8.2 6.1
Probus Opportunities
SA SICAV-FIS
- Mekong Fund - - 2,118,644 - 5.8 -
Red Oak Operations
Limited 2,105,569 1,330,856 2,105,569 1,330,856 5.7 8.3
Incagrove Limited 2,103,258 1,292,779 2,103,258 1,292,779 5.7 8.1
Alpha Investments
Asia FCP-SIF
Fund 1,449,475 471,065 1,449,475 471,065 3.9 2.9
Finanzverwaltungs
GbR Langen II 1,443,051 754,977 1,443,051 754,977 3.9 4.7
Pachira Holdings
Limited 1,113,499 1,010,375 1,113,499 1,010,375 3.0 6.3
Crystal Consultancy
Services Limited 1,113,499 1,010,375 1,113,499 1,010,375 3.0 6.3
Presnow Limited* 543,479 514,493 1,051,953 514,493 2.9 3.2
Southern Fox
Investments
Ltd* - - 508,475 - 1.4 -
* Previously disclosed on 19 June 2017 as Presnow Limited
As a result of the Fundraising, Bank Alpinum AG no longer holds
in excess of 3.0 per cent. of the Company's Ordinary Shares.
Total Voting Rights
Application has been made for the Fundraising Shares to be
admitted to trading on AIM under the ticker "MIL". It is expected
that admission will occur and dealings in the Fundraising Shares
will commence on or around 27 June 2017 ("Admission").
Following Admission, the issued share capital of the Company
will be 36,752,916 Ordinary Shares, with voting rights. The Company
does not hold any Ordinary Shares in treasury. In addition, the
Company will have 16,025,882 warrants in issue.
Following Admission, the above figure of 36,752,916 Ordinary
Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
The information contained within this RNS is considered to be
inside information prior to its release as defined in Article 7 of
the Market Abuse Regulation No. 596/2014 and is disclosed in
accordance with the Company's obligations under Article 17 of those
Regulations.
- Ends -
For further information please contact:
Aung Htun Michael Dean
Managing Director Finance Director
Myanmar Investments International Myanmar Investments
Ltd International Ltd
+95 (0) 1 391 804 +95 (0) 1 391 804
+95 (0) 94 0160 0501 +95 (0) 94 2006 4957
aunghtun@myanmarinvestments.com mikedean@myanmarinvestments.com
Nominated Adviser Broker
Philip Secrett / Jamie Barklem/ Andrew Pinder / David
Carolyn Sansom Herring
Grant Thornton UK LLP Alistair Roberts (Hong
+44 (0) 20 7383 5100 Kong)
Investec Bank plc
+44 (0) 20 7597 4000
Public Relations
Julian Bosdet / Dr. Jenny
Lee / Alejandra Campuzano
Abchurch Communications
+44 (0) 20 7398 7741
Notes to Editors:
Myanmar Investments International Limited (AIM: MIL) is the
first Myanmar-focused investment company to be admitted to trading
on the AIM market of the London Stock Exchange. MIL was established
in 2013 with the intention of building long term shareholder value
by proactively investing in a diversified portfolio of Myanmar
businesses that will benefit from the country's re-emergence and
ongoing economic development. The Company is led by an experienced
and entrepreneurial team who between them have considerable
industrial, corporate and financial management experience.
MIL aims to identify investments with strong growth which if
necessary can be "de-risked" through the introduction of
experienced senior line-management, mentors and/or strategic
partners sourced by MIL's management board. The Company's main
focus is on opportunities that are experiencing acute supply and
demand imbalances, such as within the consumer and
capacity-constrained sectors.
With its strong proprietary investment pipeline of deals, MIL
provides investors with a highly disciplined and conservative
investment process into one of the most promising growth
opportunities of this era.
MIL's largest investment (US$21 million for a 9.3% shareholding)
is in Apollo Towers, one of Myanmar's top telecommunications towers
companies with 1,800 towers. Apollo operates in the high growth
telecommunications sector with a strong management that is growing
the number of co-locations (ie multiple tenancies) on its portfolio
of towers. In June 2016, the US Government's Overseas Private
Investment Corporation ("OPIC") provided a US$250 million debt
facility to Apollo Towers.
MIL's first investment in August 2014 was into Myanmar Finance
International Limited ("MFIL") which today is one of the top 10
microfinance companies in Myanmar. Since MIL invested, MFIL's
business has expanded rapidly; its loan portfolio has a CAGR of
148% since investment. The business is profitable with zero NPLs
and a sustainable expansion plan for long term growth. In November
2015, the Norwegian Government's Norwegian Investment Fund for
Developing Countries ("Norfund"), the Norwegian development finance
institution, also became a 25% shareholder in MFIL.
In May 2017 MIL announced it had established a pharmacy,
healthcare and personal care product franchise joint venture. It is
expected that the business will fill a vacuum in the present retail
landscape and at the same time tap into the rapid growth of the
middle and affluent classes in Myanmar. The two joint venture
partners are: a) an experienced retail group that runs over 55
pharmacy, health and beauty outlets in a neighbouring Asian
country; and b) an industry veteran with significant experience
leading Asian-based retail concepts. The Company has made an
initial investment of US$495,000 for a 45% stake. The Company
expects to invest further capital in the business over the next few
years as it continues to expand.
Myanmar, a country of approximately 51.4 million people and
roughly the size of France, has been isolated for much of the last
50 years. Once it was one of the more prosperous countries in
Southeast Asia as it has an abundance of natural resources (oil,
natural gas, arable land, tourist attractions and a long
coastline), it is now one of the least developed countries in the
world.
The country has undergone an unprecedented and peaceful
transformational reform process, initiated by U Thein Sein's
Administration in 2011. This is now continuing under the elected
civilian administration led by Daw Aung San Suu Kyi which came to
power in April 2016 as a result of the first democratic elections
in 50 years. While the process is still evolving, the new
government has broad support and significant progress has been made
to the economic prospects of the country.
In October 2016, the United States government lifted all
remaining sanctions against Myanmar and re-admitted the country
into its preferred tariff system.
For more information about MIL, please visit
www.myanmarinvestments.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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