TIDMMIL
RNS Number : 7380U
Myanmar Investments Intl Ltd
26 October 2017
26 October 2017
Myanmar Investments International Limited
Exercise of Warrants
Myanmar Investments International Limited [AIM: MIL] ("MIL" or
the "Company"), the AIM-quoted, Myanmar focused investment company,
today announces that it has received notice of the exercise of
49,375 AIM-quoted warrants, which trade under the TIDM:MILW (the
"Warrants"). Each Warrant allows the Warrant holder to subscribe
for one ordinary share of nil par value of the Company (the
"Ordinary Shares").
The 49,375 Warrants were exercised during the 15 business day
period which commenced on 1 October 2017, following the quarter
ended 30 September 2017, at a price of $0.75 per new Ordinary
Share.
Application will be made to the London Stock Exchange for
admission of 49,375 Ordinary Shares to trading on AIM (the
"Admission") and it is expected that Admission will take place and
that trading will commence on AIM on or around 1 November 2017.
The issued share capital of the Company following the issue of
the new Ordinary Shares is 36,802,291 Ordinary Shares of nil par
value, with voting rights. The Company does not hold any Ordinary
Shares in Treasury. In addition, following the reduction of the
49,375 Warrants pursuant to the exercise, the Company will have
15,976,507 Warrants in issue.
Following Admission, the above figure of 36,802,291 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 and Transparency Rules.
- Ends -
For further information please contact:
Aung Htun Michael Dean
Managing Director Finance Director
Myanmar Investments International Myanmar Investments International
Ltd 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 Andrew Pinder / David
Barklem/ Herring
Carolyn Sansom Alistair Roberts (Hong
Grant Thornton UK LLP Kong)
+44 (0) 20 7383 5100 Investec Bank plc
+44 (0) 20 7597 4000
Public Relations
Julian Bosdet / Dylan
Mark /
Alejandra Campuzano
Abchurch Communications
+44 (0) 20 7469 4630
Notes to Editors:
Myanmar Investments International Limited (AIM: MIL) was 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 cost for a 9.3%
shareholding) is in Apollo Towers, one of Myanmar's top telecom
towers companies with 1,800 towers. Apollo operates in the high
growth telecom sector with a strong management that is growing the
number of co-locations (i.e. 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
145% 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 established a pharmacy, healthcare and personal
care product franchise joint venture with Medicare, Vietnam's
largest such chain. 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. To date the Company has invested close to US$800,000 for a
47% stake. The Company expects to invest further capital in the
business over the next few years as it continues to expand.
MIL's latest investment in October 2017 was into the tourism
sector. Together with two leading Myanmar tourism entrepreneurs
(the "Myanmar Partners") it has established Myanmar Voyages Group
Company Limited ("Myanmar Voyages") to invest into tourism-related
assets in Myanmar. Myanmar Voyages is acquiring a 60% stake of the
Myanmar Partners' existing travel agency business, Myanmar Voyage
International Tourism Company Limited ("MVI"), which focuses on
inbound tourism, serving tourists from markets such as Spain,
Scandinavia and Japan, as well as providing land excursion tour
packages for cruise liners calling at ports in Myanmar. It is
intended that Myanmar Voyages will build on the platform that MVI
provides and establish or acquire additional assets in the tourism
sector including hotels, specialised tourist attractions and
restaurants. It will therefore also be acquiring a management
contract for a hotel at Inle Lake and a 30% stake in the
"Mingalabar Balloon" company. Initially MIL has acquired a 97%
interest in Myanmar Voyages for an outlay of approximately
US$800,000, though this will be adjusted based on the performance
of the MVI business over the next two years. 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.
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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