TIDMMIL
RNS Number : 9461C
Myanmar Investments Intl Ltd
25 January 2018
25 January 2018
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
630,000 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 630,000 Warrants were exercised during the 15 business day
period which commenced on 1 January 2018, following the quarter
ended 31 December 2017, at a price of $0.75 per new Ordinary
Share.
Total Voting Rights
Application will be made to the London Stock Exchange for
admission of 630,000 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 31 January 2018.
The issued share capital of the Company following the issue of
the new Ordinary Shares is 37,432,291 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
630,000 Warrants pursuant to the exercise, the Company will have
15,346,507 Warrants in issue.
Following Admission, the above figure of 37,432,291 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
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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 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.
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, 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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