Source - RNS
RNS Number : 2276K
Myanmar Investments Intl Ltd
20 September 2016
 

20 September 2016                                                           

 

Myanmar Investments International Limited

("MIL" or the "Company")

 

Successful completion of subscription

 

Myanmar Investments International Limited (AIM: MIL), the AIM-quoted Myanmar focused investment company, confirms that following its announcement on 13 September 2016 regarding its US$4,219,081 (before costs) fund raising (the "Fund Raising"), that the 3,245,447 new ordinary shares of nil par value each ("Ordinary Shares") and 811,368 new warrants ("Warrants") were admitted to trading on AIM on 16 September 2016. The Company's Ordinary Shares trade under the "MIL" ticker and the Warrants trade under the "MILW" ticker.

 

The proceeds of the Fund Raising will be used to fund the Company's investment pipeline, in order to take advantage of a number of live investment opportunities. It is expected that, subject to market conditions, the proceeds will be deployed within six months.

 

Following the Fund Raising, the Company's unaudited consolidated balance sheet as at 16 September 2016 is as follows:

 



US$



Unaudited

ASSETS



Non-current assets



Investment in Apollo 1, 2


20,808,531

Investment in joint venture 1


2,146,080

Plant & equipment


10,957



22,965,568

Current assets



Other receivables


129,129

Cash and bank balances


4,852,179



4,981,308

TOTAL ASSETS


27,946,876




EQUITY AND LIABILITIES



Equity 



Share Capital


32,890,397

Share option reserve


432,561

Accumulated losses


(5,932,962)

Total Equity


27,389,996




Liabilities



Current liabilities



Other payables


547,353

Income tax payable


9,527



        556,880

TOTAL EQUITY AND LIABILITIES

27,946,876

NET ASSETS ATTRIBUTABLE TO THE SHAREHOLDERS OF THE COMPANY

27,389,996

 

 

 



 

Notes:

1. Directors' valuation

2. Net of non-controlling interests

 

The issued share capital of the Company following the Fund Raising is 30,553,627 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. In addition, following the Fund Raising the Company has 16,044,048 Warrants in issue.

 

The information contained within this announcement is considered to be inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 prior to its release.

 

For further information please contact:

Aung Htun

Managing Director

Myanmar Investments International Ltd

+66 81 836 5104

+95 94 0160 0501

[email protected]

Michael Dean

Finance Director

Myanmar Investments International Ltd

+65 82 99 98 98

+95 94 2006 4957

[email protected]

 

Nominated Adviser

Philip Secrett / Jamie Barklem/

Carolyn Sansom

Grant Thornton UK LLP

+44 20 7383 5100

 

Broker

Andrew Pinder / David Herring

Alistair Roberts (Hong Kong)

Investec Bank plc

+44 (0) 20 7597 4000

 

Notes to Editors:

Myanmar Investments International Limited ("MIL") is the first Myanmar-focused investment company to be admitted to trading on the AIM market of the London Stock Exchange. It was established in 2013 to act as a conduit for overseas investors to invest in businesses led by dynamic and visionary Myanmar entrepreneurs and foreign companies investing in the country. MIL is led by co-founders Aung Htun and Mike Dean, private equity professionals and entrepreneurs with a strong regional track record of investment and profitable exits in SE Asia. 

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 its Founders.  Key sectors are those experiencing acute supply vs. demand imbalances, such as consumer and other capacity-constrained sectors.

To date, MIL has invested in Apollo Towers, a top 3 telecom towers company with 1,800 towers, and MFIL, a top 10 microfinance company whose loan book has grown over 400% since investment.  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.

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 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.

Following the general elections in Myanmar in November 2015 the National League for Democracy, led by Daw Aung San Suu Kyi, won an overwhelming majority of the seats and the new administration took power on 1 April 2016.

In September 2016 President Obama announced it is the intention of the United States government to lift all remaining sanctions against Myanmar and re-admit 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
 
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