Myanmar Investments Intl Ltd Result of AGM (3802L)
January 12 2021 - 4:01AM
UK Regulatory
TIDMMIL
RNS Number : 3802L
Myanmar Investments Intl Ltd
12 January 2021
12 January 2021
Myanmar Investments International Limited
Results of AGM
Myanmar Investments International Limited ("MIL" or the
"Company"), the AIM-quoted Myanmar focused investment company,
announces that at the Annual General Meeting held today all
Ordinary Resolutions were duly passed. Each of the resolutions put
to the AGM was voted on by way of a poll. The results of the poll
for each resolution were as follows:
Resolution For For Against Against Withheld Withheld
(No. of (%) (No. (%) (No. of (%)
shares) of shares) shares)
1. To receive and adopt
the Company's annual
accounts for the financial
period from 1 April 2019
to 30 September 2020
together with the directors'
report and auditors'
report on those accounts. 7,718,665 100% 0 0% 0 0%
---------- ----- ------------ -------- --------- ---------
2. To reappoint BDO LLP
as the auditors of the
Company to hold office
from the conclusion of
the AGM to the conclusion
of the next meeting at
which the annual accounts
are laid before the Company. 7,718,665 100% 0 0% 0 0%
---------- ----- ------------ -------- --------- ---------
3. To authorise the directors
to determine the remuneration
of BDO LLP as auditors
of the Company. 7,718,665 100% 0 0% 0 0%
---------- ----- ------------ -------- --------- ---------
4. To reappoint Rudolf
Gildemeister, who retires
by rotation as required
by Article 8.5 of the
Articles of Association
of the Company, as a
non-executive director
of the Company. 7,718,665 100% 0 0% 0 0%
---------- ----- ------------ -------- --------- ---------
For further information please contact:
Nick Paris Michael Rudolf
Managing Director CFO
Myanmar Investments International Myanmar Investments International
Limited +95 (0) 1 387 947 Limited +95 (0) 1 387 947
nickparis@myanmarinvestments.com michaelrudolf@myanmarinvestments.com
Nominated Adviser Broker
Philip Secrett / Jamie Barklem William Marle / Giles Rolls
/ Seamus Fricker finnCap Ltd
Grant Thornton UK LLP +44 (0) 20 7220 0500
+44 (0) 20 7383 5100
For more information about MIL, please visit
www.myanmarinvestments.com
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. At the
Annual General Meeting on 24 October 2019, the Company's
shareholders approved a change in the investment policy of the
Company to now seek to harvest the Company's investments over
time.
MIL's largest investment to-date at a cost of US$21 million is
in AP Towers, one of Myanmar's largest telecommunications towers
companies with approximately 3,245 towers. Apollo operates in the
high growth telecommunications sector with a strong management that
is growing the number of co-locations (i.e., multiple tenancies) on
its portfolio of towers. The tie-up with Pan Asia Towers which is
now completed is expected to produce a more efficient and
profitable combined investment with greater prospects for an
eventual liquidity event for shareholders.
MIL's first investment in August 2014 was into Myanmar Finance
International Limited ("MFIL") which today is one of the leading
microfinance companies in Myanmar. Since MIL invested, MFIL's
business has expanded rapidly. The business is profitable with 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 per cent shareholder in MFIL. MIL is
in the process of selling this investment. On 1 April 2020 MIL
announced that it has accepted an offer to sell its shareholding in
MFIL subject to the purchaser's AGM approving the purchase,
lender's consent, and Myanmar regulatory approval. Subsequent to
that announcement, the purchaser's AGM on 23(rd) April 2020 has
approved the transaction and the lenders have given their consent.
However, because of Covid-19 which, inter alia, has stopped all
commercial air travel between Myanmar and Thailand, little progress
has been made in obtaining regulatory approval. Assuming a level of
normalcy returns over the next few months we expect completion to
take place within the next 4 to 6 months.
On 28 November 2019, the Company announced that it had agreed to
dispose of its entire shareholding in Medicare International Health
& Beauty Pte. Ltd for US$1 million and this transaction
completed in December 2019.
Myanmar, a country of approximately 54 million people and
roughly the size of France, has been isolated for much of the last
50 years. Strategically situated in one of the world's most
economically dynamic regions amid the intersection of India, China
and South East Asia it is a key component of China's 'One Belt One
Road' strategy providing direct access to the Indian Ocean.
Whilst it was once one of the more prosperous countries in
Southeast Asia with 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. However, it
has a number of competitive advantages: a population of 54 million
people (it is the 26th most populous country in the world); a large
workforce with a high literacy rate of 90 per cent; 68 per cent of
the population is of working age (between 15 and 65); and 28 per
cent of the population is under 24 which is expected to provide a
strengthening consumer demand. According to the IMF, Myanmar's GDP
growth rate is expected to be 6.8 per cent through to 2024.
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