TIDMMIL
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 Michael Dean
Managing Director Finance Director
Myanmar Investments International Myanmar Investments International
Ltd Ltd
+66 81 836 5104 +65 82 99 98 98
+95 94 0160 0501 +95 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 20 7383 5100 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
END
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