Myanmar Investments Intl Ltd Appointment of Chief Financial Officer (5085U)
November 25 2019 - 3:48AM
UK Regulatory
TIDMMIL
RNS Number : 5085U
Myanmar Investments Intl Ltd
25 November 2019
25 November 2019
Myanmar Investments International Limited
Appointment of Chief Financial Officer
Myanmar Investments International Limited (AIM: MIL) (the
'Company'), the AIM-quoted Myanmar focused investment company,
announces that the Board has today appointed Michael Rudolf to be
the Company's Chief Financial Officer with immediate effect.
Mr Rudolf has had a long career in finance, most of it spent in
Asia. In 2002 he became the CFO of Hubert-Burda-Media-Group in
Asia. Hubert-Burda-Media Group is an internationally operating
technology and media company (mainly magazines) headquartered in
Germany. In 2014 Mr. Rudolf started his own consulting business and
had numerous clients, in particular in the energy sector. He
started his career as an auditor with Arthur Andersen & Co in
Germany in 1992.
Nick Paris, Managing Director of Myanmar Investments
International Limited, said "We are delighted that Michael is
joining the management team of the Company and I look forward to
working with him closely."
Mr Rudolf does not hold a direct interest in the Company's
Ordinary Shares nor does he have a direct interest in the Company's
Warrants.
Mr Rudolf's appointment as Chief Financial Officer is not a
board position.
For further information please contact:
Nick Paris Michael Rudolf
Managing Director Chief Financial Officer
Myanmar Investments International Myanmar Investments International
Ltd Ltd
+95 (0) 1 391 804 +95 (0) 1 391 804
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.
MIL's largest investment to-date (US$21 million investment for a
9.1 per cent effective shareholding) is in Apollo Towers, one of
Myanmar's largest telecommunications towers company with
approximately 1,800 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 is expected to
produce a more efficient and profitable combined investment with
greater prospects for an eventual liquidity event.
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's third investment in May 2017 was into Medicare
International Health and Beauty Pte. Ltd., ("Medicare"). This was a
greenfield pharmacy, healthcare and personal care product retail
franchise joint venture. The joint venture partners are: a) H&B
Management Solutions Pte. Ltd., which owns Medicare Vietnam, one of
the largest pharmacy, health, beauty and personal care retail
groups which runs over 80 outlets in Vietnam; and b) Randy Guttery,
an industry veteran in the retail sector in Asia. It is expected
that Medicare 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.
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.
Myanmar has undergone an unprecedented transformational reform
process, initiated by the U Thein Sein administration in 2011. The
elections in 2015 were the first democratic elections in 50 years.
This remarkable change has not been without its difficulties and
the situation in Rakhine state, which stems from a complex and
historically charged background, remains un-remedied. The Advisory
Commission on the Rakhine State crisis, led by the late former UN
Secretary-General Kofi Annan, has provided an important framework
which can provide the foundations for addressing the distressing
situation there.
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END
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