MySQUAR Limited MoU with Myanmar Railways (0211U)
October 19 2017 - 2:00AM
UK Regulatory
TIDMMYSQ
RNS Number : 0211U
MySQUAR Limited
19 October 2017
19 October 2017
MySQUAR Limited ("MySQUAR" or the "Company")
MoU with Myanmar Railways
MySQUAR, the Myanmar-language social media, entertainment and
payments platform whose principal activity is to design, develop
and commercialise Myanmar-focused internet-based mobile
applications, is pleased to announce it has signed a Memorandum of
Understanding (MoU) to enter into a partnership with other service
providers ("the Partnership") for the financing and delivery of
Wi-Fi services and digital content on the Myanmar Railways. The
Partnership will collaborate with Myanmar Railways to deploy a
Wi-Fi network in the carriages, platforms and stations of the
Yangon Circular train and the national rail network that will be
offered for free to train travelers. Digital content such as video
games and chat platforms, advertisements and internet access are
also included.
Revenue is anticipated to be generated from advertising and from
telecoms through direct carrier billing from video games and
streaming content. There will be a revenue share agreement between
the Partnership and Myanmar Railways, which will be net of all
operating and administrative fees necessary for the deployment of
this network.
Myanmar Railways is a state-owned agency that operates the
entire railway network. Myanmar has the largest rail network in
South East Asia. The Yangon Circular train is a local commuter rail
network with 46km of track that runs in a loop connecting rural
neighborhoods with the city center and sells between
100,000-150,000 tickets per day. Myanmar's national rail network
runs north to south with branches to east and west with over
6,000km of track. There are plans for infrastructure improvements
to the most widely used train lines that are expected to be
completed through overseas development assistance by 2023.
Eric Schaer, CEO of MySQUAR, said: "We are pleased to
participate as a digital content provider for business
opportunities with Myanmar Railways. MySQUAR continues to actively
seek strategic partnerships that build brand awareness and allow us
to broaden our user base through new channels. We anticipate this
partnership could have vast long-term potential as the railways are
improved and railway use is projected to multiply over the coming
years as roads become more congested."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information:
MySQUAR Limited
Eric Schaer (Chief Executive) Tel: +65 6725 6388
Pham Dang Hung (CFO)
SP Angel Corporate Finance
LLP
Nominated Adviser Tel: +44 (0) 203 470
0470
Stuart Gledhill/Soltan Tagiev
Beaufort Securities Limited Tel: +44 (0) 207 382
Broker 8300
Jon Belliss/Elliot Hance
Public Relations Tel: +44 (0) 781 677
Damien McCrystal 0758
damien@mccrystal.info
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMLBJTMBIBMJR
(END) Dow Jones Newswires
October 19, 2017 02:00 ET (06:00 GMT)
Mysquar (LSE:MYSQ)
Historical Stock Chart
From Apr 2024 to May 2024
Mysquar (LSE:MYSQ)
Historical Stock Chart
From May 2023 to May 2024