Myanmar Directors Take Part In USD6.3 Million Fundraising (ALLISS)

LONDON (Alliance News) - Myanmar Investments International Ltd said on Monday it has ...

Alliance News 19 June, 2017 | 11:10AM
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LONDON (Alliance News) - Myanmar Investments International Ltd said on Monday it has successfully raised USD6.3 million by issuing of 5.3 million shares at a price of USD1.18 per share through funding platform PrimaryBid.

Shares in Myanmar Investments International Ltd were untraded on Monday. They last traded at 1.27 pence.

The new shares represent a 15% stake in the telecommunications, microfinance and pharmacy retail focused investment company.

The fundraising was conducted as a subscription between Myanmar Investments and existing shareholders, institutional investors, family offices and high net worth individuals.

Proceeds will go towards funding the company's investment pipeline to take advantage of live investment opportunities and make follow-on investments into Myanmar Investments' current portfolio. Myanmar Investments said it expects the proceeds will be used within six months.

A group of directors in Myanmar Investments took part in the fundraising.

Managing Director Aung Htun subscribed for 304,000 shares, taking his shareholding to 677,000 shares.

Finance Director Michael Dean acquired 187,000 shares and now holds 410,000 shares.

Non-Executive Directors Craig Martin, Christopher Appleton and Henrik Bodenstab each acquired 42,372 shares. They now hold 237,372, 190,372 and 181,159 shares, respectively.

"We are delighted to have surpassed the fund raising target we had originally set. The funds raised will enable us to maintain our momentum in establishing attractive business ventures in Myanmar. Given our quality deal flow we expect to invest a significant proportion of this new equity during 2017," said Managing Director Aung Htun.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Myanmar Investments International Ltd 1.33 USD 1.92 -
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