Result of AGM

RNS Number : 9191T
Myanmar Investments Intl Ltd
18 October 2017
 

18 October 2017

 

Myanmar Investments International Limited

(the "Company")

 

Results of AGM

 

The Company announces that at the Annual General Meeting ("AGM") held today, all Ordinary Resolutions were duly passed.

 

For further information please contact:

Aung Htun

Managing Director

Myanmar Investments International Ltd

+95 (0) 1 391 804

+95 (0) 94 0160 0501

aunghtun@myanmarinvestments.com 

Michael Dean

Finance Director

Myanmar Investments International Ltd

+95 (0) 1 391 804

+95 (0) 94 2006 4957

mikedean@myanmarinvestments.com

 

Nominated Adviser

Philip Secrett / Jamie Barklem/

Carolyn Sansom

Grant Thornton UK LLP

+44 (0) 20 7383 5100

 

Broker

Andrew Pinder / David Herring

Alistair Roberts (Hong Kong)

Investec Bank plc

+44 (0) 20 7597 4000

 

Public Relations

Julian Bosdet / Dylan Mark /

Alejandra Campuzano

Abchurch Communications

+44 (0) 20 7469 4630 

 

 

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 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 MIL's management board.  The Company's main focus is on opportunities that are experiencing acute supply and demand imbalances, such as within the consumer and capacity-constrained sectors.

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.

MIL's largest investment (US$21 million cost for a 9.3% shareholding) is in Apollo Towers, one of Myanmar's top telecom towers companies with 1,800 towers. Apollo operates in the high growth telecom sector with a strong management that is growing the number of co-locations (i.e. multiple tenancies) on its portfolio of towers. In June 2016, the US Government's Overseas Private Investment Corporation ("OPIC") provided a US$250 million debt facility to Apollo Towers.

MIL's first investment in August 2014 was into Myanmar Finance International Limited ("MFIL") which today is one of the top 10 microfinance companies in Myanmar. Since MIL invested, MFIL's business has expanded rapidly; its loan portfolio has a CAGR of 145% since investment. The business is profitable with zero NPLs and 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% shareholder in MFIL.

In May 2017 MIL announced it had established a pharmacy, healthcare and personal care product franchise joint venture. It is expected that the business 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. The two joint venture partners are: a) an experienced retail group that runs over 55 pharmacy, health and beauty outlets in a neighbouring Asian country; and b) an industry veteran with significant experience leading Asian-based retail concepts. The Company has made an initial investment of US$495,000 for a 45% stake. The Company expects to invest further capital in the business over the next few years as it continues to expand.

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 it was 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.

The country has undergone an unprecedented and peaceful transformational reform process, initiated by U Thein Sein's Administration in 2011. This is now continuing under the elected civilian administration led by Daw Aung San Suu Kyi which came to power in April 2016 as a result of the first democratic elections in 50 years.  While the process is still evolving, the new government has broad support and significant progress has been made to the economic prospects of the country.

In October 2016, the United States government lifted all remaining sanctions against Myanmar and re-admitted 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
 
 
RAGOKFDQABDKPKD
UK 100

Latest directors dealings