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Myanmar Investments (MIL)

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Friday 11 December, 2020

Myanmar Investments

Notice of AGM And Posting Of Annual Report

RNS Number : 2751I
Myanmar Investments Intl Ltd
11 December 2020
 

This announcement contains inside information  11 December 2020

 

Myanmar Investments International Limited

 

Publication of the Annual Report & Accounts and the Notice of AGM

 

Myanmar Investments International Limited ("MIL" or the "Company"), the AIM-quoted Myanmar focused investment company, is pleased to announce that it has posted to its shareholders and warrant holders its Annual Report and audited financial statements for the financial period from 1 April 2019 to 30 September 2020 together with the Notice of its AGM and a Form of Proxy.

 

Due to current restrictions on the way in which we all conduct business and in particular on public gatherings related to the Covid-19 outbreak, the Directors have decided to facilitate holding the AGM remotely, while still endeavouring to create a forum for the conduct of the formal business set out in the notice of the Annual General Meeting and providing an opportunity for shareholders to raise questions of the Directors. As such, notice is hereby given that the 2020 Annual General Meeting of Myanmar Investments International Limited (the "Company") will be held as a virtual meeting at 2.30 p.m. (Myanmar time) on 12 January 2021.

 

The Company will offer shareholders the option to participate in the meeting remotely via a Zoom webinar that can be accessed from any computer with internet access.

 

Copies of the Annual Report and audited financial statements for the financial period from 1 April 2019 to 30 September 2020 and the Notice of AGM have been published and are available in electronic form on the Company's website at http://myanmarinvestments.com/financial-reports/.

 

For further information please contact:

Nick Paris Michael Rudolf

Managing Director

Myanmar Investments International Limited +95 (0) 1 387 947

[email protected]

Nominated Adviser

Philip Secrett / Jamie Barklem / Seamus Fricker

Grant Thornton UK LLP

+44 (0) 20 7383 5100

CFO

Myanmar Investments International Limited +95 (0) 1 387 947

[email protected]

Broker

William Marle / Giles Rolls

finnCap Ltd

+44 (0) 20 7220 0500

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. At the Annual General Meeting on 24 October 2019, the Company's shareholders approved a change in the investment policy of the Company to now seek to harvest the Company's investments over time.

 

MIL's largest investment to-date at a cost of US$21 million is in AP Towers, one of Myanmar's largest telecommunications towers companies with approximately 3,245 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 re-financing Towers which is now completed is expected to produce a more efficient and profitable combined investment with greater prospects for an eventual liquidity event for shareholders.

 

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 is in the process of selling this investment. On 1 April 2020 MIL announced that it has accepted an offer to sell its shareholding in MFIL subject to the purchaser's AGM approving the purchase, lender's consent, and Myanmar regulatory approval. Subsequent to that announcement, the purchaser's AGM on 23rd April 2020 has approved the transaction and the lenders have given their consent. However, because of Covid-19 which, inter alia, has stopped all commercial air travel between Myanmar and Thailand, little progress has been made in obtaining regulatory approval. Assuming a level of normalcy returns over the next few months we expect completion to take place within the next 4 to 6 months.

 

On 28 November 2019, the Company announced that it had agreed to dispose of its entire shareholding in Medicare International Health & Beauty Pte. Ltd for US$1 million and this transaction completed in December 2019.

 

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.

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