<article>AIM-listed <a href="https://www.dealstreetasia.com/?s=MySQUAR+Ltd" target="_blank" rel="noopener">MySQUAR Ltd,</a> a Myanmar-language social media, entertainment and payment platform, has announced the acquisition of mobile payment operator <a href="https://www.dealstreetasia.com/?s=MyPAY+Myanmar+Ltd" target="_blank" rel="noopener">MyPAY Myanmar Ltd, </a>for a consideration of £2 million ($2.6 million), according to its filing on the London Stock Exchange.</article>

AIM-listed <a href="https://www.dealstreetasia.com/?s=MySQUAR+Ltd" target="_blank" rel="noopener">MySQUAR Ltd,</a> a Myanmar-language social media, entertainment and payment platform, has announced the acquisition of mobile payment operator <a href="https://www.dealstreetasia.com/?s=MyPAY+Myanmar+Ltd" target="_blank" rel="noopener">MyPAY Myanmar Ltd, </a>for a consideration of £2 million ($2.6 million), according to its filing on the London Stock Exchange.
MySQUAR simultaneously also announced raising £2.2 million ($2.9 million) through a convertible bond issue offering to finance the acquisition.
MySQUAR has acquired MyPay through the issue of 72.5 million shares in a cash-cum-stock deal. MyPay’s shares will represent 8.6 per cent of the issued share capital of MySQUAR.
&#8220;The acquisition of MyPay Myanmar enhances our drive to be the leading directly regulated mobile payments facility for remittances back into Myanmar,” said MySQUAR CEO Eric Schaer. MyPAY Myanmar, set up in 2016, is in the process of applying to the Central Bank of Myanmar for a payments licence.
The convertible bonds, which financed the deal, were issued to Atlas Capital Markets Ltd, a London-based alternative investment fund, at £10,000 ($13,000) each with a maturity date of two years. The fundraising also includes the issue of 666,667 warrants awarded over 42.9 million shares at £0.0186 ($0.024).
The additional sum received from the bond issue will be used for MySQUAR’s product development and to finance working capital needs.
&#8220;Having now deployed the capital raised from the first issue of Convertible Bonds to Atlas in providing the balance of funds for acquiring MPM and funding the working capital requirements, we have raised further capital to continue to invest in our Myanmar local language social media network and in particular our mobile payments application,&#8221; Schaer said.
MySQUAR has developed Myanmar-language games such as Hawk Hero and MyFish, which claim to have 1.5 million registered users.
Since 2015, MySQUAR has been involved in a service agreement with MyPAY Limited to integrate the latter&#8217;s services to MyCHAT, a mobile messaging app of the AIM-listed firm. Since then, MyPAY has been providing services like payments for top-ups for its games.
Back in 2016, when MyPAY was founded, Schaer held an indirect controlling interest in the payments startup. Though Schaer no longer holds an indirect controlling interest in MyPay having disposed his holding in 2017, the company is treating the acquisition as a related party transaction in compliance with the AIM Rules for Companies, it stated in the release.
MyPAY, in 2017, acquired Singapore’s fastacash, a social media mobile payment platform, for an undisclosed amount to equip itself with a full range of mobile, social payments services in Myanmar.
The deal will also bring on board Nicolas Nguyen, director of Rising Dragon Capital, a holder of 5.3 per cent stake in MySQUAR and MyPAY, as Group Chief Financial Officer at the AIM-listed firm.
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AIM-listed MySQUAR Ltd, a Myanmar-language social media, entertainment and payment platform, has announced the acquisition of mobile payment operator MyPAY Myanmar Ltd, for a consideration of £2 million ($2.6 million), according to its filing on the London Stock Exchange.

AIM-listed MySQUAR acquires MyPAY Myanmar, raises $2.9m to fund deal

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AIM-listed MySQUAR acquires MyPAY Myanmar, raises $2.9m to fund deal

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