Asia Digest: Myanmar Strategic raises $3.07m; Funding Societies, UOB Malaysia pact

FILE PHOTO: View of downtown Yangon, Myanmar September 23, 2015. REUTERS/Soe Zeya Tun/File photo

Myanmar Strategic Holdings Ltd has raised $3.07 million through the issue of new ordinary shares to expand its existing operations while peer-to-peer startup Funding Societies has partnered with UOB Malaysia to provide alternative financing to small businesses.

Myanmar Strategic Holdings raises $3.07 million through new shares issuance

London Stock Exchange-listed Myanmar Strategic Holdings announced that it has raised $3.07 million through the issue of 153,000 new ordinary shares at a price of $20 per share.

The funds raised will be used to expand MSH’s existing operations and divisions of hospitality, education and services.

In a market (Myanmar) which continues to experience rapid growth, the subscription will not only enable us to capitalise on future investment opportunities, but also to further develop our existing businesses and to create value for our shareholders,” said MSH founder and CEO, Enrico Cesenni.

MSH’s other investments in Myanmar include Ostello Bello, a premium hostel, and franchise rights for Wall Street English in the country. It made its debut on the LSE in mid-2017 making a gross subscription of $4 million.

Funding Societies partners with UOB Malaysia to accelerate small business growth

United Overseas Bank (Malaysia) Bhd has partnered with regional peer-to-peer financing platform Modalku Ventures Sdn Bhd (Funding Societies) to connect startups and small businesses with alternative financing solutions.

Through the partnership, startups and UOB Malaysia’s small business customers will be able to raise up to RM500,000 directly from individual and institutional investors using Funding Societies’ platform without the need to pledge collateral.

UOB Malaysia executive director and country head of business banking Raymond Chui said that the partnership with Funding Societies reinforces the bank’s commitment to support Malaysia’s small businesses.

 

Also read:

LSE-listed Myanmar Strategic Holdings buys security firm EXERA for $2.2m

P2P lender Funding Societies raises $25m in Series B round led by SoftBank Korea