LSE–listed Myanmar Strategic Holdings (MSH) has picked up a minority non-controlling stake in its existing investment, MS English Pte Ltd, from a former employee, representing 8 per cent of the issued share capital, according to its official statement.
Following this acquisition, MSH now fully owns MS English, which holds the rights to the Wall Street English franchise. MSH previously held 92 per cent in the company.
MSH has been stepping up its focus on Myanmar’s education sector. It recently committed $1 million for the development of Yangon American International School, which is due for completion in the second quarter of 2019.
In May, it set up Auston College Myanmar as a joint venture with Auston Institute of Management. The private school offers diploma courses in engineering technology, construction project management and networking.
“The Group continues to benefit from a benevolent macroeconomic environment with GDP growth rates of 6-8 per cent per annum expected in Myanmar in the foreseeable future. While pursuing further growth opportunities, MSH’s management remains focused on controlling costs and generating synergies across the Group’s divisions, to further enhance the Group’s prospects going forward,” said Enrico Cesenni, chief executive officer of Myanmar Strategic Holdings.
MSH reported a net loss of $0.90 million for the first half year ended September 2018, down from $1.08 million in the same period last year, as per its interim results report
In the first half period of 2018, the company clocked revenue of $1.86 million, up from $325,490 from the same period last year. As per its revenue split, the company reported that 71 per cent of it came from services while education and hospitality contributed to 24 per cent and 5 per cent respectively.
During the period, the group raised $3.07 million through a share issuance programme.