Myanmar Investment International (MIL), the AIM-listed investment company dedicated to investments in the frontier market, on Tuesday announced the closing of a $7.3-million equity fund raising exceeding its original target of $3 to $5 million.
This is an extension of the $6.3 million equity fundraise that the investment firm announced in mid-June.
“We are delighted to have surpassed the fund raising target we had originally set for ourselves. The funds raised will enable us to maintain our momentum in establishing attractive business ventures in Myanmar. Given our quality flow of business opportunities we expect to invest a significant proportion of this new equity during 2017,” Aung Htun, managing director of MIL.
Businesses of MIL spread across microfinance, telecom, pharmacy, healthcare and personal care. The proceeds will be used to fund their pipeline in order to take advantage of a number of live business opportunities and for follow-on investments into our existing businesses, the company announced.
Htun said, the funding round was also to “broaden our shareholder base as part of a planned process to increase liquidity in our shares.”
According to the previous announcement in June, during the close of a $6.3 million fundraising, the firm raised the funds through its PrimaryBid funding platform by issuing 5.3 million shares at a price of $1.18 per share, representing 15 per cent stake in the company.
MIL’s microfinance joint venture entity, Myanmar Finance International Limited recently secured $1 million from Malaysia’s Maybank as a follow-on investment from their previous round closed with the same amount in 2016. A loan of $1 million was received by the end of June from Symbiotics SA, an investment advisory and portfolio management service firm.
MIL also has taken a 9.3 percent share holding in Apollo Towers and finalizing investment plan for two proposed joint ventures, one in the pharmaceutical space run by two partners having experience in running over 50 pharmacy, health and beauty outlets.
The other partner is an industry veteran with experience in leading Asian retail outlets like Wal-Mart, VinMart and Reliance Markets.