Myanmar Dealbook: Korea’s Koryo Cable to invest $8.2m; Malaysia’s iflix entry

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Koryo Cable from Korea is planning to invest $8.2 million to start a cable manufacturing facility in Thilawa. On the other hand, Malaysia’s iflix, a TV streaming service provider, is looking at introducing their services to the Myanmar audiences.

Korea’s Koryo Cable to invest $8.2m

Korea’s Koryo Electric Wire, a manufacturer of cable products, will be investing $8.2 million in the Thilawa Special Economic Zone after receiving government approvals in early 2017.

The facility will produce power cable, building wires, various electric wire and bare conductors.

Since 2012, the company had plans to expand its reach to the Southeast Asian market, and Myanmar is the first country it is targeting to expand from.

Founded in 1964, Koryo specializes in developing and manufacturing power cable, fire-resistant cable, insulated wire, overhead transmission conductors to communication cables. It has a research and development center in Daegu City, Korea.

Malaysia’s iflix enters Myanmar

Malaysia’s online TV streaming service provider, iflix is entering the Myanmar market, the company announced on March 9.

A one-month free use of iflix has been offered on a subscription basis as it connects with over 170 movie productions around the world. Users can also watch Myanmar movies while English movies include Myanmar subtitles. A monthly fees of K300 is set for Myanmar.

Adeana Greenlee, country manager of iflix in Myanmar said their goal is to help Myanmar people have a convenient experience in watching the movies on a mobile device.

In March this year, iflix closed $90-million round led by telecom firm Liberty Global Plc and Kuwaiti telecom operator Zain. With plans to reach out to new destinations like Middle East, Africa and Asia, they are also looking to close additional fund between $70 million to $100 million.

Some of the existing investors of iflix include Sky PLC, a British on-demand Internet streaming media, Southeast Asia’s leading Internet group named Catcha Group and Los Angeles based Evolution Media.

Also Read:

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Malaysia: iflix aims for Africa, Middle East markets, after taking on Indonesia

Netflix competitor Iflix raises $90m from Liberty Global, Zain, others