AIM-listed Myanmar-focused MIL raises $6.3m to invest in portfolio

Photo: Juliet Shwe Gaung. The City Hall of Yangon.

Myanmar Investments International (MIL), a Myanmar-focused AIM-listed holding company, has announced that it has closed a $6.3 million fund raising through its funding platform PrimaryBid.

The money raised is through issuing of 5.3 million shares at a price of $1.18 per share, representing 15 per cent stake in the company. The company is engaged in the sectors of telecom, microfinance, pharmacy and retail.

The firm will use the funds for several live opportunities and follow-on investments into its current portfolio, the company announced.

The fundraising beat the original target of between $3 and $5 million in a share issue at a discounted price, at around 9.2 percent. Shares of MIL last trades at 1.27 pence.

A group of directors of MIL took part in the fundraising, which was conducted as a subscription between MIL, existing shareholders, institutional investors, family offices and high net worth individuals.

“We are delighted to have surpassed the fund raising target we had originally set. The funds raised will enable us to maintain our momentum in establishing attractive business ventures in Myanmar. Given our quality deal flow we expect to invest a significant proportion of this new equity during 2017,” said Aung Htun, managing director of MIL.

Htun subscribed to 304,000 shares, taking his shareholding to 677,000 shares followed by finance director Michael Dean and other non-executive directors.

The holding company has a market cap of Pound 30.79 million.

Back in May, the company managed to enter into a pharmacy, healthcare and personal care product joint venture outside their existing telecom and microfinance sector investments.

Some of their recent activities in Myanmar include Myanmar Finance International Limited, a microfinance joint venture of MIL, raising $1 million from Malaysia’s Maybank by the end of 2016.

Also Read:

Norfund-backed Myanmar Finance gets $1m Maybank loan to expand MFI biz

US-based OPIC extends $250m financing to Apollo Towers Myanmar

‘Myanmar is a land of opportunities & presents a long-term growth story’

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.