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.