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

Photo: OPIC.

Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, has commenced the initial disbursement of a $250-million loan to Apollo Towers Myanmar Limited, according to a statement.

This marks OPIC’s first financing in the country.

Apollo Towers Myanmar is a joint venture between Tillman Global Holdings, TPG Growth, and Myanmar Investments Ltd.

“Telecom is a critical part of ongoing development across the world and, through this project, OPIC is looking to have a significant impact on those who previously lacked access to coverage in the country,” said Elizabeth Littlefiled, president and CEO of OPIC.

Apollo Towers currently deals with mobile operators – Telenor, Myanmar Post and Telecommunications (MPT), Ooredoo. It  owns and operates approximately 1,800 towers across Myanmar and has plans to build  2,000 additional towers, said the announcement.

The OPIC financing will help bring telecom services to a larger portion of the Myanmar population, said Sanjiv Ahuja, founder of Apollo Towers and Founder and Chairman of Tillman Global Holdings.

“Apollo demonstrates MIL’s long term commitment to Myanmar where it plans to make an additional two to three investments within the next 3 to 5 months in a diverse range of sectors,” said Michael Dean Finance director of MIL.

Back in July 2015, MIL made a $30 million investment though its subsidiary, MIL 4 Limited in Apollo.

TPG Growth’s 2014 investment in Apollo was its first investment in Myanmar, and the first in the country by a leading western private equity firm. In 2015, TPG Capital Asia acquired a 50 percent stake in Myanmar Distillery Company (MDC), a top manufacturer, marketer, and distributor of spirits.

Also Read:

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

TPG Capital snaps up 50% in Myanmar Distillery Company

Norfund picks 25% stake in AIM-listed Myanmar Investments’ microfinance JV

 

Singapore Reporter/s

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

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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.