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.
“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.