15th Jun 2016 11:06
LONDON (Alliance News) - Myanmar Investments International Ltd on Wednesday said the Overseas Private Investment Corp, the US government's development finance body, has begun the initial disbursement of a USD250.0 million loan to Apollo Towers Myanmar Ltd, a subsidiary of Apollo Towers Pte Ltd.
Myanmar Investments holds an effective 9.3% indirect holding in Apollo Towers Pte Ltd, which provides telecommunication towers to Myanmar's three largest mobile network operators.
Myanmar Investments said the loan marks Overseas Private Investment's first financing in Myanmar, and will enable Apollo to continue to grow its tower portfolio as well as enhance the equity returns to its shareholders.
Apollo is a joint venture between Tillman Global Holdings LLC, TPG Growth, which is part of the Tarrant Capital IP LLC group, and Myanmar Investments. Apollo owns and operates around 1,800 towers across Myanmar.
Myanmar Investments invested in Apollo in July 2015 through its subsidiary MIL 4 Ltd, of which it owns 66.7%. MIL 4 in turn holds a 14% stake in Apollo.
Shares in Myanmar Investments were untraded on Wednesday, having last traded at USD1.49.
By Hannah Boland; [email protected]; @Hannaheboland
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