21st Jul 2015 08:47
LONDON (Alliance News) - Myanmar Investments International Ltd has raised USD19.9 million to invest in Myanmar, the Southeast Asian nation bordering Bangladesh, China, India, Laos and Thailand.
The company said it's considering investments in the finance, telecommunications, manufacturing, healthcare and education sectors, including a potential securities joint venture with two partners to acquire all four types of securities licences being issued ahead of the opening of the new Yangon stock exchange later in 2015 and a telecommunications tower.
"There continues to be a good flow of potential investment opportunities in a range of sectors in Myanmar. This is underpinned by a real need to upgrade infrastructure or provide products and services that are available in the rest of Asia. As a result Myanmar Investment will continue to raise capital to participate in these opportunities," Aung Htun, managing director, said in a statement.
The AIM-listed investment company raised the funds through a subscription for 17.3 million new shares at USD1.15 per share.
It also issued 5.8 million listed warrants in the ratio of one subscription warrant for every three shares subscribed for as part of the subscription.
The proceeds will also be used for general working capital purposes.
Shares in Myanmar Investments were untraded on Tuesday at USD1.30.
By Samuel Agini; [email protected]; @samuelagini
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