15th Sep 2014 11:02
LONDON (Alliance News) - Myanmar Investments International Ltd, which began trading on AIM in June 2013, said Monday it is in negotiations and evaluating investments in telecommunications infrastructure, IT services, equipment rental and education.
The company also reaffirmed it will be looking to raise additional equity to fund further investments.
Over the course of the year ended March 31, the AIM-traded investment company opened an office in Yangon. It didn't conclude an investment until last month, after the period end, when it acquired a 55% shareholding in microfinance loan provider Myanmar Finance International Ltd. Because it didn't make investments during the period, results represent just the company's costs of admission to AIM and the running of the business.
Upon admission to AIM, Myanmar Investments' net asset value, after commissions but before other admission expenses, was USD5.9 million, or USD0.93 per share. The other costs of the admission reduced this to USD5.4 million, or USD0.86 per share. Its NAV at the end of March was USD4.6 million, or USD0.73 per share.
"In a very short time we have established our presence in Myanmar, not just physically but also in the wider business and regulatory communities," Managing Director Aung Htun said in a statement.
"Whilst we might have hoped to achieve more in our first year, we are nonetheless pleased with the result given the difficult operating conditions that prevail in Myanmar today. We have kept a very tight rein on overheads and yet have built up an effective team of investment professionals," Htun said.
"As a result we have just concluded our first investment and have built up a diverse pipeline of further investment opportunities. We hope to build on this momentum in the months to come," Htun added.
Myanmar Investments shares were untraded Monday at 1.25p per share.
By Samuel Agini; [email protected]; @samuelagini
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