26th May 2020 15:57
(Alliance News) - Myanmar Strategic Holdings Ltd on Tuesday announced plans to raise USD6.0 million in a share issue and added that it has exchanged contracts to acquire an English language teaching services provider in Vietnam.
The Myanmar-focused developer and manager of consumer businesses said it has launched a share issuance programme for up to 490,000 of its shares over the next 12 months. The company said it intends to issue the shares at no less than USD20 each.
Shares in the company were 0.8% higher at USD10.25 each in London on Tuesday afternoon.
Myanmar Strategic added that it has already agreed to issue 300,000 shares under the programme, for USD20 each, raising USD6.0 million.
"The directors believe that instituting the share issuance programme will provide funding to sustain the operations of Wall Street English in Vietnam, allow the company to increase the speed at which it can scale and expand the group's existing operations enable the company to raise additional capital quickly, in order to take advantage of investment opportunities that have been identified and which may be identified in the future." the company said.
Myanmar Strategic on Tuesday said it on Wall Street English Vietnam, "a leading provider of English Language Training in Vietnam".
"The acquisition will be carried out for a nominal consideration payable in cash plus the assumption of certain liabilities, including a commitment to service the existing WSE Vietnam students. The acquisition is expected to complete by July 2020, subject to customary regulatory approvals including the approval of the acquisition by the Department of Planning & Investment of Ho Chi Minh City," Myanmar Strategic said.
By Eric Cunha; [email protected]
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