Myanmar Strategic To Raise USD1 Million Via Share Subscription (ALLISS)

19th Mar 2018 12:48

LONDON (Alliance News) - Myanmar Strategic Holdings Ltd has launched a share subscription to raise USD1.0 million before expenses.

The fund raising will take place through the issue of 50,000 new ordinary shares in the capital of the company at a price of USD20 per share.

Furthermore, the Myanmar-based company announced on Monday the launch of a share issuance programme for up to 400,000 new ordinary shares in the company over the next 12 months.

It said that its directors intend that no shares will be issued under the programme at a price less than USD20 per share.

The subscription to raise USD1.0 million is expected to be completed by March 29. The shares will represent 2.2% of the enlarged issued share capital of the company.

Myanmar Strategic said the share issuance programme will allow the company to increase the speed at which it can scale-up and expand its existing operations in the hospitality and education divisions. It also will 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.

Lastly, the programme will partially satisfy market demand from time to time for the company's shares and improve liquidity in the market for the company's shares.

"Our focus remains on implementing a clearly defined expansion strategy. In a market which continues to experience rapid growth, the programme and Subscription announced today will not only enable us to capitalise on future investment opportunities, but also to further develop our existing offering which the Board is confident will enhance value for our shareholders," said Myanmar Strateic Chief Executive Officer Enrico Cesenni.

Myanmar Strategic share were down 18% at USD18.00 per share on Monday.

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