“Myanmar
Myanmar Investments International Limited (LON:MIL) Raises US$20 million for More Investments in Myanmar Myanmar Investments International Limited (LON:MIL) Raises US$20 million for More Investments in Myanmar

Myanmar Investments International Limited (LON:MIL) Raises US$20 million for More Investments in Myanmar

Myanmar Investments International Limited (LON:MIL) Raises US$20 million for More Investments in Myanmar

 
Myanmar Investments International Limited Successfully completed a new subscription. MIIL closed an additional equity fund raising of $3.8 million in December 2014.

Myanmar Investments International Limited (AIM: MIL) (the “Company”), the AIM-quoted Myanmar focused investment company, today announces that it has raised US$19,942,395 (gross) through a subscription of 17,341,214 new ordinary shares of nil par value (the “Ordinary Shares”) at a Subscription price of US$1.15 per Ordinary Share (the “Subscription Shares”) (the “Subscription”). This follows the Company’s announcement on 15 April 2015 that, given its growing pipeline of potential investments in Myanmar, it was considering raising funding by way of an equity issue.

The Company has also issued 5,780,408 listed warrants (the “Subscription Warrants”) in the ratio of 1 Subscription Warrant for every 3 Ordinary Shares subscribed for as part of the Subscription.

The proceeds of the Subscription will be used by the Company to make further investments in Myanmar and for general working capital purposes.

Myanmar Investments International Ltd (MIIL)’s finance director, Michael Dean recently shared : “We recently announced the possibility of setting up and investing in a securities business in Myanmar. Although we have the funds in place for this transaction, we also have a growing pipeline of potential investments. This pipeline includes, for example, opportunities in a number of sectors, including healthcare, telecommunications, manufacturing and education.

“While it is possible that none of these opportunities will become investments given the size, quality and frequency with which opportunities that are now arising, we want to be well placed to take advantage of them, and to this end we are seeking to ensure that we have an appropriate level of funds available.”

The Company made its first investment in Myanmar, a 55 per cent. stake in a joint venture microfinance company, in late August 2014 and it is presently evaluating a number of potential investment opportunities in Myanmar in the finance, telecommunications, manufacturing, healthcare and education sectors.

On 7 April 2015 the Company announced that, together with two other potential joint venture partners, it had filed an application to the Securities and Exchange Commission of Myanmar (“SECM”) to acquire all of the four types of securities licences that are now being issued in preparation for the opening of the new Yangon stock exchange later this year.

To date the SECM has not awarded any licences. In addition the Company is in discussions with a company operating telecommunication infrastructure used to support the mobile telephone networks in Myanmar. There can be no certainty at this time that the Company will complete investments in either the securities joint venture or the telecommunications tower opportunity.

The Subscription Warrants are identical in all respects with the Company’s existing 9,459,619 warrants (the “Warrants”) currently in issue. Each Warrant entitles the holder to subscribe for an ordinary share at an exercise price of US$0.75. The Warrants may be exercised at any time from 21 June 2015 to 21 June 2018.

Read more here,..

Source: Octa Finance 

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