Myanmar Investments Intl Ltd Exercise of Warrants (7518D)

TIDMMIL

RNS Number : 7518D

Myanmar Investments Intl Ltd

28 April 2017

 
 Press Release   28 April 2017 
 

Myanmar Investments International Limited

Exercise of Warrants

Myanmar Investments International Limited [AIM: MIL] ("MIL" or the "Company"), the AIM-quoted, Myanmar focused investment company with existing investments in the telecom and microfinance sectors and a well-developed pipeline of opportunities, today announces that it has received notice of the exercise of 15,000 AIM-quoted warrants, which trade under the TIDM:MILW (the "Warrants"). Each Warrant allows the Warrant holder to subscribe for one ordinary share of nil par value of the Company (the "Ordinary Shares").

The 15,000 Warrants were exercised during the 15 business day period which commenced on 1 April 2017, following the quarter ended 31 March 2017, at a price of $0.75 per new Ordinary Share.

Application will be made to the London Stock Exchange for admission of 15,000 Ordinary Shares to trading on AIM (the "Admission") and it is expected that Admission will take place and that trading will commence on AIM on or around 5 May 2017.

The issued share capital of the Company following the issue of the new Ordinary Shares is 30,571,793 Ordinary Shares of nil par value, with voting rights. The Company does not hold any Ordinary Shares in Treasury. In addition, following the reduction of the 15,000 Warrants pursuant to the exercise, the Company will have 16,025,882 Warrants in issue.

Following Admission, the above figure of 30,571,793 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

- Ends -

For further information please contact:

 
Aung Htun                           Michael Dean 
 Managing Director                   Finance Director 
 Myanmar Investments International   Myanmar Investments International 
 Ltd                                 Ltd 
 [phone]                   [phone] 
 [phone]                [phone] 
 [e-mail]     [e-mail] 
 
  Nominated Adviser                   Broker 
  Philip Secrett / Jamie              Andrew Pinder / David 
  Barklem/                            Herring 
  Carolyn Sansom                      Alistair Roberts (Hong 
  Grant Thornton UK LLP               Kong) 
  [phone]                Investec Bank plc 
                                      [phone] 
 
  Public Relations 
  Julian Bosdet / Dr. Jenny 
  Lee 
  Abchurch Communications 
  [phone] 
 

Notes to Editors:

Myanmar Investments International Limited (AIM: MIL) is the first Myanmar-focused investment company to be admitted to trading on the AIM market of the London Stock Exchange. MIL was established in 2013 with the intention of building long term shareholder value by proactively investing in a diversified portfolio of Myanmar businesses that will benefit from the country's re-emergence and ongoing economic development. The Company is led by an experienced and entrepreneurial team who between them have considerable industrial, corporate and financial management experience.

MIL aims to identify investments with strong growth which if necessary can be "de-risked" through the introduction of experienced senior line-management, mentors and / or strategic partners sourced by MIL's management board. The Company's main focus is on opportunities that are experiencing acute supply and demand imbalances, such as within the consumer and capacity-constrained sectors.

With its strong proprietary investment pipeline of deals, MIL provides investors with a highly disciplined and conservative investment process into one of the most promising growth opportunities of this era.

MIL's largest investment ($21m cost for a 9.3% shareholding) is in Apollo Towers, one of Myanmar's top telecom towers companies with 1,800 towers. Apollo operates in the high growth telecom sector with a strong management that is growing the number of co-locations (ie multiple tenancies) on its portfolio of towers. In June 2016, the US Government's Overseas Private Investment Corporation ("OPIC") provided a $250m debt facility to Apollo Towers.

MIL's first investment in August 2014 was into Myanmar Finance International Limited ("MFIL") which today is one of the top 10 microfinance companies in Myanmar. Since MIL invested, MFIL's business has expanded rapidly; it's loan portfolio has a CAGR of 148% since investment. The business is profitable with zero NPLs and a sustainable expansion plan for long term growth. In November 2015, the Norwegian Government's Norwegian Investment Fund for Developing Countries ("Norfund"), the Norwegian development finance institution, also became a 25% shareholder in MFIL.

Myanmar, a country of approximately 51.4 million people and roughly the size of France, has been isolated for much of the last 50 years. Once it was one of the more prosperous countries in Southeast Asia as it has an abundance of natural resources (oil, natural gas, arable land, tourist attractions and a long coastline), it is now one of the least developed countries in the world.

The country has undergone an unprecedented and peaceful transformational reform process, initiated by U Thein Sein's Administration in 2011. This is now continuing under the elected civilian administration led by Daw Aung San Suu Kyi which came to power in April 2016 as a result of the first democratic elections in 50 years. While the process is still evolving, the new government has broad support and significant progress has been made to the economic prospects of the country.

In October 2016, the United States government lifted all remaining sanctions against Myanmar and re-admitted the country into its preferred tariff system.

For more information about MIL, please visit www.myanmarinvestments.com

This information is provided by RNS

The company news service from the London Stock Exchange

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April 28, 2017 11:00 ET (15:00 GMT)