Myanmar Investments Intl Ltd Successful completion of subscription (2276K)

TIDMMIL

RNS Number : 2276K

Myanmar Investments Intl Ltd

20 September 2016

20 September 2016

Myanmar Investments International Limited

("MIL" or the "Company")

Successful completion of subscription

Myanmar Investments International Limited (AIM: MIL), the AIM-quoted Myanmar focused investment company, confirms that following its announcement on 13 September 2016 regarding its US$4,219,081 (before costs) fund raising (the "Fund Raising"), that the 3,245,447 new ordinary shares of nil par value each ("Ordinary Shares") and 811,368 new warrants ("Warrants") were admitted to trading on AIM on 16 September 2016. The Company's Ordinary Shares trade under the "MIL" ticker and the Warrants trade under the "MILW" ticker.

The proceeds of the Fund Raising will be used to fund the Company's investment pipeline, in order to take advantage of a number of live investment opportunities. It is expected that, subject to market conditions, the proceeds will be deployed within six months.

Following the Fund Raising, the Company's unaudited consolidated balance sheet as at 16 September 2016 is as follows:

 
                                               US$ 
                                            Unaudited 
     ASSETS 
     Non-current assets 
     Investment in Apollo 
      (1, 2)                                  20,808,531 
     Investment in joint 
      venture (1)                              2,146,080 
     Plant & equipment                            10,957 
                                     ------------------- 
                                              22,965,568 
     Current assets 
     Other receivables                           129,129 
     Cash and bank balances                    4,852,179 
                                               4,981,308 
                                     ------------------- 
     TOTAL ASSETS                             27,946,876 
                                     =================== 
 
     EQUITY AND LIABILITIES 
     Equity 
     Share Capital                            32,890,397 
     Share option reserve                        432,561 
     Accumulated losses                      (5,932,962) 
     Total Equity                             27,389,996 
                                     ------------------- 
 
     Liabilities 
     Current liabilities 
     Other payables                              547,353 
     Income tax payable                            9,527 
                                                 556,880 
                                     ------------------- 
     TOTAL EQUITY AND LIABILITIES             27,946,876 
                                     =================== 
     NET ASSETS ATTRIBUTABLE 
      TO THE SHAREHOLDERS OF 
      THE COMPANY                             27,389,996 
                                     =================== 
 

Notes:

1. Directors' valuation

2. Net of non-controlling interests

The issued share capital of the Company following the Fund Raising is 30,553,627 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. In addition, following the Fund Raising the Company has 16,044,048 Warrants in issue.

The information contained within this announcement is considered to be inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 prior to its release.

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] 
 

Notes to Editors:

Myanmar Investments International Limited ("MIL") is the first Myanmar-focused investment company to be admitted to trading on the AIM market of the London Stock Exchange. It was established in 2013 to act as a conduit for overseas investors to invest in businesses led by dynamic and visionary Myanmar entrepreneurs and foreign companies investing in the country. MIL is led by co-founders Aung Htun and Mike Dean, private equity professionals and entrepreneurs with a strong regional track record of investment and profitable exits in SE Asia.

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 its Founders. Key sectors are those experiencing acute supply vs. demand imbalances, such as consumer and other capacity-constrained sectors.

To date, MIL has invested in Apollo Towers, a top 3 telecom towers company with 1,800 towers, and MFIL, a top 10 microfinance company whose loan book has grown over 400% since investment. 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.

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 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.

Following the general elections in Myanmar in November 2015 the National League for Democracy, led by Daw Aung San Suu Kyi, won an overwhelming majority of the seats and the new administration took power on 1 April 2016.

In September 2016 President Obama announced it is the intention of the United States government to lift all remaining sanctions against Myanmar and re-admit 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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September 20, 2016 02:05 ET (06:05 GMT)