MySQUAR Limited MoU with Myanmar Railways (0211U)

TIDMMYSQ

RNS Number : 0211U

MySQUAR Limited

19 October 2017

19 October 2017

MySQUAR Limited ("MySQUAR" or the "Company")

MoU with Myanmar Railways

MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is pleased to announce it has signed a Memorandum of Understanding (MoU) to enter into a partnership with other service providers ("the Partnership") for the financing and delivery of Wi-Fi services and digital content on the Myanmar Railways. The Partnership will collaborate with Myanmar Railways to deploy a Wi-Fi network in the carriages, platforms and stations of the Yangon Circular train and the national rail network that will be offered for free to train travelers. Digital content such as video games and chat platforms, advertisements and internet access are also included.

Revenue is anticipated to be generated from advertising and from telecoms through direct carrier billing from video games and streaming content. There will be a revenue share agreement between the Partnership and Myanmar Railways, which will be net of all operating and administrative fees necessary for the deployment of this network.

Myanmar Railways is a state-owned agency that operates the entire railway network. Myanmar has the largest rail network in South East Asia. The Yangon Circular train is a local commuter rail network with 46km of track that runs in a loop connecting rural neighborhoods with the city center and sells between 100,000-150,000 tickets per day. Myanmar's national rail network runs north to south with branches to east and west with over 6,000km of track. There are plans for infrastructure improvements to the most widely used train lines that are expected to be completed through overseas development assistance by 2023.

Eric Schaer, CEO of MySQUAR, said: "We are pleased to participate as a digital content provider for business opportunities with Myanmar Railways. MySQUAR continues to actively seek strategic partnerships that build brand awareness and allow us to broaden our user base through new channels. We anticipate this partnership could have vast long-term potential as the railways are improved and railway use is projected to multiply over the coming years as roads become more congested."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information:

 
MySQUAR Limited 
Eric Schaer (Chief Executive)  Tel: [phone] 
Pham Dang Hung (CFO) 
 
SP Angel Corporate Finance 
 LLP 
Nominated Adviser              Tel: [phone] 
                                0470 
Stuart Gledhill/Soltan Tagiev 
Beaufort Securities Limited    Tel: [phone] 
 Broker                         8300 
 Jon Belliss/Elliot Hance 
Public Relations               Tel: [phone] 
 Damien McCrystal               0758 
                                [e-mail] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 19, 2017 02:00 ET (06:00 GMT)