Myanmar Investments International Ltd. raised the money in a new share issuance on the London Stock Exchange’s Alternative Investment Market (AIM).
The company first listed on the exchange in June 2013, as enthusiasm for the country’s economic prospects surged following re-engagement with Western countries. It announced at the time that it had raised $6.7 million on the first day of trading.
The company announced on July 21 that it had raised a further $19.9 million by issuing 17.3 million new shares, according to a report from Alliance News in London.
Myanmar Investments has already been involved in a micro finance project in Myanmar, but has not said what specific investments it will make with the new capital.
Alliance News reported that the company was “considering investments in the finance, telecommunications, manufacturing, healthcare and education sectors, including a potential securities joint venture with two partners to acquire all four types of securities [licenses] being issued ahead of the opening of the new Yangon stock exchange later in 2015…”
It also said Myanmar Investments may get involved in the rapidly growing telecommunications tower business in Myanmar.
“There continues to be a good flow of potential investment opportunities in a range of sectors in Myanmar,” the report quoted Maung Aung Htun, the companies managing director, as saying in a statement. “This is underpinned by a real need to upgrade infrastructure or provide products and services that are available in the rest of Asia. As a result Myanmar Investment will continue to raise capital to participate in these opportunities.”
London-listed Myanmar Investments has an office in Singapore, but is registered in the British Virgin Islands, an offshore jurisdiction.
Source: The Irrawaddy