Proposed change of Company name and Notice of EGM

RNS Number : 4806Q

Myanmar Strategic Holdings Ltd

28 October 2021

 

28 October 2021

Myanmar Strategic Holdings Ltd.

("MSH" or the "Company")

Proposed change of Company name to Asia Strategic Holdings Ltd.

Notice of Extraordinary General Meeting

Myanmar Strategic Holdings Ltd. (LSE: SHWE), the independent developer and operator of consumer businesses located in Vietnam and Myanmar, announces that an Extraordinary General Meeting ("EGM") will be held at 5pm (Singapore time) on Monday, 6 December 2021 at 80 Raffles Place, #33-00, UOB Plaza 1, Singapore 048624.

A single resolution will be proposed at the EGM. To reflect the growing geographical scope of the operations of the Company, the Directors are seeking to change the Company's name from "MYANMAR STRATEGIC HOLDINGS LIMITED" to "ASIA STRATEGIC HOLDINGS LIMITED" ("Asia Strategic") and update the Company's constitution accordingly.

In July 2020, the Group completed the acquisition of Wall Street English Limited Liability Company ("WSE Vietnam"), a leading provider of English Language Training services in Vietnam under the franchise of Wall Street English. The acquisition marked a milestone in the Group's international expansion and diversification plans.

Further to the acquisition of WSE Vietnam, more than 50% of the Group's revenues on an annualised run-rate basis are now generated in Vietnam, providing diversification to the Company's shareholders and mitigating the legacy single-country exposure. Furthermore, more than 70% of the Group's revenues are now generated by its fast-growing Education division.

The proposed change of the Company's name to "ASIA STRATEGIC HOLDINGS LIMITED" creates a new brand identity for the Group and affirms its vision to become a leading operator and developer of consumer businesses in Asia.

A copy of the Notice of EGM, including an explanation of the resolution to be proposed at the EGM, and associated proxy form will be posted to shareholders shortly and will also be available on the Company's website at  https://ms-holdings.com . Members unable to attend the EGM in person may participate via Zoom, the details of which are included in the Notice of EGM.

Enrico Cesenni, Chief Executive Officer of Myanmar Strategic Holdings, commented:

"Further to the significant growth and diversification experienced by our Group over the past 18 months, I am delighted to announce the planned rebranding of the Group to Asia Strategic Holdings Limited.

"While continuing to build upon the Myanmar Strategic Holdings brand and the existing operational platforms in Vietnam and Myanmar, Asia Strategic will increasingly focus on scaling its Education and Services businesses regionally, leveraging the assets and capabilities built patiently by teams on the ground over the years. We feel that the proposed name best reflects the Group's broadened ambitions and strategy.

"Post the intended name change, the Group will continue to promote sustainability as we believe it is a core strategic advantage that will enable the Group to maintain its leading competitive position and to ultimately improve the lives of those in the markets we serve."

For more information please visit  www.ms-holdings.com  or contact:

Myanmar Strategic Holdings Ltd. Richard Greer, Independent Non-Executive Chairman Enrico Cesenni, Founder and Chief Executive Officer	[e-mail] [e-mail]
Allenby Capital Limited (Broker) Nick Athanas Nick Naylor	[phone]
Yellow Jersey PR (Financial PR) Henry Wilkinson Matthew McHale	[phone]

Notes to editors

Myanmar Strategic Holdings Ltd.

Myanmar Strategic Holdings Ltd. (LSE: SHWE) is an independent developer and manager of consumer businesses in Vietnam and Myanmar, two of the fastest growing economies in the world over the last decade. The Company's portfolio currently focuses on Education, Services and Hospitality with the view to expand within the broader consumer sector.

Education sector:  the Company currently has exclusive development and franchising agreements with Wall Street English for ten English language centres across Myanmar over the course of a ten-year agreement. Two centres were opened in 2017, a third in August 2018, and a fourth in February 2020. As of September 2021, Wall Street English Myanmar served ca 1,300 students.

In July 2020, the Company completed the acquisition of the Wall Street English business in Vietnam. Founded in 2013, the WSE Vietnam business operates through seven centres in Ho Chi Minh and Binh Dhuong serving ca. 2,600 students. 

The Company also operates a joint venture with Auston Institute of Management to develop and operate the Auston College Myanmar. The private school opened in May 2018 offering diplomas in Engineering Technology, Mechanical Engineering and Networking, Information Systems, and Security. English language learning is also provided by the Company's nearby Wall Street English centre. In February 2020, the Company announced a partnership with Liverpool John Moores University to provide high quality engineering training programmes for young, working professionals in Myanmar, to be taught by Auston College Myanmar's teaching staff at its Junction Square complex in Yangon.

In August 2019 the Company launched its first private K-12 international school, the Yangon American International School ("Yangon American") in Yangon. In July 2021 Yangon American has been recognised as an official International Baccalaureate Primary Years Programme ("IB PYP") school by the International Baccalaureate Organization.

Services sector:  through its acquisition of EXERA, the Company offers security, risk management and secure logistics services, including cash-in-transit. Founded in 2013, EXERA employs approximately 1,600 well-trained and high-quality security officers making it one of the largest security services providers in Myanmar.

Hospitality sector:  through its portfolio, the Company currently manages over 470 beds across four boutique hotels in three core tourist locations across Myanmar, operating under the award winning Ostello Bello budget hospitality brand. MSH operates an asset light strategy, entering into long-term operating and management agreements with local hotel owners.

Vietnam and Myanmar were among the fastest growing economies in Asia in 2017-2020 (Source: Asian Development Bank). In 2021 and 2022, Vietnam's annual GDP growth is expected to be 3.8% and 6.5% respectively (Source: Asian Development Bank). 

MSH is well positioned to provide investors early exposure to Myanmar's and Vietnam's strong economic fundamentals enhanced by ASEAN's wider growth prospects. 

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