Result of EGM and Change of Company Name

RNS Number : 8027U

Myanmar Strategic Holdings Ltd

07 December 2021

 

7 December 2021

Myanmar Strategic Holdings Ltd.

("MSH" or the "Company")

Result of Extraordinary General Meeting and Change of Company Name

Myanmar Strategic Holdings Ltd. (LSE: SHWE), the independent developer and operator of consumer businesses located in Vietnam and Myanmar, confirms that, further to the passing of the resolution at the Extraordinary General Meeting ("EGM") held by the Company on 6 December 2021, the change of the Company's name to "ASIA STRATEGIC HOLDINGS LIMITED" ("Asia Strategic") has been approved and the Company's constitution has been updated accordingly. Trading under the Company's new name is expected to be effective from 8.00 a.m. on 9 December 2021.

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 Directors believe that the Company's new name reflects the growing geographical scope of the operations of the Company and creates a new brand identity for the Group, affirming its vision to become a leading operator and developer of consumer businesses in Asia.

The Company's new website can be found at: www.asia-strategic.com , which is expected to go live from 1 January 2022. The existing website www.ms-holdings.com will remain active.

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

"I am delighted to announce the approval of the Company's name change to Asia Strategic Holdings Limited and trading under the new name is expected to become effective on Thursday 9 December 2021.

"With more than 50% of the Group's revenues now being generated in Vietnam, we believe that the Company's new name better reflects the Group's broadened ambitions and strategy. While continuing to build upon the Myanmar Strategic Holdings brand and our existing operations in Vietnam and Myanmar, Asia Strategic will increasingly focus on scaling its Education and Services businesses regionally, leveraging the assets and capabilities built patiently and successfully by teams on the ground over the years.

"We look forward to operating under the new name of Asia Strategic and providing further updates on our activities in due course."

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

Asia Strategic Holdings Ltd. (formerly known as Myanmar Strategic Holdings Ltd.)

Asia 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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https://ms-holdings.com/investor-relations/#  

 

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