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RNS Number : 9557T

Myanmar Investments Intl Ltd

24 July 2015

 

24 July 2015                                                                        

Myanmar Investments International Limited

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Myanmar Investments International Limited (AIM: MIL) (the "Company"), the AIM-quoted Myanmar focused investment company, confirmed today that following its announcement on 21 July 2015 regarding its US$19,942,395 fund raising (the "Fund Raising"), that the 17,341,214 new ordinary shares and 5,780,408 new warrants have been admitted to trading and trading will commence on AIM today, 24 July 2015. 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 by the Company to make further investments in Myanmar and for general working capital purposes.

Following the Fund Raising the Company's unaudited consolidated balance sheet as at 24 July, 2015 is as follows:

		US$
		Unaudited
ASSETS
Non-current assets
Investment in joint venture		1,512,500
Plant & equipment		22,611
Current assets
Other receivables		82,129
Cash and bank balances		24,519,265
		24,601,395
TOTAL ASSETS		26,136,506
EQUITY AND LIABILITIES
Equity
Share Capital		28,888,677
Share option reserve		175,866
Accumulated loses		(3,082,223)
Total Equity		25,457,320
Liabilities
Current liabilities
Other payables		154,185
TOTAL EQUITY AND LIABILITIES		26,136,506
NET ASSETS		25,982,321

The issued share capital of the Company following the Fund Raising is 27,300,833 Ordinary Shares of nil par value, with voting rights. The Company does not hold any Ordinary Shares in Treasury. In addition, following the Fund Raising the Company has 15,740,027 Warrants in issue.

For further information please contact:

Aung Htun Managing Director Myanmar Investments International Ltd [phone] [phone] [e-mail]	Michael Dean Finance Director Myanmar Investments International Ltd [phone] [phone] [e-mail]
Nominated Adviser Philip Secrett / Melanie Frean/ Jamie Barklem Grant Thornton UK LLP [phone]	Broker Nick Naylor/ Chris Crawford Allenby Capital Limited [phone]

Notes to Editors:

Myanmar Investments is the first Myanmar focused investment company to be admitted to trading in London and has been established for the purpose of investing in businesses operating in or with business exposure to Myanmar. The Company will target businesses operating in sectors that the Directors believe have strong growth potential and thereby can be expected to provide attractive yields, capital gains or both. In addition to investing into local businesses the Company will also partner with foreign companies investing in Myanmar.

In August 2014 the Company made its first investment in a microfinance joint venture company as detailed in its announcements on 26 August and 1 September 2014.

Since its Admission in June 2013, when the Company raised US$6.1 million, it has since raised a further US$23.7 million including the Fund Raising described above.

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 and has been the subject of sanctions imposed on it by the EU and the US, amongst others.

The Company's primary objective is to build capital value over the long term by making investments in a diversified portfolio of Myanmar businesses that will benefit from Myanmar's re-emergence.

For more information about MIL, please visit www.myanmarinvestments.com

 

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