AIM-Listed Myanmar Investments International Exceeds Target, Raises $6.3m

AIM-listed Myanmar Investments International (MIL) has announced it has raised $6.3 million as the result of an equity fund raiser through platform PrimaryBid.

The Myanmar focused firm will now use the proceeds to take advantage of “a number of live investments” and also follow-on investments in its port­folio, an announcement from the company said.

The company, which is involved in telecoms, financial services and healthcare as well as other sectors, surpassed its initial target of $3 million to $5 million.

“We are delighted to have surpassed the fund raising target we had originally set. The funds raised will enable us to maintain our momentum in establish­ing attractive business ventures in Myanmar. Given our quality deal flow we expect to invest a significant proportion of this new equity during 2017,” said Aung Htun, Managing Di­rector of MIL.

The money was raised through the issuing of 5.33 million shares at a price of $1.18 per share, accounting for a 15 percent stake in the company.

A group of MIL directors participated in the fund raising, which was a subscription between shareholders, institutional investors, family offices and high net worth individuals, reported Deal Street Asia.

Htun subscribed to 304,000 shares, taking his total to 677,000 shares followed by finance director Michael Dean and other non-executive directors, it said.

Htun added:“following the strong support shown by our shareholders in our 2016 fund raising, an additional focus for this round was to broaden our shareholder base as part of a planned process to increase liquidity in our shares. For this reason we felt it appropriate to in­clude PrimaryBid to help us with this.

It is therefore gratifying to welcome so many new shareholders to our roster.”

Source : Myanmar Business Today

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