Myanmar Investment Full Year Net Asset Value Increases Over 20%

LONDON (Alliance News) – Myanmar Investments International Ltd said on Monday its full year

net asset value increased 20.3% year-on-year to USD29.2 million as its loss widened due to costs relating to joint ventures and operating expenses.

Myanmar Investment’s pretax loss widened to USD2.8 million in the financial year ended March 31 from USD2.2 million the year before, due in part to costs relating to joint ventures and operating expenses, which were up to USD1.0 million from USD840,653 last year.

Despite the loss the Myanmar focused investment company said it witnessed strong growth at Apollo Towers, one of Myanmar’s leading telecommunication tower companies, in which the it has a 9.3% stake, and profits were nearly 3.8 times higher in Myanmar Finance International Limited, its 37.5% joint venture micro-finance company.

The investments company’s net asset value increased 20.3% year-on-year to USD29.2 million, Myanmar Investment said principally reflects the increase in the appraised value of Myanmar Finance International Ltd, the proceeds from the fund raising in September 2016, less the running costs for the year.

The AIM listed company has also raised USD11.5 million from two rounds of fundraising in September 2016 and June 2017.

Managing Director Aung Htun said: “It has been a busy and rewarding year for Myanmar Investments. We have established a new pharmacy, health and beauty retail franchise business; our existing microfinance and telecom tower businesses have grown well; our pipeline is exciting with a few imminent prospects; and we have raised significant funds for our future expansion.

“As anticipated when building businesses in emerging economies there will be challenges, but I strongly believe that the rewards will be great and outweigh the risks. Myanmar Investments is well placed to continue to succeed in our vision of building a diversified, but focused, stable of businesses that will benefit from Myanmar’s emergence,” Htun added.

A new government assumed power in April 2016 following decades of military rule opening up the country to great potential, Myanmar Investments said.

Myanmar Investments said that despite the new government “moving ahead cautiously with its reform programmes, the country still benefits from strong economic growth”, which they expect to continue for some time.

Shares in Myanmar Investments were up 1.89% at 1.35 Monday.

Source: Alliance News