Myanmar Investments International Ltd said on Friday its net asset value per share grew 7% after its existing joint ventures generated “positive” results.
For the six months ended September 30, net asset value per share rose to 95.2 US cents from 89.0 US cents the year prior. This was after its joint ventures including telecom tower firm Apollo Towers Pte Ltd and microfinance firm Myanmar Finance International Ltd achieved “positive” results in the period.
During the period, Myanmar Investments formed two new joint ventures. In May, it founded the pharmacy and health franchise company Medicare International Health & Beauty and in October the tourism company Myanmar Voyages Group.
Myanmar Investments generated a USD1.39 million pretax loss for the period, slightly wider than the USD1.33 million loss the year prior. It did not generate any revenue in either year.
The company said it had cash reserves of USD8.3 million, up from USD4.5 million the year prior. This was after the firm raised USD7.3 million in June through a placing.
Myanmar Investments Managing Director Maung Aung Htun said “clearly the current headline news on Myanmar belongs to the heart-breaking events in Rakhine. This tragedy however overshadows all the substantive progress achieved throughout the country.”
“MIL continues to make impactful investments that will make a positive difference to Myanmar citizens elsewhere in the country”, Htun said. “Our investment in telecommunications has brought news, education and entertainment to millions across the country. We have invested in microfinance, providing funding to enable 50,000 otherwise unbankable families to start their own micro-businesses. We have started a pharmaceutical, health and beauty franchise chain providing reliable and ethical dispensing of medicines, healthcare and beauty products. More recently we have invested in a tourism business which will create jobs and bring hard foreign currency into the country.”
“We have always known that the transition from the old regime would be complex and would take time”, Htun added. “We remain bullish about the country’s prospects as we are a long term investor and partner to the development in Myanmar.”
Shares in Myanmar Investments were 1.9% higher at USD1.35 on Friday.
Source : Interactive Investor
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