Myanmar Strategic To Issue New Shares; Secures USD3 Million Loan

(Alliance News) – Myanmar Strategic Holdings Ltd on Monday said it will launch a new share issuance programme to fund working capital and should the company require new capital for new investment opportunities.

The company, which develops and managers consumer businesses in Myanmar, also said that it has secured a three-year USD3.0 million from largest shareholder MACAN Pte Ltd. The loan bears an interest rate of 6.0% per annum and the company has drawn USD2.0 million immediately.

Under the share issuance programme, the company plans to offer 480,000 new shares over the next 12 months.

Shares will be issued for no less than USD20 per share, sharply higher from Friday’s closing share price of USD10.50 per share. Myanmar Strategic shares on Monday afternoon were untraded at the same price.

The company, which is opening an international school in Yangon, also hopes that the equity issue programme would help expand current operations in the education and services sectors.

Source: Morning Star

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