Myanmar Investments International Ltd (MIL), an AIM-listed investment company with a focus in the frontier market announced on Tuesday regarding the closing of its US$7.3 million equity fundraising.
The news comes as an extension to the US$6.3 million equity fundraising that the investment firm has announced in mid-June.
With this, the investment firm has exceeded its original target of US$3 to US$5 million.
“We are delighted to have surpassed the fundraising target we had originally set for ourselves. The fund raised will enable us to maintain our momentum in establishing attractive business ventures in Myanmar,” said Aung Htun, the managing director of MIL.
At present, the firm’s businesses spread across microfinance, telecom, pharmacy, healthcare as well as personal care. The company has an attractive portfolio which includes investments in Telecom Tower business and a micro-finance joint venture, among some.
“Given our quality flow of business opportunities we expect to invest a significant proportion of this new equity during 2017,” Htun added.
The proceeds will be used to fund the company’s pipeline to take advantage of a number of live business opportunities as well as for follow-up investments into their existing businesses,
Htun also explained that the funding round will broaden the company’s shareholder base as part of a planned process to increase liquidity in their shares.
According to a previous announcement in June, the firm has raised the fund through its PrimaryBid funding platform by issuing 5.3 million shares at a price of US$1.18 per share, representing a 15 percent stake in the company.
The company has recently taken a 9.3 percent shareholding in Apollo Towers and finalizing investment plan for two proposed joint venture, one in the pharmaceutical space and the another an industry veteran with experience in leading Asian retail outlets like Wal-Mart, VinMart, and Reliance Markets.