Myanmar Investments Intl Ltd Change of Accounting Reference Date (7972K)
September 02 2019 - 1:00AM
UK Regulatory
TIDMMIL
RNS Number : 7972K
Myanmar Investments Intl Ltd
02 September 2019
2 September 2019
Myanmar Investments International Limited
Change of Accounting Reference Date
Myanmar Investments International Limited (AIM: MIL) (the
'Company'), the AIM-quoted Myanmar focused investment company,
announces that following a decision by the Myanmar Government that
all Myanmar companies must change their financial year end to 30
September of each year, commencing this year, 2019, the Company and
its subsidiaries' accounting reference date will change from 31
March to 30 September.
Consequently, the Company will notify interim accounts for the
six months to 30 September 2019 and will notify interim accounts
for the six months to 31 March 2020. It will also publish audited
accounts for the 18 months to 30 September 2020.
The two sets of interim accounts will be reviewed by BDO LLP,
the Company's statutory auditors. Each of the interim accounts and
the final audited accounts will be published within 3 months of
their respective period ends.
For further information please contact:
Craig Martin Michael Dean
Managing Director Finance Director
Myanmar Investments International Ltd Myanmar Investments International Ltd
+95 (0) 1 391 804 +95 (0) 1 391 804
+95 (0) 94 0160 0501 +95 (0) 94 2006 4957
craigmartin@myanmarinvestments.com mikedean@myanmarinvestments.com
Nominated Adviser Broker
Philip Secrett / Jamie Barklem / Seamus Fricker William Marle / Giles Rolls
Grant Thornton UK LLP finnCap Ltd
+44 (0) 20 7383 5100 +44 (0) 20 7220 0500
For more information about MIL, please visit
www.myanmarinvestments.com
Notes to Editors
Myanmar Investments International Limited (AIM: MIL) was the
first Myanmar-focused investment company to be admitted to trading
on the AIM market of the London Stock Exchange. MIL was established
in 2013 with the intention of building long-term shareholder value
by proactively investing in a diversified portfolio of Myanmar
businesses that will benefit from the country's re-emergence and
ongoing economic development. The Company is led by an experienced
and entrepreneurial team who between them have considerable
industrial, corporate and financial management experience.
MIL's largest investment to-date (US$21 million investment for a
9.1% effective shareholding) is in Apollo Towers, Myanmar's second
largest telecommunications towers company with approximately 1,800
towers. Apollo operates in the high growth telecommunications
sector with a strong management that is growing the number of
co-locations (i.e. multiple tenancies) on its portfolio of towers.
The reorganisation with Pan Asia Towers is expected to produce a
more efficient and profitable combined investment with greater
prospects for an eventual liquidity event. In June 2016, OPIC
provided a US$250 million debt facility to Apollo Towers.
MIL's first investment in August 2014 was into Myanmar Finance
International Limited ("MFIL") which today is one of the leading
microfinance companies in Myanmar. Since MIL invested, MFIL's
business has expanded rapidly. The business is profitable with a
sustainable expansion plan for long-term growth. In November 2015,
the Norwegian Government's Norwegian Investment Fund for Developing
Countries ("Norfund"), the Norwegian development finance
institution, also became a 25% shareholder in MFIL.
MIL's third investment in May 2017 was into Medicare
International Health and Beauty Pte. Ltd., ("Medicare"). This was a
greenfield pharmacy, healthcare and personal care product retail
franchise joint venture. The joint venture partners are: a) H&B
Management Solutions Pte. Ltd., which owns Medicare Vietnam, one of
the largest pharmacy, health, beauty and personal care retail
groups which runs over 80 outlets in Vietnam; and b) Randy Guttery,
an industry veteran in the retail sector in Asia. It is expected
that Medicare will fill a vacuum in the present retail landscape
and at the same time tap into the rapid growth of the middle and
affluent classes in Myanmar.
Myanmar, a country of approximately 54 million people and
roughly the size of France, has been isolated for much of the last
50 years. Strategically situated in one of the world's most
economically dynamic regions amid the intersection of India, China
and South East Asia it is a key component of China's 'One Belt One
Road' strategy providing direct access to the Indian Ocean.
Whilst it was once one of the more prosperous countries in
Southeast Asia with an abundance of natural resources (oil, natural
gas, arable land, tourist attractions and a long coastline), it is
now one of the least developed countries in the world. However, it
has a number of competitive advantages: a population of 54 million
people (it is the 26th most populous country in the world); a large
workforce with a high literacy rate of 90%; 68% of the population
is of working age (between 15 and 65); and 28% of the population is
under 24 which is expected to provide a strengthening consumer
demand. According to the IMF, Myanmar's GDP growth rate is expected
to be 6.8% through to 2024.
Myanmar has undergone an unprecedented transformational reform
process, initiated by the U Thein Sein administration in 2011. The
elections in 2015 were the first democratic elections in 50 years.
This remarkable change has not been without its difficulties and
the situation in Rakhine state, which stems from a complex and
historically charged background, remains un-remedied. The Advisory
Commission on the Rakhine State crisis, led by the late former UN
Secretary-General Kofi Annan, has provided an important framework
which can provide the foundations for addressing the distressing
situation there.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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