Myanmar Investments upbeat on future developments

8th Dec 2016 10:38

(ShareCast News) - Burma-focused investment company Myanmar Investments International announced its unaudited interim financial results for the six months to 30 September on Thursday, with an unaudited consolidated loss after tax of $1.33m.The AIM-traded firm said that represented recurrent overheads associated with running the company's business of $1.08m, and the impact of the share-based payments arising from the company's Employee Share Option Plan of $253,000.During the period at Apollo Towers, the company completed approximately 1,800 towers with plans to build another 2,000.It secured a $250m loan from the US government's Overseas Private Investment Corporation to support the company's growth.The board also said that the imminent entry of a fourth telecom operator into the Burmese economy is expected to provide a significant uptick in colocation adding further momentum to Apollo's growing EBITDA.At Myanmar Finance International, the company secured a $1m local-currency loan from Maybank, the first of a series of debt financings planned for the coming years.Since investing in September 2014, the borrowers have grown to over 38,000 and the loan book to MMK 6.5bn, the board said, and its branch network now consisted of six branches with plans to open four more in the coming year.The company has continued to develop a pipeline with a focus on consumer-related and capacity-constrained opportunities, with MIL currently evaluating a number of deals in retail, healthcare, mobile financial services, tourism, energy, logistics and education, the board said.MIL successfully completed a $4.2m subscription in September from new and existing shareholders.It was now considering an additional listing for the company in Asia.The directors determined that MIL's net asset value as at 30 September was $27.2m, or $0.89 per share."Myanmar is going through a transitional period as the new administration finds its feet and charts the means to achieve its long term policy goals," said managing director Aung Htun."Whilst this has meant a slowdown in business activity, measured for example by FDI, it does not reflect the grassroots economic momentum that we witness here on the streets, in the factories and in the shops."As such we remain bullish on Myanmar's near term and longer term prospects."