Myanmar Investments Limited (MIL), an AIM-listed investment company announced that it has closed an oversubscribed US$6.3 million fundraising through its funding platform PrimaryBid.
The company raised the capital through issuing a 15 percent stake, which is represented by 5.3 million shares at the price of US$1.80 apiece.
Several directors partook in the fundraising, which was conducted as a subscription between MIL’s existing shareholders, institutional investors, family offices, and high-net-worth individuals.
The round exceeded its original target of between US$3 and US$5 million in a share issue at a discounted price of around 9.2 percent.
Myanmar Investments said that the firm will use the funds for several live opportunities and follow-on investments into its current portfolio within the next six months.
“We are delighted to have surpassed the fundraising target we had originally set. The funds raised will enable us to maintain our momentum in establishing attractive business ventures in Myanmar,” said Aung Htun, the Managing Director of MIL.
Htun added, “Given our quality deal flow we expect to invest a significant proportion of this new equity during 2017.“
Htun subscribed to 304,000 shares, taking his shareholdings to 677,000 shares followed by finance director Michael Dean who now holds 410,000 shares.
Non-Executive Directors Craig Martin, Christopher Appleton and Henrik Bodenstab each acquired 42,372 shares. They now hold 237,372, 190,372 and 181,159 shares, respectively.
MIL is engaged in various sectors including pharmacy, healthcare, and personal care product joint venture outside their existing telecom and microfinance sector investments.
Some of their recent activities in Myanmar include Myanmar Finance International Limited, a microfinance joint venture of MIL that raised US$1 million from Malaysia’s Maybank.