Monday, September 25, 2017

First Myanmar offers additional shares

First Myanmar Investment opened an additional public offering of new ordinary shares on January 9. The additional offering of 250,000 shares will be sold at K10,000 each, the same price as the initial share offering that closed on January 8.

After an “overwhelming” response to the initial offering of 2,500,000 new ordinary shares, which was sold in its entirety. Unable to meet demand the investment holding company has opened an additional 10 percent for purchase.

The additional offering is open for 10 business days, closing at 6pm on January 22. Subscriptions can be placed at the FMI Share Department Trading Centre.

“We want to thank FMI shareholders for their support of the rights issue and their continued confidence in the Company at this exciting time of its development,” said Serge Pun, chair of FMI in a press release about the issue. “Our decision to launch more shares is due to the significant interest from the public, and this is a strong testament to the confidence the market has for FMI’s long-term growth as well as the trust in the ability of management to deliver

results.”

Last month, FMI together with Yoma Strategic Holdings Ltd, formed companies to distribute and service Mitsubishi and Hino vehicles. On the service sector front, plans are underway to construct a 46-room international standard hotel with conference and banquet facilities at Pun Hlaing Golf Estate, according to the press release.

The capital raise from the first round issue was to be earmarked for projects including Thilawa Special Economic Zone subscription, FMI Air, Meeyahta International Hotel and a downtown Yangon mixed-use acreage.