LONDON (Alliance News) - All Asia Asset Capital Ltd's chairman Tuesday said there has been more positive comment on Myanmar's future since he noted in April a number of "mixed" reports regarding the growth prospects for the Asia Pacific region.
All Asia Asset Capital is an investment company focused on investing in the growing markets of the Asia Pacific region. Since listing on AIM in May 2013, it has made investments in two projects: Andaman and Power Utility Company, a Thailand and Myanmar-focused power generation group; and Myanmar Allure Group Co Ltd, which operates a hospitality and entertainment business in Myanmar. At the end of June, the group's investments in Andaman and Power Utility and Myanmar Allure Group were valued at GBP2.35 million and the group's total net assets were GBP3.10 million.
"The International Monetary Fund forecasted Myanmar's economy to post higher annual GDP growth of 7.8% in both 2014 and 2015, benefiting from rising investment and improved business confidence since the government of Myanmar started to rejuvenate and open the economy three years ago," Chairman Robert Berkeley said in a statement.
"The government of Myanmar has initiated a broad array of reforms: unifying the exchange rate, improving monetary policy, increasing tax collection, reorientating public expenditure toward social and physical infrastructure, improving the business and investment climate, developing the financial sector, and liberalising agriculture and trade policy," he said.
Berkeley made his comments as All Asia Asset Capital reported a GBP209,623 loss in the six months ended June 30, mainly due to administrative expenses. Between September 14, 2012 and June 30, 2013 All Asia Asset Capital recorded a loss of GBP179,627.
All Asia Asset Capital shares were Tuesday untraded at 21.50 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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