(Alliance News) - Two London-listed companies investing and operating in Myanmar said Monday they are closely monitoring the situation, after the military arrested the country's de facto leader Aung San Suu Kyi and seized power in a coup.
Myanmar's military on Monday pledged to hold fresh elections in one year, dpa reported.
Speaking via the military-owned broadcaster Myawaddy, military representatives said the army would uphold "discipline-flourishing democracy" and allow the winner of the election to take power.
The army has declared a year-long state of emergency and appointed as acting president former general Myint Swe, who has handed control to commander-in-chief Min Aung Hlaing.
Suu Kyi and numerous other government officials, along with prominent activists, were detained in pre-dawn raids across the country on Monday morning.
In a statement issued by her National League for Democracy party after she was detained, Suu Kyi urged the people of Myanmar to resist the military.
Myanmar Strategic Holdings Ltd, which operates consumer businesses in Myanmar and Vietnam, said it "supports Myanmar's democratic transition and efforts to promote peace, human rights and development in the country".
Myanmar Strategic said its schools will continue to deliver education online and offline, and its security services company remains active securing embassies and national infrastructure. Its Ostello Bello boutique hostels remain closed, due to Covid-19 restrictions.
It noted that following the acquisition of Wall Street English Vietnam last year, half of its revenue come from Vietnam, rather than Myanmar.
The company had said on Friday last week it will release its results for the 18 months that ended September 30 by no later than the end of March.
The stock was down 12% at USD9.00 in London on Monday morning.
Meanwhile, Myanmar Investments International Ltd said communications in the country had been affected by the coup but appear to be resuming, and it will keep investors updated on events.
The company's shares were suspended from trading at the London open Monday and will stay suspended until there is "clarity on the events in Myanmar and their impact on the company", Myanmar Investments said.
By Tom Waite; thomaslwaite@alliancenews.com
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