LONDON (Alliance News) - Myanmar Strategic Holdings Ltd on Tuesday said its subsidiary Myanmar Strategic Services Pte Ltd purchased security services providers Exera Myanmar Ltd and Exera Journey Management Ltd for USD2.2 million.
The investment company said it will pay USD2.0 million in cash from existing resources and will issue 7,408 shares at USD27 each to cover the remaining USD200,000.
Shares in Myanmar Strategic were untraded at USD23.56 each on Tuesday.
Exera has a workforce of about 1,000 guards and provides transportation, training, risk consulting an protective services to international and local clients in Myanmar. For the year to the end of March, Exera posted a revenue of USD4.0 million.
"I am delighted to announce the acquisition of Exera, a leading safety and security services provider in Myanmar," said Chief Executive Enrico Cesenni. "
"The board believes that this acquisition demonstrates our objective not only to expand into strategically important sectors in Myanmar, but also to act as a source of responsible investment into the country," Cesenni added.