LONDON (Alliance News) - Myanmar Strategic Holdings Ltd said Thursday it has raised USD3.1 million through a subscription issue of 153,500 shares at a price of USD20 per share.
Shares in the consumer business operator were up 11% at USD30.00 pence on Thursday.
Proceeds will go towards allowing the company to scale ups its existing divisions of hospitality, education and services, take advantage of opportunities in said divisions and improve liquidity in the market for its shares.
The subscription shares will represent 6.2% of Myanmar Strategic's enlarged share capital.
"As demonstrated by the recent acquisition of EXERA, our focus remains on implementing our clearly defined expansion strategy, while integrating our existing businesses to generate synergies across the MSH portfolio. In a market which continues to experience rapid growth, the Subscription announced today will not only enable us to capitalise on future investment opportunities, but also to further develop our existing businesses and to create value for our shareholders," said Chief Executive Officer Enrico Cesenni.