Mandalay Myotha Industrial Development (MMID) Public Company will halt its share issue in October after raising K126 billion (US$129 million) from 1167 separate investors to date, company director U Aung Win Khaing said.
The share issue ended after a pre-determined six-month period, though company officials will provide a counter to function as a secondary market matching buyers and sellers, he said.
“We will issue more shares in the future if the project needs more capital,” he said.
The firm intends to build an industrial, housing and commercial park in phases in Myingyan district, Mandalay Region. The first phase calls for construction of a port, residential housing and regional roads, aiming for work to be underway by the end of March 2014.
“Regional hluttaw representatives also want to develop the area,” said U Aung Win Khaing.
“We will never turn back and continue with the project until we reach success.”
MMID began the share issue in April, selling shares initially at K100,000 then later dropping prices to K10,000 each, and included some 137 farmers who bought in among the 1167 investors.
The final project is slated to cover 5930 acres and predicted to cost between $165 and $350 million depending on what phases are built.
Source: Myanmar Times