MYSQUAR agrees to sell advertising on WeChat in Myanmar

MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is pleased to announce it has entered into a non-exclusive agreement to sell and promote WeChat advertising products and services in Myanmar (“WeChat Agreement”). The WeChat Agreement relates to advertisements from Myanmar based advertisers targeting mainland Chinese visitors to Myanmar and Myanmar resident users of WeChat.

WeChat is a Chinese multi-purpose messaging, social media and mobile payment app developed by Tencent, the multinational technology investment group. WeChat is one of the world’s largest standalone mobile apps with more than 900 million daily active users (WeChat Data Report, November 2017) and is regarded by many as increasingly integral to the Chinese lifestyle. WeChat’s wide range of functions include mobile payments, with more than 600 million active users, and an instant translation feature covering more than 20 languages.

The WeChat Agreement was entered into by the Company with Hoi Li On International Limited (“HLO”), a wholly owned subsidiary of BlueOcean Advertising Limited (“BlueOcean”) which is WeChat Ecosystem Solution Provider for brands and merchants seeking to acquire and engage Chinese customers. BlueOcean is a “Tencent Official Institutional Partner” under a Global Advertising Licence made with Morespark Limited (a wholly owned subsidiary of Tencent Holdings Limited). Tencent Holdings Limited is quoted on the Hong Kong Stock Exchange (ticker 0700.HK) with a market capitalisation of approximately HKD 3,000bn (GBP 294bn).

In consideration of consultancy services relating to the introduction of BlueOcean to the Company and negotiation of the WeChat Agreement the Company has agreed to issue 17,471,657 ordinary shares of no par value to each of Sea Desert Holdings Limited and GP Holdings Desert Limited. Application (“Shares”) will be made for these shares, which will rank pari passu with the Company’s existing issued Ordinary Shares, to be admitted to trading on AIM. It is expected that admission will become effective and that trading in the Shares will commence on or around 12 October 2018 (“Admission”).

SOURCE: MYSQUARE

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