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Myanmar Investment Swaps Apollo Towers Holding For Stake In AP Towers

(Alliance News) – Myanmar Investments International Ltd said Thursday its subsidiary MIL 4 Ltd swapped its stake in Apollo Towers Holdings Ltd for a stake in AP Tower Holdings Pte LTD, which owns Pan Asia Majestic Eagle Ltd, another Myanmar independent tower company.

Under the share swap, MIL 4 has exchanged its existing 13.7% shareholding in Apollo Towers for a 6.2% shareholding in AP Towers, of which approximately 4.1% is attributable to MIL.

A MIL representative will sit on the board of AP Towers and will continue to enjoy materially the same minority protections, the company noted.

The company said the share swap effectively brings Apollo Towers and Pan Asia Towers under the common ownership of AP Towers.

AP Towers said it “now manages one of the largest networks of telecom towers in Myanmar, providing tower and power services to all of Myanmar’s mobile network operators.

The company has also confirmed that disposal of entire shareholding in Medicare International Health & Beauty to one of its joint venture partners for USD1.0 million in cash has been completed and the sale proceeds have been received.

Myanmar Investment shares were untraded in London at USD0.80 on Thursday.

By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Source : Morningstar

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