MAPCO plans new share offering to raise capital

Myanmar Agribusiness Public Corporation (MAPCO) is planning to issue new shares to existing shareholders over the next few weeks, to raise money ahead of its scheduled listing on the Yangon Stock Exchange.

 

Capital raised through the rights issue will be used to expand the business across various sectors, U Thura, the company’s head of investor relations told the Myanmar Times.

Around 1.62 million new shares will be sold at K10,000 each, from June 10 to July 5. The company’s Shareholders can buy new shares up the value of their current holders, according to a company announcement. MAPCO currently has 1444 investors holding shares worth  K16.4 billion. The Company has so far received requests for new shares worth K3.4 billion, it said.

If there is not enough demand among existing investors, the remaining securities will be sold to the public from Jul 5. “ Our directors have decided to raise capital for many projects this year,” U Thura  Said.

These projects include providing services for Thilawa Port and funding chemical fertilizer plants in Thilawa special economic  zone, expanding agribusiness and building rice mills and warehouses.

MAPCO has also agreed with the Mandalay Region government to set up a new bank called  Mandalay Development Bank, and is expected to contribute capital to Myanmar National Telecom Holding Public, an 11 member local joint venture tipped to receive the country’s fourth telecoms operator license, through a joint vernture with Vietnam’s Viettel.

The company plans to list on the Yangon Stock Exchange by the second week of August , becoming the fifth company to list after Myanmar  Citizens Bank and first Private Bank  launch shares on the exchange in July.First Myanmar Investment and Myanmar Thilawa SEZ Public became the first two companies to trade their shares on the exchange earlier this year.

 

 Source – Myanmar Times

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