Home MMBIZ News FMI Completes Public Offering of 250,000 New Shares to Finance Growth

FMI Completes Public Offering of 250,000 New Shares to Finance Growth

Investment holding firm First Myanmar Investment (FMI) last week announced that it has successfully completed the public offering of an additional 250,000 new shares at a price of K10,000. The shares were issues on January 22 and are available to 1,150 new shareholders on a first come first served basis, the company said.

The additional shares were offered due to overwhelming demand after the successful completion of issuing 2.5 million shares to existing shareholders and the company announced that it expects total gross proceeds from the sale to reach K27.5 billion ($27.9 million), of which the proceeds will be used to finance products such as the Thilawa Special Economic Zone, of which FMI holds five to nine percent of the Myanmar arm of the project.

Other projects from the country including development of its FMI Air operations following the granting of a temporary air operator’s certificate as well as increased investment in Meeyahta International Hotel Ltd, a 10-acre property development in downtown Yangon, which has been cited to entirely alter Yangon’s skyline.

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