Myanmar Investments celebrates historic US investment

Myanmar Investments (MIL) announced on Wednesday that the United States Overseas Private Investment Corporation commenced its initial disbursement of a $250m loan to Apollo Towers Myanmar, a subsidiary of Towers Pte, in which MIL has an effective indirect shareholding of 9.3%.

The AIM-traded firm said the disbursement marks OPIC’s first financing in the country, as well as a historic milestone in public-private sector cooperation.

It comes two months after Daw Aung San Suu Kyi’s National League for Democracy formed the first democratically elected civilian government for more than half a decade.

“OPIC is pleased to be working with Apollo on this first, important investment in Burma” said Elizabeth Littlefield, OPIC President and CEO.

“Telecommunications are a critical part of ongoing development across the world and, through this project, OPIC is looking to have a significant impact on those who previously lacked access to telecommunications coverage in the country.”

Apollo is a joint venture between ex-Orange CEO Sanjiv Ahuja's Tillman Global Holdings, TPG Growth and MIL.

It provides critical telecommunication towers to Burma's three largest mobile network operators - Telenor, Myanmar Posts and Telecommunication and Ooredoo.

“This facility from the US Government's OPIC demonstrates its support in a very practical way by assisting us to bring communication and information to millions of Burmese citizens across the country," said Michael Dean, MIL's Yangon-based director.

“As a locally based investment group we at MIL look forward to continuing to play a catalytic role between overseas capital and local business in developing socially responsible investments just as the new government takes the nation into its next phase of growth.”