(Alliance News) - Myanmar Investments International Ltd on Wednesday reported a fall in net asset value due to the poor performance of its investees.
The stock was untraded on Wednesday in London, last quoted at USD0.81 a share.
The company reported a pretax loss of USD2.5 million for the year to the end of March compared to USD3.1 million loss a year earlier. Myanmar Investments said it has chopped the employee benefit expenses to USD916,343 from USD1.6 million last year, while other operating expenses were cut to USD1.0 million from USD1.3 million.
Myanmar Investments said its net asset value has decreased by 12% year-on-year and as at March 31 stood at USD33.3 million, due to the reduction in the assessed value of our investments in Myanmar Finance International Ltd and Medicare International Health & Beauty Pte Ltd.
"The decision to move towards starting an orderly wind down of the company is not one that has been taken lightly but reflects the harsh realities of both trying to raise significant new funds for investment in Myanmar as well as identifying suitable investments in Myanmar," said Chair William Knight.
Myanmar Investments noted difficulties in Myanmar following the shift to a civilian government from a military dictatorship.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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