(Alliance News) - Myanmar Investments International Ltd on Wednesday said it has accepted an offer to sell Myanmar Finance International Ltd to consumer finance company Thitikorn for an undisclosed sum.
Myanmar Investments owns a 37.5% stake in Myanmar Finance International.
The Myanmar-focused investor said it has - in conjunction with the other stakeholders of Myanmar Finance - decided to sell the Myanmar-focused microfinance business, but did not disclose the financial details.
However, it said the minimum consideration will be calculated based on a pre-agreed formula of twice the audited book value of Myanmar Finance at the close of the transaction.
Myanmar Investments said the transaction is subject to the approval of its lenders as well as that of Thitikorn shareholders and Myanmar authorities.
Shares in Myanmar Investments were untraded on Wednesday afternoon in London, last quoted at USD0.81 each.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
