Singapore Myanmar Investco has unveiled its new business direction on June 30 following a strategic review of its continuing business operations in order to maximise value for its shareholders.
The new direction will see the company dipping its toes into cryptocurrency, Software-as-a-Service (SaaS) and other high-tech platforms.
In line with its new direction, the company announced that The9, a NASDAQ-listed high-tech internet company, has invested $332,500 with a 90-day option to subscribe for new shares in Singapore Myanmar Investco for the additional sum of up to $997,500.
This will enable the company to tap into The9’s knowledge of cryptocurrency, gaming and other areas of digital expertise.
The9 will also assist the company in forming new partnerships with companies in gaming, augmented reality (AR) and digital entertainment.
The new direction will be led by Singapore Myanmar Investco’s president and CEO Mark Bedingham.
Bedingham had separately agreed to convert US$5 million ($6.7 million) of shareholder loans to shares at a “substantial premium” to the company’s current share price of 5 cents apiece. This is subject to a whitewash waiver from the Securities Industry Council and approval from the company’s shareholders.
In addition, the board is proposing to change the name of the company to SMI Vantage Limited at an extraordinary general meeting (EGM) to be convened. The name change will more accurately reflect the company’s new business direction.
Furthermore, Singapore Myanmar Investco will be adjusting its legacy business which is mostly in Myanmar to utilise its business base in Singapore.
It is also looking to work with other partners in the area of gaming, AR and digital entertainment, electric vehicles (EVs) and robotics.
“This is a timely pivot for SMI. We are confident that this move towards technology-based SaaS businesses will generate substantial shareholder value and will bring exciting new businesses to Singapore and the region. We are also seeing other opportunities for SaaS platforms and several discussions have been initiated with other leading companies in these fields,” says Bedingham.
Shares in Singapore Myanmar Investco closed 0.3 cent higher or 10.4% up at 3.2 cents on June 30.
Photo of Yangon International Airport: Stock photo
