REG - Myanmar Strategic - Result of EGM and Change of Company Name

Asia Strategic HoldingsAnnouncement

07/12/2021 07:00

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RNS Number : 8027U  Myanmar Strategic Holdings Ltd  07 December 2021

7 December 2021

Myanmar Strategic Holdings Ltd.

("MSH" or the "Company")

 

Result of Extraordinary General Meeting and Change of Company Name

 

Myanmar Strategic Holdings Ltd. (LSE: SHWE), the independent developer and
operator of consumer businesses located in Vietnam and Myanmar, confirms
that, further to the passing of the resolution at the Extraordinary General
Meeting ("EGM") held by the Company on 6 December 2021, the change of the
Company's name to "ASIA STRATEGIC HOLDINGS LIMITED" ("Asia Strategic") has
been approved and the Company's constitution has been updated accordingly.
Trading under the Company's new name is expected to be effective from 8.00
a.m. on 9 December 2021.

 

In July 2020, the Group completed the acquisition of Wall Street English
Limited Liability Company ("WSE Vietnam"), a leading provider of English
Language Training services in Vietnam under the franchise of Wall Street
English. The acquisition marked a milestone in the Group's international
expansion and diversification plans.

 

Further to the acquisition of WSE Vietnam, more than 50% of the Group's
revenues on an annualised run-rate basis are now generated in Vietnam,
providing diversification to the Company's shareholders and mitigating the
legacy single-country exposure. Furthermore, more than 70% of the Group's
revenues are now generated by its fast-growing Education division.

 

The Directors believe that the Company's new name reflects the growing
geographical scope of the operations of the Company and creates a new brand
identity for the Group, affirming its vision to become a leading operator and
developer of consumer businesses in Asia.

 

The Company's new website can be found at: www.asia-strategic.com
(http://www.asia-strategic.com) , which is expected to go live from 1 January
2022. The existing website www.ms-holdings.com (http://www.ms-holdings.com)
will remain active.

 

Enrico Cesenni, Chief Executive Officer of Myanmar Strategic Holdings,
commented:

"I am delighted to announce the approval of the Company's name change to Asia
Strategic Holdings Limited and trading under the new name is expected to
become effective on Thursday 9 December 2021.

 

"With more than 50% of the Group's revenues now being generated in Vietnam, we
believe that the Company's new name better reflects the Group's broadened
ambitions and strategy. While continuing to build upon the Myanmar Strategic
Holdings brand and our existing operations in Vietnam and Myanmar, Asia
Strategic will increasingly focus on scaling its Education and Services
businesses regionally, leveraging the assets and capabilities built patiently
and successfully by teams on the ground over the years.

 

"We look forward to operating under the new name of Asia Strategic and
providing further updates on our activities in due course."

 

For more information please visit www.ms-holdings.com
(http://www.ms-holdings.com/)  or contact:

 

 Myanmar Strategic Holdings Ltd.                         richardgreer@me.com (mailto:richardgreer@me.com)

 Richard Greer, Independent Non-Executive Chairman       enrico@ms-holdings.com (mailto:enrico@ms-holdings.com)

 Enrico Cesenni, Founder and Chief Executive Officer
 Allenby Capital Limited (Broker)                        +44 (0)20 3328 5656

 Nick Athanas

 Nick Naylor

 Yellow Jersey PR (Financial PR)                         +44 (0) 7951 402 336

 Henry Wilkinson

 Matthew McHale

 Notes to editors

 

Asia Strategic Holdings Ltd. (formerly known as Myanmar Strategic Holdings
Ltd.)

Asia Strategic Holdings Ltd. (LSE: SHWE) is an independent developer and
manager of consumer businesses in Vietnam and Myanmar, two of the fastest
growing economies in the world over the last decade. The Company's portfolio
currently focuses on Education, Services and Hospitality with the view to
expand within the broader consumer sector.

Education sector: the Company currently has exclusive development and
franchising agreements with Wall Street English for ten English language
centres across Myanmar over the course of a ten-year agreement. Two centres
were opened in 2017, a third in August 2018, and a fourth in February 2020. As
of September 2021, Wall Street English Myanmar served ca 1,300 students.

In July 2020, the Company completed the acquisition of the Wall Street English
business in Vietnam. Founded in 2013, the WSE Vietnam business operates
through seven centres in Ho Chi Minh and Binh Dhuong serving ca. 2,600
students.

The Company also operates a joint venture with Auston Institute of Management
to develop and operate the Auston College Myanmar. The private school opened
in May 2018 offering diplomas in Engineering Technology, Mechanical
Engineering and Networking, Information Systems, and Security. English
language learning is also provided by the Company's nearby Wall Street English
centre. In February 2020, the Company announced a partnership with Liverpool
John Moores University to provide high quality engineering training programmes
for young, working professionals in Myanmar, to be taught by Auston College
Myanmar's teaching staff at its Junction Square complex in Yangon.

In August 2019 the Company launched its first private K-12 international
school, the Yangon American International School ("Yangon American") in
Yangon. In July 2021 Yangon American has been recognised as an official
International Baccalaureate Primary Years Programme ("IB PYP") school by the
International Baccalaureate Organization.

Services sector: through its acquisition of EXERA, the Company offers
security, risk management and secure logistics services, including
cash-in-transit. Founded in 2013, EXERA employs approximately 1,600
well-trained and high-quality security officers making it one of the largest
security services providers in Myanmar.

Hospitality sector: through its portfolio, the Company currently manages over
470 beds across four boutique hotels in three core tourist locations
across Myanmar, operating under the award winning Ostello Bello budget
hospitality brand. MSH operates an asset light strategy, entering into
long-term operating and management agreements with local hotel owners.

Vietnam and Myanmar were among the fastest growing economies in Asia in
2017-2020 (Source: Asian Development Bank). In 2021 and 2022, Vietnam's annual
GDP growth is expected to be 3.8% and 6.5% respectively (Source: Asian
Development Bank).

MSH is well positioned to provide investors early exposure
to Myanmar's and Vietnam's strong economic fundamentals enhanced
by ASEAN's wider growth prospects.

 

To receive news alerts on Asia Strategic Holdings please sign up here under
the 'RNS' header:

 

https://ms-holdings.com/investor-relations/#
(https://ms-holdings.com/investor-relations/)

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