SINGAPORE MYANMAR INVESTCO LIMITED
| Annual Report 2016
37
CORPORATE GOVERNANCE
REPORT
USE OF PROCEEDS
1.
The Company raised the net proceeds of approximately S$3.9 million from the placement of 11,250,000 ordinary
shares in the capital of the Company at an issue price of S$0.3555 for each share which was completed on 28 July
2015. Such proceeds have been utilized in accordance with the intended purposes as follows:-
a.
approximately S$3.8 million was used to fund the construction of telecommunication towers; and
b.
the balance of approximately S$0.1 million was used to fund the provision of car rental and limousine
services in Myanmar.
2.
The Company raised the net proceeds of approximately S$3.3 million from the placement of 10,000,000 ordinary
shares in the capital of the Company at an issue price of S$0.36 for each share which was completed on 29 February
2016. Such proceeds have been utilized in accordance with the intended purposes as follows:-
a.
approximately S$2.1 million was used to fund the construction of telecommunication towers;
b.
approximately S$0.8 million was used to fund the construction of duty-free retail shops and the purchase of
duty-free merchandise;
c.
approximately S$0.3 million was used to fund the construction of warehouse in Myanmar in relation to the
Group’s logistics business; and
d.
the balance of approximately S$0.1 million was used for loan repayment.
3.
The Company raised the net proceeds of approximately S$2.6 million from the placement of 7,740,000 ordinary
shares in the capital of the Company at an issue price of S$0.40 for each share which was completed on 29 March
2016. The Company intends to utilise 100% of the net proceeds to fund the construction and fitting out of duty-
free retail shops and the purchase of duty-free mechandise.
