It has been another pivotal year for Singapore Myanmar Investco Limited (“SMI” and together with our subsidiaries, the “Group”) as we executed a number of key strategic and operational initiatives to expand our diversified business portfolio in Myanmar, the last frontier market within Asia.
Myanmar has long been underperforming its vast economic potential and our unique business strategy ideally positions us to take advantage of the burgeoning consumer trends in Myanmar.
The very foundations of our five core business pillars are consumer-centric and our diversified business portfolio comprises of international and highly recognized consumer brands, F&B concepts and services, which are described in more details in the previous pages of this annual report.
Since we started our business expansion into Myanmar three years ago, our staff strength in Myanmar has increased from 70 employees to a size of more than 300.
Our people are one of our greatest assets. Growing our talent pool is a vital part of our business strategy and we continues to invest significantly in the training and development of our employees in Myanmar so each of our people can realize their true potential.
Nevertheless, the past twelve months were not without their challenges. We faced headwinds on a number of fronts and of particular note, the disposal of our telecom towers business did not conclude successfully, hence our full-year financial performance ended 31 march 2018 (“FY2018”) was somewhat affected.
More details our financial performance for FY2018 can be found within the Financial Contents in this annual report.
Although faced with such hurdles, our Group’s President and CEO, Mr. Mark Bedingham, continues to steer a steady course for our five core business pillars in Myanmar, strengthening our ability to meet our organic growth objectives, and most importantly, enhancing relevance to our targeted consumers.
Sharing our optimism for Myanmar, we are encouraged by investors’ strong receptiveness to our share placement exercise completed in September 2017.
We have a business model that is proven and robust in the last frontier market in Asia. And I am proud of how our five core businesses have grown exponentially from scratch and it encourages us to look to the future with confidence and assurance.
A Note of Thanks & Appreciation
On behalf of the Board of Directors, I would like to take this opportunity to extend my appreciation to our staff for their continued efforts and professionalism to produce what I consider to be a good performance achieved in not the easiest of markets.
Our many stakeholders and business partners are important to our business and we give our thanks for their tremendous support and loyalty in recent years as we began our transformation in Myanmar.
In addition, I would like to extend my thanks to shareholders for their unwavering support when we embarked on our trailblazing business journey in Myanmar three years ago.
With our clear strategic focus in Myanmar, a unique blend of operational excellence and world-class retail expertise, we are at an inflexion point to create significant shareholder value in the future.
Ho Kwok Wai