A year has passed and I am pleased to share that Singapore Myanmar Investco Limited (“SMI” and together with our subsidiaries, the “Group”) has made further business progress in Myanmar and we are now moving onwards to various elements of organic growth with our diversified business portfolio in this last frontier market in Asia.
According to a World Bank report issued on January 30, 2017, Myanmar’s economy will grow an average of 7.1 percent per year in the next three years.
The landscape in Myanmar was very different when we began our transformation in 2013 but our objective for the Group remains the same: to build a diversified business model to capitalize on the strong trends in consumer spending, international tourism and infrastructure investment in this frontier market.
Our trailblazing journey in Myanmar was not without its challenges but our Group’s President and CEO, Mr Mark Bedingham, has been tireless in spearheading our business strategies in Myanmar and putting the right people in place to achieve our business goals.
We have since established a strong foundation in Myanmar with five core business pillars that have one or more of the following attributes: leadership position, early mover advantage, monopoly position.
From the encouraging results shown in our portfolio of businesses so far, there are positive sentiment that we are on the cusp of major advances in Myanmar with strong growth potential.
Our aim is not just to put SMI onto the next expansion phase but to make it possible for each of our people to realize their true potential and make a significant contribution to the ecosystem in Myanmar. In doing so, we can chart new growth horizons and deliver longterm value to our stakeholders.
Long-Term Value Creation in Myanmar
While we continue to invest our time and resources in expanding our core business pillars in Myanmar to harness future opportunities, we are also focused on further improving the financial performance of our portfolio businesses.
More details of our financial performance for the financial year ended 31 March 2017 (“FY2017”) can be found in this annual report.
Notably, we have successfully completed our share placement exercise in November 2016 and our shareholder base has expanded significantly with the net proceeds of approximately S$16.5 million used to strengthen the Group’s balance sheet and expand our business endeavours in Myanmar.
A Note of Thanks & Appreciation
On behalf of the Board of Directors, I want to thank our staff for their outstanding efforts towards our business progress in Myanmar over the past one year. Our achievements outlined in this annual report would not have been possible without their commitment and dedication. I would particularly like to welcome all those who have joined SMI and share our passion in Myanmar.
In addition, I would like to thank all my fellow Directors for their incisive contributions as we continue our efforts on positioning the Group for future growth in Myanmar.
Last but not least, on behalf of the Board of Directors, I wish to express our sincere appreciation to all our new and existing shareholders for your confidence and steadfast support.
I am confident that our business ambitions in Myanmar are geared towards delivering sustainable long-term shareholder value in the years ahead.
Ho Kwok Wai