Failure to sell firm: Singapore Myanmar Investco responds to SGX query

SINGAPORE Myanmar Investco (SMI) said it had failed to sell its tower telecommunications business despite "strenuous efforts over many months" to secure approval from the Myanmar Investment Commission (MIC) with relation to tax benefits for the US$12.7 million proposed sale.

This, SMI said, were the conditions precedent (CP) that it had not fulfilled in the planned sale of its entire interest of 97 per cent in Myanmar Infrastructure Group (MIG) to Shining Star International Holdings.

The company was responding to a query from Singapore Exchange on what was the CP that it had announced on July 1 that were not fulfilled or waived by end-June.

Under the CP, SMI was required to obtain MIC's approval for certain tax concessions under the country's foreign investment rules for the purchaser.

Over a week ago, SMI said the deal's long stop date had lapsed as the parties involved in the deal had not agreed on a further extension of time and that it intended to review its tower telecommunications business with a view to restructure the operations.