Temasek-backed fund leads US$26m investment in Myanmar's ISP

Singapore

TEMASEK-backed Ascent Myanmar Growth Fund I (AMGF) on Wednesday announced that it will lead a US$26 million minority investment in Myanmar's leading Internet service provider, Frontiir, although it declined to name its other investors.

Lim Chong Chong, founder and managing partner of Ascent Capital, which manages the fund, said that the investment is driven by the fund's belief that Internet access is an essential service which can improve lives, reduce inequalities and drive economic growth, especially in emerging markets such as Myanmar.