Lists MySQUAR (LON:MYSQ) on AIM with Market Capitalisation of A$37 Million
Sydney, July 6, 2015 AEST (ABN Newswire) - Yonder & Beyond Group Ltd (
ASX:YNB) is pleased to provide an update on its investment in MySQUAR (LON:MYSQ), Myanmar's only local language social media platform.
Highlights:
- MySQUAR successfully lists on London's Alternative Investment Market (AIM) after raising AUD$3.47 million, with a market capitalisation of AUD$37 million
- Yonder & Beyond owns 4,133,303 shares, valued at $845,000, which represents a value up-lift of 24% in four months
- MySQUAR will use the funds to expand its product line, moving into news, information, financial and payment services in the future to augment its social networking and gaming products
- Yonder & Beyond will provide MySQUAR with access to a network of social media, gaming, entertainment and ecommerce technologies
- By the end of the year, MySQUAR expects to increase its subscriber count to 1.5 million users and expects to capture 30 per cent of the Myanmar market by 2019
On 1 July 2015 MySQUAR successfully listed on London's Alternative Investment Market (AIM) after raising GBP1.67m. On listing MySQUAR had a market capitalisation of GBP18m.
Yonder & Beyond owns 4,133,303 MySQUAR shares, valued at AUD$845,000 on listing which represents a value up-lift of 24 per cent in four months. In addition it provides the firm with access to a network of social media, gaming, entertainment and ecommerce technologies.
MySQUAR's mission is to inspire creativity, entertainment and a better standard of living in Myanmar by offering world class consumer technology solutions that connect Myanmar people with local businesses, products and each other.
The successful listing comes of the back of MySQUAR's significant growth within the Myanmar telecoms market. Its MyChat app was recently ranked 5th in Google Play's top free applications store, with over 680,000 accounts on the instant messaging app. By the end of the year, the company expects the figure to have increased to 1.5 million users.
"What we are seeing in Myanmar is a social revolution and it is gaining traction quickly," says Eric Schaer, CEO of MySQUAR. "A SIM card was hundreds of dollars three years ago and now is just US$1.50, making it easily attainable for the population. Although little over 30 per cent of Myanmar's 60 million population has a handset, the penetration rate is expected to hit 100 per cent in the next five years. We are in a fantastic position to capitalise on this growth and the market has confirmed our position."
Through the funds raised, MySQUAR intends to expand its product line and Schaer is confident it will also help MySQUAR break-even in 2018. The firm intends to move into news, information, financial and payment services in the future to augment its social networking and gaming products.
By 2019, MySQUAR expects to capture and keep 30 per cent of Myanmar's connected population continuing its rapid growth trajectory.
"MySQUAR is one of the most exciting companies within our portfolio and this listing provides us with a significant return on our investment," says Shashi Fernando, CEO of Yonder and Beyond. "It continues to grow at a rapid rate. Through its listing on AIM, they are allowing investors to access the Myanmar market, as well as enabling MySQUAR access to growth capital."
About Yonder & Beyond Group Ltd
Yonder & Beyond Group Ltd (Y&B) (ASX:YNB) is a portfolio of synergistic technology assets with a focus on mobile businesses. These include Gophr, Boppl, Prism Digital, PlayMeet and MeU Mobile. Yonder & Beyond's strategy is to identify and develop disruptive applications with high commercialisation and scalability potential.
Yonder & Beyond equip startups with vital capabilities beyond capital. Our philosophy is to invest in people, as well as invest in their business, so they can both grow and succeed. We are dedicated to contributing to the development of businesses through our resources, experience and relationships.
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