TIDMASIA
RNS Number : 6206W
Asia Strategic Holdings Limited
13 December 2023
13 December 2023
Asia Strategic Holdings Ltd.
("Asia Strategic", the "Group" or the "Company")
Increased Loan Facility
Asia Strategic Holdings Ltd. (LSE: ASIA), the independent
developer and operator of consumer businesses located in emerging
Asia, is pleased to announce that it has entered into an amended
loan facility with Macan Pte Ltd ("MACAN"), increasing its loan
facility by US$1.5 million to US$4.5 million.
On 1 July 2019, the Group secured a loan facility of up to
US$3.0 million from MACAN ("Loan Facility 1"). As the Group is
accelerating the expansion of its school network, the Group and
MACAN have now agreed to increase Loan Facility 1 from US$3.0
million to US$4.5 million. In addition, the Company and MACAN have
agreed to extend the repayment date on Loan Facility 1 from 30 June
2024 to 31 December 2027. The loan facility will continue to bear
an interest rate of 6% per annum. As at the date of this
announcement the amount drawn under Loan Facility 1 is US$3.0
million.
MACAN has also previously subscribed to a US$3.5 million Zero
Coupon Convertible Note, details of which are set out in the
Company's accounts for the year ended 30 September 2022, published
on 31 January 2023.
MACAN is the Company's largest shareholder and owns 960,000
ordinary shares in Asia Strategic representing 32.4 per cent. of
the Group's current issued share capital. Enrico Cesenni, CEO,
holds 35.1 per cent of the voting rights of MACAN and 1.2 per cent
of the voting rights of the Company.
As Enrico Cesenni (CEO of Asia Strategic) is a significant
shareholder and director of MACAN, the Company considers that the
amendments to the loan facility with MACAN, as detailed above, are
material related party transactions as detailed under DTR 7.3.6.
The Company's independent directors consider that the terms of the
amended loan facility are fair and reasonable and in the best
interests of the Company and its shareholders.
For more information, please visit www.asia-strategic.com or
contact:
Asia Strategic Holdings Ltd.
Richard Greer, Independent Non-Executive richard@asia-strategic.com
Chairman enrico@asia-strategic.com
Enrico Cesenni (OSI), Founder and CEO
Allenby Capital Limited (Broker)
Nick Athanas
Nick Naylor
Lauren Wright +44 (0)20 3328 5656
Yellow Jersey PR (Financial PR)
Sarah Hollins
Bessie Elliot +44 (0) 20 3004 9512
Notes to editors
Asia Strategic Holdings Ltd.
Asia Strategic Holdings Ltd. (LSE: ASIA) is an independent
developer and operator of consumer businesses in emerging Asia. The
Company's portfolio focuses on Education and Services with the view
to expand within the broader consumer sector and is currently
operating in Vietnam and Myanmar, two of the fastest growing
economies in the world over the last decade.
Education sector: the Company operates a range of brands across
English language learning, coding, K-12 and tertiary education. As
of September 2023, it operated 21 schools, serving ca. 8,700
students.
The Company currently has exclusive development and franchising
agreements with Wall Street English to develop English language
centres across Myanmar. As of September 2023, Wall Street English
Myanmar served over 3,700 students through five centres.
In July 2020, the Company completed the acquisition of the Wall
Street English business in Vietnam. Founded in 2013, the WSE
Vietnam business operates through eight centres in Ho Chi Minh and
Binh Duong serving over 3,700 students.
The Company also operates a joint venture with Auston Institute
of Management to develop and operate the Auston University. Auston
opened in May 2018 offering diplomas in Engineering Technology,
Mechanical Engineering and Networking, Information Systems, and
Security. English language learning is also provided by the
Company's nearby Wall Street English centre. In February 2020, the
Company announced a partnership with Liverpool John Moores
University to provide high quality engineering training programmes
for young, working professionals in Myanmar, to be taught by its
teaching staff in Myanmar. As of 30 September 2023, Auston
University served ca. 750 students.
In August 2019 the Company launched its first private K-12
international school, the Yangon American International School
("Yangon American") in Yangon. In July 2021 Yangon American was
recognised as an official International Baccalaureate Primary Years
Programme ("IB PYP") school by the International Baccalaureate
Organization. As of 30 September 2023, Yangon American served ca.
100 students.
In April 2022, the Company entered into an exclusive franchising
agreement with Kids&Us for the development of English language
schools for children across Myanmar. The first centre opened in
Yangon in June 2023. In August 2022, the Company entered into an
exclusive franchising agreement with Kids&Us for the
development of English language schools for children across
Vietnam. The first five centres are operational in Ho Chi Minh. As
of 30 September 2023, Kids&Us served ca. 450 students.
In June and August 2023, the Group entered into exclusive
franchising agreement with Logiscool, kft ("Logiscool") for the
development of coding schools for children under the brand
"Logiscool" in Vietnam and Myanmar. The Group opened its inaugural
coding school in November 2023 in Ho Chi Minh City.
Services sector: through its acquisition of EXERA in 2018, the
Company offers security, risk management and secure logistics
services. Founded in 2013, EXERA employs approximately 1,400
well-trained and high-quality security officers making it one of
the largest security services providers accredited to "ISO 18788
Management System for Private Security Companies" in Myanmar.
Furthermore, the Company provides hospitality services, managing
two boutique hotels in core tourist locations in Myanmar, Bagan and
Mandalay, operating under the award-winning Ostello Bello, a
boutique hospitality brand. The Company operates an asset-light
strategy, entering into long-term operating and management
agreements with local hotel owners.
Vietnam and Myanmar were among the fastest growing economies in
Asia in 2017-2020 (Source: Asian Development Bank). Vietnam's
annual GDP growth rate is expected to be 6.5% in 2023 and 6.8% in
2024, while Myanmar's is expected to be 2.8% in 2023 and 3.2% in
2024 (Source: Asian Development Bank). The Company is well
positioned to provide investors early exposure to Vietnam's and
Myanmar's fundamentals, enhanced by ASEAN's wider growth
prospects.
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END
UPDUOVNRONUUARA
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December 13, 2023 02:00 ET (07:00 GMT)
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