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Finance

Japan's Daiwa to buy into Myanmar internet provider

Surging smartphone use makes for a tempting target

TOKYO -- Daiwa Securities Group will invest nearly 700 million yen ($6.26 million) in Myanmar internet service provider Frontiir with the hope of cashing in on abundant growth potential.

Daiwa PI Partners will purchase newly issued shares, obtaining a stake of nearly 10%.

Founded in 2013, the private-sector ISP serves mainly Yangon and Mandalay. It seeks to expand its Myanmar Net service to other big cities across the nation.

The population accessing the internet via smartphone is soaring in the democratizing Southeast Asian country. The Japanese securities group will likely hold the stake for about five years and recover the investment through an initial public offering or other means.

(Nikkei)

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