Myanmar-focused PE firm Ascent Capital has clocked its first deal in the country, leading a $26-million minority investment in internet service provider Frontiir Myanmar
DealStreetAsia (Singapore)
The investment was made through Ascent Myanmar Growth Fund I (AMGF), the firm’s debut fund that has attracted the Asian Development Bank and Singapore’s state investor Temasek as limited partners.
“The telecom, media and technology (TMT) sector is part of our focus, and this landmark investment is driven by our belief that internet access is an essential service which can improve lives, reduce inequalities and drive economic growth, especially in emerging markets like Myanmar,” commented Lim Chong Chong, founder and managing partner of Ascent Capital.
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