Myanmar-based social media platform developer MySQUAR Ltd says its users grew by 17% during June and it should grow its user base faster than expected this year.
By the end of June, there were 907,360 users, which is ahead of expectations. Broker Beaufort had forecasts 1.1 million users by the end of 2015 and it has increased its expectation to 1.9 million.
On 1 July, MySQUAR raised £1.67m at 10p a share. The share price has dipped to 9.38p, which values the company at just over £15m.
MySQUAR has built a solid base and it is in a good position to be a significant player in the market, which will grow as more cash is invested in Myanmar’s telecoms infrastructure, as well as being able to collate important data about customers. There were 6.2 million mobile subscribers in Myanmar in 2014 and this is forecast to increase to 45 million by 2018.
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