Cash-strapped Myanmar-focused social media group MySQUAR Limited (LON:MYSQ) has temporarily shut down some of its operations to conserve cash.
The Mobile Money division and MyMingalarbar, a social app, have ceased operations within the past week and a number of employees have been made redundant.
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The Mobile Games division and Mingalarbar Morning, a lifestyle and entertainment portal, remain active and continues to operate.
The company said its cash position remains “critically low” and it is waiting to see whether one of its creditors, which has indicated a willingness to provide some working capital, will provide some funding.
The company said it is in discussions with a company listed on the NEX exchange about the sale of one of its subsidiaries, with some or all of the consideration for any sale including shares in the NEX company that would subsequently be distributed to MySQUAR’s shareholders.
The company said it has been unable to appoint a new nominated adviser (Nomad) so it will delist from AIM with effect from 7.00am on Monday, December 10.