Interview: opportunism keeps Cube leader on upward course
Myanmar has seemingly swung from being a martial communist state to a semi-democratic capitalist
darling, with foreign investors scrambling for a foothold, in the blink of an eye.
But is the...
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Interview: opportunism keeps Cube leader on upward course
Myanmar has seemingly swung from being a martial communist state to a semi-democratic capitalist
darling, with foreign investors scrambling for a foothold, in the blink of an eye.
But is the southeast Asian state ready for perhaps the most bourgeois of sports, golf?
That is the hope of Cube Capital, a London and Hong Kong-based boutique with a history of taking
counter-intuitive bets, and which claims to have been the first western house to have entered Myanmar
after sanctions were lifted in 2012.
Cube is financing a golf villa development, having already made 20 per cent-plus returns from a more
traditional 15-home villa park and a head office development.
“There is no equity or bond market [in Myanmar],” says Francois Buclez, chief executive and chief
investment officer of Cube.
“There is public equity traded in Singapore, around three or four stocks, but
their valuation is seven times book because that is all there is and
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