Yoma Strategic Holdings, together with its wholly-owned subsidiary Yoma Strategic Investments (YSIL), has entered into an agreement with Mitsubishi Corporation and Mitsubishi Estate; First Myanmar Investment (FMI); and the International Finance Corporation (IFC), to redevelop a mixed-used development in Yangon, Myanmar.
The Asian Development Bank (ADB) is also to become a party of the deal as one of the conditions of the agreement.
The proposed landmark development excludes its plans to redevelop the former headquarters of the Burma Railway Company into a five-star hotel, The Peninsula Yangon, which was announced in 2013.
(See: Yoma Strategic signs deal to develop Peninsula hotel in Yangon)
In a Tuesday statement, Yoma Strategic says it is currently awaiting receipt of approval from the Myanmar Investment Commission for the incorporation of its joint venture entity, Meeyahta Development Limited (MDL), with the purpose of undertaking the proposed landmark development.
Upon the establishment of MDL, Yoma Strategic Holdings intends to own 48% of the JV’s shares, with 12% and 30% held by FMI and the Mitsubishi companies respectively. IFC and ADB will hold 5% each. The shareholders agreement will be terminated should the first subscription of shares fail to take place on or before the deadline of 30 June 2017.
The agreement is deemed an interested person transaction as FMI’s chairman and controlling shareholder, Serge Pun, also holds about 36.27% of direct and deemed interests of Yoma Strategic. As such, the agreement will be put to the vote of Yoma shareholders.
Yoma will says further information, including its latest master development plan the project cost and the development timeline, will be disclosed to shareholders at its upcoming annual general meeting on July 26.
Yoma Strategic last traded at 56.5 cents.
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The Asian Development Bank (ADB) is also to become a party of the deal as one of the conditions of the agreement.
The proposed landmark development excludes its plans to redevelop the former headquarters of the Burma Railway Company into a five-star hotel, The Peninsula Yangon, which was announced in 2013.
(See: Yoma Strategic signs deal to develop Peninsula hotel in Yangon)
In a Tuesday statement, Yoma Strategic says it is currently awaiting receipt of approval from the Myanmar Investment Commission for the incorporation of its joint venture entity, Meeyahta Development Limited (MDL), with the purpose of undertaking the proposed landmark development.
Upon the establishment of MDL, Yoma Strategic Holdings intends to own 48% of the JV’s shares, with 12% and 30% held by FMI and the Mitsubishi companies respectively. IFC and ADB will hold 5% each. The shareholders agreement will be terminated should the first subscription of shares fail to take place on or before the deadline of 30 June 2017.
The agreement is deemed an interested person transaction as FMI’s chairman and controlling shareholder, Serge Pun, also holds about 36.27% of direct and deemed interests of Yoma Strategic. As such, the agreement will be put to the vote of Yoma shareholders.
Yoma will says further information, including its latest master development plan the project cost and the development timeline, will be disclosed to shareholders at its upcoming annual general meeting on July 26.
Yoma Strategic last traded at 56.5 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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