Wednesday, February 15, 2012

Yoma buying most of rights to develop Myanmar site

Straits Times: Tue, Feb 14
YOMA Strategic Holdings has upped the ante in Myanmar with a $91 million move to buy most of the rights to develop a major site on the outskirts of Yangon.

The announcement yesterday sent Yoma's share price surging another 19 per cent to 47 cents.

The stock has more than doubled in value since the start of the year as prospects brightened for foreign investors in Myanmar.

The company said that it has agreed to buy a 70 per cent interest of the land development rights at Star City, a major residential and commercial development that may eventually boast 9,000 homes. The other 30 per cent is held by a local firm owned by Serge Pun and Associates, a company affiliated with Yoma.

The acquisition will be financed by a rights issue, at a price of 24 cents per share, entitling existing shareholders to buy four shares for every five held...

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