Yoma inks deal to overhaul Mandalay Airport

Two other deals were also revealed.

Yoma has revealed that it will take a 9% stake in MC-Jalix Airport Services, a special purpose company that has inked a 30-year concession deal with Myanmar’s department of Civil Aviation for the operation, rehabilitation and maintenance of airport facilities at Mandalay International Airport.

According to OCBC, MJAS’ other stakeholders include Jalux Inc. (45.5%), and Mitsubishi Corporation (45.5%). The firm’s operations are expected to begin around March 2015.

Yoma also completed a rationalization of its Myanmar automotive businesses with First Myanmar Investment Company Limited (FMI). Yoma will acquire FMI’s 30% and 20% stakes in Myanmar Motors and Summit SPA Motors Limited, respectively.

Yoma has also revealed that it has acquired an additional 20% stake in KOSPA Ltd, a JV established to distribute food produce in Myanmar using vehicles with refrigeration capacity to improve the quality of products being transported to markets.

“Pending more color regarding the financial impact of these businesses, in particular the airport concession, we opt to keep our fair value estimate of S$0.74 unchanged,” noted OCBC.

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