Yoma Strategic Holdings forms new JV for Myanmar investments

Partnered with FMI and SPA.

In a disclosure to the Singapore Exchange, the board of directors of Yoma Strategic Holdings Ltd. informed its shareholders that the company has established a new joint venture with First Myanmar Investment Co., Ltd (FMI), a subsidiary of Serge Pun & Associates (Myanmar) Limited (SPA), which will be called YSH Finance Ltd (YSHF).

YSHF will be a 80% subsidiary of the Company and the remaining 20% will be held by FMI. All the risks and rewards of the investments in YSHF will be in proportion to the equity of each of the Company and FMI. The Company and FMI intend to use YSHF as the joint venture entity to hold the parties' joint investments in new investment opportunities in Myanmar to be identified by the parties. 

Mr Serge Pun is the Executive Chairman and Controlling Shareholder of the company. He is also the Chairman and controlling shareholder of SPA.

YSHF will have an ssued and paid up share capital of US$10.00 comprising 10 ordinary shares at a par value of US$1.00 each with the Company holding 8 ordinary shares and FMI holding 2 ordinary shares. Its principal activity will be for investment holding.

The SGX disclosure further stated that the current investment in YSHF by the Company is less than 3% of the group's latest consolidated audited net tangible assets. Save for Mr Serge Pun, Mr Cyrus Pun and Mr Melvyn Pun who hold directorships in the SPA group and Mr Serge Pun's shareholdings in the Company, none of the directors of the Company has any interest, direct or indirect (other than through their shareholdings in the Company), in the above transaction.