In exchange, Yoma will issue 137 million new shares or 5.74% stake to TCA at an issue price of 13.5 cents. TCA cannot dispose of the shares without consent within 60 days after the transaction.
PhillipCapital analyst Paul Chew believes Yoma Strategic would have a new substantial shareholder available for deeper collaboration and access to funding, following the company’s recently announced share exchange agreement.
In a June 28 announcement, Yoma said that it entered into an agreement with Tokyo Century Asia (TCA) to acquire the remaining 20% stake in Yoma Fleet for $18.5 million from TCA.
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