Yoma Strategic shares surged as a result. It closed on Friday, Nov 15 at 39 cents, up more than 18% from the 33 cents before the deal was announced. At this level, the company is valued at $731 million. Yoma Strategic started this year at 35 cents. In 2013, at the peak of the Myanmar boom, the company was traded as high as 87 cents.
SINGAPORE (Nov 16): Serge Pun, executive chairman of Yoma Strategic Holdings, bats aside suggestions that he is accepting investment from Ayala only because Western enthusiasm for Myanmar’s growth story has waned. “Asian investors are a lot smarter than Western investors,” says Pun at a media briefing on Nov 16.
On Nov 14, Ayala Corporation, Philippines’ oldest business conglomerate, announced it is investing up to US$237.5 million ($324 million) in exchange for a 20% stake in Singapore-listed Yoma Strategic, and Yangon-listed First Myanmar Investment Company.
