Once the transaction is concluded, Yoma Strategic will become the largest and controlling shareholder of Wave Money, ensuring that the company continues its operations and further extends its role in Myanmar’s fintech sector.
Yoma Strategic and Telenor Group have entered into an agreement to sell the latter’s 51% share of fintech firm Digital Money Myanmar Limited (Wave Money) for US$53 million to Yoma Strategic’s subsidiary, Yoma MFS Holdings.
This comprises 510,000 ordinary shares and 17.9 million redeemable preference shares, the company said in a regulatory filing.
