SINGAPORE (Jan 11): Yoma Strategic Holdings is acquiring a 65% stake in Yankin Kyay Oh Group of Companies (YKKO), subject to the satisfaction of certain conditions, for a consideration of MMK 19.4 billion ($17.0 million).
YKKO is a family run restaurant that was founded in Yangon in 1988 and has since become one of Myanmar’s largest restaurant chains with 37 outlets in Yangon, Mandalay, Nay Pyi Taw, Bago and Mawlamyine.
It is well known for its “Kyay-Oh”, a local vermicelli and flat rice noodle-based dish, along with a diversified menu ranging from Myanmar-style barbeque to Chinese and Thai dishes.
Upon completion of the deal, YKKO will be a 65%-owned subsidiary of the group.
The group will be funding the acquisition via internal resources and recent financing activities.
Melvyn Pun, CEO of Yoma Strategic says, “This acquisition doubles the footprint of our Yoma F&B store count and complements the international concepts we have already brought to Myanmar. YKKO will immediately be earnings accretive and will provide a tried and tested offering with a healthy cash flow.”
Shares in Yoma last traded at 32 cents on Friday.
