Fund manager Standard Life Aberdeen plc, already a substantial shareholder of Yoma Strategic Holdings, has added to its stake with purchases from the open market.
The UK-based asset manager on Feb 15 paid 19.2 cents for 8,357,400 shares, bringing its total stake to around 142.3 million, or 6.362%. It owned 5.988% previously.
SEE: Aberdeen Asset Management ceases to be substantial shareholder of City Developments
Standard Life Aberdeen’s topping up of its stake in the Myanmar-based conglomerate came around a fortnight after the country’s military seized power from the ruling government.
Not all institutional investors share Standard Life Aberdeen’s optimism. On Feb 8, Boston-based Eaton Vance Corp sold around 4.8 million shares at around 18.9 cents each, cutting its stake to 129.9 million, or 5.8%.
Before the Feb 1 coup, Yoma was trading at 28 cents. It closed at 19 cents on Feb 17.
