Fri, Nov 08, 2019 – 9:42 PM
YOMA Strategic Holdings on Friday flagged an overall loss for the second quarter ended Sept 30, as it will take a fair value loss of approximately US$32 million in its plans to dispose of an investment in China.
Citing its intention to recycle capital from non-core assets into more attractive opportunities in Myanmar, as well as macroeconomic conditions and the outlook of China's retail sector, the group has initiated on-going discussions to dispose of its investment in The Grand Central Shopping Mall in Dalian, China. It has therefore reclassified the investment as "disposal group classified as held-for-sale", resulting in the non-recurring fair value loss.
In a separate announcement on Friday, Yoma Strategic said it is divesting its telecommunication tower investment in Edotco Investments Singapore for a cash consideration of US$57.5 million and will use the proceeds to expand its core businesses and repay debt.
It also intends to acquire an additional 10 per cent interest in Digital Money Myanmar Ltd, which operates Myanmar's largest financial services network and offers mobile payment solutions and services in the country. It currently holds 34 per cent interest in the company, and will purchase the additional stake from First Myanmar Investment Public Company (FMI) for US$6 million.
The acquisition is deemed an interested person transaction under Singapore Exchange listing rules, as Read More – Source