Singapore’s sovereign wealth fund, GIC Pvt Ltd (GIC), and Norway’s private equity firm, Norfund, have bought a substantial stake in Yoma Bank, led by tycoon Serge Pun.GIC and Norfund will be buying a 30 percent stake in Yoma Bank for K130 billion (US$89 million) in the latest round of funding.

Yoma Bank became the first bank in Myanmar last year with a foreign stakeholder following a decision by the International Finance Corporation (IFC) to convert a $5 million loan into a 5pc equity shareholding.As GIC is operating many different businesses, their experience across the regions is the one of the best things to get out of.Ayala, with investments in real estate, telecommunications, energy and infrastructure, will acquire stakes in Singapore-listed Yoma Strategic Holdings and Yangon-listed First Myanmar Investment (FMI), becoming the second-largest shareholder in both.

The deal with Ayala represented the first major foreign investment in a company listed on the Yangon Stock Exchange since Myanmar’s securities commission announced in July that non-Myanmar individuals and entities would be permitted to acquire up to 35pc of listed firms.Yoma group raised $70 million early in 2019 from Thai institutional investors in the first foray by a Myanmar-focused company into the corporate bond marketFMI is consistently ranked among the most transparent companies in Myanmar. Yoma Bank was established in 1993 and has 80 branches around Myanmar, with more than 3000 employees. The bank also operates Wave Money, a joint venture with Telenor Myanmar, to provide financial services via mobile phones.

Source: Myanmar Times

753total visits,1visits today