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Yoma Strategic Holdings Ltd Announces Acquisition Of 80% Of Issued And Paid Up Share Capital Of Meeyahta International Hotel Limited

Monday, 19 Nov 2012 12:02am EST 

Yoma Strategic Holdings Ltd announced that it has entered into a Sale and Purchase Agreement with Serge Pun & Associates (Myanmar) Limited (SPA) to acquire rights to participate in the development of approximately 10 acres of land in downtown Yangon at 372 to 380 Bogyoke Aung San Road through the acquisition of 80% of the issued and paid up share capital of Meeyahta International Hotel Limited (MIHL) (the Proposed Acquisition). The proposed landmark development will be an iconic 2 million square feet GFA (Gross Floor Area) mixed-use development of residential, retail, hospitality and commercial property on approximately 10 acres of land located in the middle of the downtown Yangon business district. The Company has agreed to purchase an 80% interest in the 10 acre site for a consideration of USD81.28 million (SGD99.16 million at the exchange rate of USD1 to SGD1.22). 

Company Quote

0.0050 +0.82%
20 Oct 2014