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Yoma Strategic Holdings Ltd Announces Establishment Of New Joint Venture Company ; Proposes Acquisition Of Tourism Business


Monday, 18 Mar 2013 08:40am EDT 

Yoma Strategic Holdings Ltd announced the establishment of a new joint venture company and the proposed acquisitions of several luxury tourism assets in Myanmar (Proposed Acquisitions). The Group has established a joint venture company, Chindwin Holdings Pte. Ltd. (Chindwin) with First Myanmar Investment Co., Ltd (FMI), a subsidiary of Serge Pun & Associates (Myanmar) Limited (SPA). The Group will hold 70% of the share capital of Chindwin while FMI will hold the remaining 30%. The purpose of Chindwin is as an investment holding company for tourism assets jointly invested in by the Group and FMI. Mr. Serge Pun is the Executive Chairman and controlling shareholder of the Group and is also the Chairman and controlling shareholder of SPA and its group of companies. The Group and FMI have entered into a Heads of Agreement to use Chindwin, or its nominee, to acquire several connected tourism assets. Chindwin intends to purchase 75% of the share capital of Shwe Lay Ta Gun Travels and Tours Company Limited from Ms Khin Omar Win and Ms Khin San Win for a total consideration of USD10.7 million. Chindwin also intends to purchase a 75% interest in 21.16 acres of land located in Bagan. The total consideration to be paid will be USD3.75 million. Chindwin also intends to purchase 75% of the share capital of Eastern Safaris Pte. Ltd for a total consideration of USD0.1 million. The Group’s investment in Chindwin and the Proposed Acquisitions will be funded through internal resources.