Ayala Corp. to invest $237.5-M in Myanmar’s Yoma Group
MANILA, Philippines — Ayala Corp. announced Thursday it will invest over $200 million in Myanmar’s Yoma Group as part of its strategy to pursue international expansion.
In a disclosure to the stock exchange, the Philippines’ oldest conglomerate said it will buy 20% stake in each of Yoma Group’s two holding firms — Singapore-listed Yoma Strategic Holdings Ltd. and Myanmar-listed First Myanmar Investment Public Co. Ltd. — for up to $237.5 million.
The two companies said their partnership will be the biggest investment by a private Philippine firm in Myanmar.
“Our partnership with the Yoma Group gives Ayala a unique opportunity to participate in Myanmar’s growth story,” Ayala Chairman & CEO Jaime Augusto Zobel de Ayala said.
“We could not imagine a better way to do this than with the Pun family, whose solid, decades-long reputation as a business house has cemented their expertise in multiple sectors such as real estate, banking, automotive, healthcare, power, and tourism, among others,” he added.
Ayala Corp. said it will be the second largest investor in both holding companies once the transaction is completed. Yoma Group is led by Myanmar’s Pun family.
As a diversified conglomerate in Myanmar, Yoma Group has overlapping interests in real estate, power, financial services, automotive and healthcare.
Meanwhile, Ayala has established its presence in Indonesia, Vietnam and China, as well as in Australia, Europe, the US and Mexico.
“I am extremely pleased and honoured to have Ayala become one of our most important strategic partners, a partnership that reflects their faith in the future of Myanmar, and validates the Yoma Group’s business model,” said Serge Pun, executive chairman of YSH and FMI.
As of 11:48 a.m. Thursday, shares in Ayala were down 0.73%. The main index also slipped 0.44%.
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