SINGAPORE |
SINGAPORE Jan 4 (Reuters) – Shares of
Singapore-listed Yoma Strategic Holdings jumped as
much as 7.6 percent on Wednesday after the company said it plans
to acquire the right to develop an area about six miles away
from Myanmar’s main city Yangon.
At 0106 GMT, Yoma shares were up 7.6 percent at S$0.285,
outperforming the broader Straits Times Index which was
0.9 percent higher.
“Investors are increasingly showing interest in its (Yoma’s)
outlook and prospects following the recent political and
economic reforms in the country,” Singapore brokerage Kim Eng
said in a report.
Kim Eng noted that the share price of Yoma, which has a
diversified portfolio of business ranging from real estate to
automobile mainly in Myanmar, had surged from a low of S$0.07 to
S$0.23 over just three months.
Yoma said that its subsidiary had inked a first right of
refusal deed with Serge Pun Associates (Myanmar) for the land
development rights related to the area called Star City. The
deal was dated Aug 17, 2006.
Yoma said it is now an appropriate time to pursue the right,
but the terms of the acquisition have not been agreed. The firm
plans to develop more than 9,000 units of apartments and houses,
as well as shopping and commercial areas, covering around 135
acres.
(Reporting by Eveline Danubrata; Editing by Kevin Lim)