Yoma

Yoma: Recall back on 8 Feb, Group received the approval from SGX for the Group's proposed rights issue for the funding of its 80% stake of Meeyahta International Hotel Ltd, a company incorporated in Myanmar who holds the Land Development rights to a 9.5 acres site situated at 372 Bogyoke Aung San Road, Pabedan Township, Yangon, Myanmar. Also, Recall, rights shares at an issue price of $0.38/ share, on the basis of 1-for-4, ex-rights date yet to be determined. On the current price, the issue price of $0.38 represents a discount of 54% on the current price of $0.83. Assuming full redemption, the rights issue will raise a total of 289.3m new shares, or S$109.43m. Where 90% of the proceeds will go towards the acquisition costs, agreed to be US$81.28m (approx S$99.16m based on exchange rate of US$1 to S$1.22). At this point in time, no other announcements has been announced with regards to the book closure date, which continues to remain an overhang for the counter, trading almost flat since the Group attained the SGX approval for the rights issue, despite the slew of Myanmar news coming out of late.