Yoma

Yoma: has entered into a heads of agreement (HOA) with The Hongkong and Shanghai Hotels (HSH) for a proposed hotel devt on the site of the Landmark Devt. Both parties will jointly re-develop the former Burma Railway Company building into a Peninsula hotel. HSH has agreed to subscribe for a 70% majority interest in the JV to be set up, with Yoma and parent SPA Group to subscribe for the remaining 24% and 6% respectively. The parties are still working on the financial commitment of each party in respect of the purchase of the land devt rights of the Building and re-devt costs prior to signing of the binding agreements. The Peninsula Hotels is a luxury hotel group, and the partnership is a further indication that Yoma is making progress in the Landmark project. To recap, Yoma has said it expects to receive the relevant approvals for the project by Jun ’13, and will proceed with its rights issue thereafter. Yoma shares are up 0.6% at $0.80.