Yoma

Yoma: The group has extended the long-stop date of its Landmark development to 31 Dec 2013 (previously 30 Jun 2013), after being informed by its affiliate Serge Pun & Associates (SPA) that discussions on the terms of the deal with the relevant government authorities are still being finalized. The Landmark development remains as the key catalyst for Yoma, and management previously raised the possibility of an extension for the deadline of the agreement. Nonetheless, an official announcement on the delay of the project could result in a overhang on its share price. The group has been active in the development of the site in downtown Yangon pertaining to the planning, designing and engineering even before the approval of the Landmark deal has been given. A heads of agreements with Hong Kong and Shanghai Hotels group was signed previously in Apr 13, to jointly re-develop the former Burma Railway Company Building (located on the site of the proposed Landmark Development) in Yangon into a Peninsula hotel. Separately, the outcome of its joint bid (together with Digicel and Soros' Quantum Fund) for a new telecoms licence is expected to be announced before the end of Jun 13.