Yoma

Yoma: issues a series of ancmts overnight. i) proposed acquisition of German Car Industries Co (GCI) Yoma will acquire the business and assets of GCI for total consideration of US$700k. GCI was co-founded in Myanmar in 1996 by Mr Werner Rosendahl and Mr Michael Rudenmark, and was the authorized distributor for Volkswagen until VW withdrew from the Myanmar market due to sanctions. GCI subsequently established itself as the premier service centre for European vehicles in Yangon. Yoma has appointed Mr Rudenmark, who has lived in Myanmar for the past 17 yrs, to take charge of the Group’s auto business. ii) possible acquisition of SPA Group automotive business The deal is still subject to due diligence and negotiations on the purchase price. SPA Group’s automotive business was established in 1994 and is an active player in the Myanmar auto industry with an established nationwide network of dealers and service centres in the major cities. iii) potential acquisition of new site in Yangong Under a First Right of Refusal agreement, Yoma has been offered by SPA Group, the right to acq the land devt rights (LDR) of, and to participate in the devt of approx 12 acres site located beside the Hlaing River (Riverside Residential Devt Project). The site is next to FMI City where Yoma has a current stake in real estate projects. Yoma has 30 days to indicate an affirmative interest in the offer, followed by another 30 days to confirm its acceptance of the offer. iv) appointment of new Managing Director (Real Estate) Yoma has appointed Mr Elmar Busch as MD( Real Estate). He has extensive in large scale real estate projects around the world, having been in marketing and consultancy for international condo projects in HK, Shanghai, Tokyo, London, Toronto Vancouver, NY and Sydney. He will be responsible for the real estate division of the group. Yoma, as the incumbent SGX-listed Myanmar player, remains the most direct proxy for equity invmt into the country.