Yoma Strategic Holdings said its 80%-owned subsidiary YSH Finance had on Tuesday increased its stake in Myanmar’s Digicel Asian Holdings from 8% to 25%. This makes Digicel Asian Holdings an associated company of Yoma.
YSH Finance had subscribed for an extra 420,000 new shares, representing 17% interest, in Digicel Asian Holdings for US$427,333 ($536,495). This was funded in cash from Yoma’s placement proceeds raised in November 2012. The remaining 75% interest in Digicel Asian Holdings is held by Digicel Group.
Yoma said it would benefit from partnering Digicel Group, given the latter’s experience and investment in the telco tower company business.
Digicel Group is a leading global telecommunications provider with operations in 31 markets in the Caribbean,Latin America and Asia Pacific, with total investment to date standing at over US$4.5 billion worldwide.
First Myanmar Investment Co, an affiliate of Yoma, holds the remaining 20% interest in YSH Finance.
Source The Edge Singapore