Yoma Strategic warned Friday it expects to report an overall loss for the fiscal second quarter ended 30 September due to efforts to sell its investment in a China mall.
“The group has initiated ongoing discussions with potential buyers to dispose of its investment in The Grand Central Shopping Mall in Dalian, China,” Yoma said in a filing to SGX.
The investment has been reclassified as “disposal group classified as held-for-sale” as at 30 September, causing a fair value loss of around US$32 million, Yoma said. The fair value loss is non-recurring, it added.
The decision to dispose of the investment was due to efforts to recycle capital from non-core assets into more attractive opportunities in Myanmar, and on concerns over China’s retail outlook, Yoma said.
