Yoma completes first tranche of placement shares to Ayala Corp.

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Yoma Strategic has completed the placement of 332.5 million new shares to VIP Infrastructure Holdings, an indirect wholly owned subsidiary of Ayala Corp., in the first tranche of a deal that will see the Philippine conglomerate end up with an up to 20 percent stake in the Singapore-listed company, Yoma said in a filing to SGX Monday.

In mid-November, Yoma announced that Ayala Corp. would invest up to US$237.5 million to take an up to 20 percent stake in each of Yoma Strategic and its affiliated company, Yangon-listed First Myanmar Investment (FMI). The investment will make Ayala the second-largest shareholder of both companies.

The newly issued Yoma shares, which will begin trading on Tuesday, will bring the total number of issued shares to 2.23 billion, Yoma said.

In a separate filing to SGX, Ayala Corp. said VIP Infrastructure Holdings’ stake in Yoma was now 14.9 percent.

Yoma said it has appointed Ferando Zobel de Ayala as a non-independent and non-executive director; he is deemed interested in the 14.9 percent stake.

Due to the placement, Serge Pun, executive chairman of both Yoma Strategic and FMI, has seen his direct interest in Yoma diluted to 5.77 percent from 6.77 percent previously, it said in a separate filing to SGX.

Serge Pun’s deemed interest, via his wholly owned Pun Holdings, fell to 22.45 percent from 26.39 percent, the filing said; his total interest fell to 28.22 percent from 33.15 percent previously.