Yoma JV secures Mandalay airport tender

To upgrade and operate the airport.

Yoma reported that it has a 5% stake in a consortium, with Mitsubishi Corp. and JALUX Inc., that has successfully tendered for the upgrade and operation of the Mandalay International Airport, noted OCBC.

The consortium is expected to be awarded the tender upon negotiation, finalization and agreement of the final contract with relevant authorities, but the research firm chimed in that while this is a positive development, "we see the financial impact on Yoma to be likely capped given that it has only a 5% stake and that the initial equity contribution by all the parties are estimated at around US$3.38m."

The investment is also not expected to have any material financial impact on the consolidated net tangible assets and earnings per share for the current year ending Mar 2014.