Come and get it: Yoma ponders acquisition of Myanmar golf estate

101ha development worth $125m.

Yoma Strategic Holdings announced on Tuesday that it has received a written notice from Serge Pun and Associates (Myanmar), offering the company the right to acquire 70% of the land in the Pun Hlaing Golf Estate.

The offer will amount to an aggregate area of approximately 250 acres (approximately 10.8 million square feet) of which approximately 9.6 million square feet comprises the golf course and country club and approximately 1.2 million square feet comprises land development rights alongside some related businesses, infrastructure and facilities.

PHGE is an integrated development project with residential units, a Gary Player-designed 18-hole championship golf course, a clubhouse, a sports complex and other facilities.

Here’s more from Yoma:

Pursuant to the FRRD, YSIL shall have 30 days from receipt of the Notice to indicate an affirmative interest in the offer, following which YSIL shall have a further 30 days from the date of such indicative interest to confirm its acceptance of the offer.

Based on the Company’s preliminary investigations, it estimates the land value of 100% of the PHGE Golf and Land and the related businesses, infrastructure and facilities to be approximately US$100 million. If the Company were to accept the offer, it would likely acquire the economic benefit of 70% of the PHGE Golf and Land and the related businesses and facilities.

The Board will explore the feasibility of pursuing YSIL’s right under the FRRD including appointing professionals.

Assuming the shareholders approve this proposed acquisition of the PHGE Golf and Land
and the related businesses and facilities, the Company intends to undertake a rights issue to fund the transaction.

This is likely to result in the terms of the recently announced rights issue of one (1) rights share for every eight (8) existing shares to be revised into one (1) rights share for every three (3) existing shares. However, the issue price of the rights share will remain at S$0.38 per rights share.