Shareholders approve Yoma Strategic Holdings acquisition of Landmark Development interest

Acquisition scheduled to commence next month.

In an update to the Singapore Exchange, the Board of Directors of Yoma Strategic Holdings Ltd. revealed that the shareholders had, at the EGM held on
28 February 2013, approved the proposed acquisition of eighty per cent. (80%) interests in respect of the Landmark Development.

Under the terms of the sale and  purchase agreement, completion of the proposed acquisition shall take place on the fourteenth (14th) business day after the date of the EGM (being 20 March 2013) or such other date as the parties may mutually agree in writing.

The company has been informed by Serge Pun & Associates (Myanmar) Limited (SPA), the vendor, that it is in discussions with the relevant government authorities regarding the new leasehold title of the sites on which the Landmark Development will be erected and all prerequisite documentation have been properly submitted to the relevant authorities.

Notwithstanding verbal assurances that a new lease in accordance with the current Foreign Investment Law will be granted it is unlikely that formal written confirmation will be received by 20 March 2013 and therefore, it is unlikely that completion can take place on 20 March 2013. It is a condition precedent to completion that the relevant government authorities issue the Master Lease on such terms acceptable to the parties. SPA has assured the company that it remains confident that the Master Lease will be issued before 30 June 2013, the long-stop date. The company will make an announcement on the completion date immediately when it is ascertained.