Yoma eyes $92.8m with 135m new shares

It needs funds for new projects.

Yoma has made a private placement of 135m new shares priced at 70 cents apiece, with the aim of raising $92.8m to fund its new projects.

According to OCBC, these new shares will make up ~10.45% of the enlarged issued and paid-up capital, and Yoma intends to use the proceeds to help fund the growth and expansions of the group’s various businesses.

“The group has also recently been offered the right to acquire a 70% stake in 10.8m sq ft of land in Pun Hlaing Golf Estate (PHGE), comprising 9.6m sq ft of golf course and country club and 1.2m sq ft of land development rights (LDR). Assuming that this proposed acquisition is approved by shareholders, the recently proposed rights of 1 for every 8 shares at S$0.38 would likely be revised to 1 for every 3 shares,” OCBC stated.