Yoma bags $16m from sale of tourism business

It's goodbye to 'Baloons over Bagan'.

Yoma Strategic has announced a spin-off of its tourism-related business via a Reverse Take-Over (RTO) of SHC Capital Asia Limited, a SGX listed shell company.

RHB believes that the proposed divestment of Yoma's tourism assets into SHC will unlock a gain of $16m, given the book value of $28m for assets under sale and a
deemed market value of $44m.

Under the agreement, the tourism-related businesses that will be spin off comprise of o The hot air balloon business 'Balloons over Bagan' which
operates a total of 14 balloons; Pun Hlaing Lodge in Pun Hlaing Estate; and a parcel of land in Nyaung U in Bagan intended for the construction of a proposed commercial and tourism-related hospitality development.

SHC will simultaneously acquire additional tourism-related businesses in Myanmar comprising of Hpa-An Lodge, a hotel/lodge business and Asia Holidays, a Myanmar-based destination management company.

Following the proposed RTO, SHC will transform into a Myanmar-focused tourism company, which will be uniquely positioned to acquire, develop and operate new tourism-related assets in the country.