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Singapore-listed Yoma to get US$100m ADB loan for Myanmar projects

Artist's impression of property developer Yoma Strategic Holdings' mixed-use development project in central Yangon, Myanmar.

[SINGAPORE] The Asian Development Bank has approved a loan of up to US$100 million to Singapore-listed Yoma Strategic Holdings, which the company said it plans to use to invest in infrastructure and logistics projects in Myanmar.

Yoma said US$50 million would be earmarked to build telecom towers, develop cold storage logistics and vehicle fleet leasing. The second half of the loan will fund other projects in transportation, distribution, logistics and other sectors.

Yoma, chaired by tycoon Serge Pun, is trying to expand beyond real estate by partnering with international companies trying to enter the Myanmar market.

Last month, it said it was partnering with Japan's Mitsubishi Corp and Jalux Inc to operate Myanmar's second-largest airport and expand it into a regional hub. It has also tied up with Yum Brands Inc to debut a KFC restaurant in Myanmar in 2015.