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Yoma's Myanmar JV partner to sell stake for US$221 million

Myanmar real estate developer Yoma Strategic's partner in a telco tower joint venture plans to exit, the mainboard-listed firm said in a Singapore Exchange filing on Friday.

Jamaica-based Digicel Group, which owns 75 per cent of the JV with Yoma, intends to sell off its entire stake for US$221 million to a unit of Malaysian telco Axiata Group.

Yoma, which owns the remaining 25 per cent of Digicel Asian Holdings, said it was now evaluating its options and was in talks with the Axiata unit, edotco Group.

The JV develops and leases telecommunications towers in Myanmar.

The Myanmar tower market is expected to be one of South-east Asia's largest and fastest growing telecommunication infrastructure service markets, Axiata said in a press release on Friday.

Yoma added that the agreed enterprise value of US$221 million for Digicel's 75 per cent stake would lift the equity value of Yoma's stake in the JV to around US$20 million above carrying value.

Yoma shares fell 1.5 Singapore cents to S$0.35 on Friday before the announcement.