Hot stock: Yoma up 6.7% on proposed Wave Money deal

SHARES in mainboard-listed Yoma Strategic jumped on Thursday afternoon, after the company on Wednesday said it is eyeing a controlling stake in mobile payments firm Digital Money Myanmar (Wave Money), via a US$76.5 million deal.

As at 3.27pm, Yoma shares were trading at S$0.32, up S$0.02 or 6.7 per cent. Some 42.4 million shares changed hands, making it one of the most heavily traded counters by volume on the Singapore bourse for the day. 

As at Wednesday, the shareholders of Wave Money are Norwegian telecommunications giant Telenor group (51 per cent), Yoma's wholly-owned subsidiary, Yoma Strategic Investments (34 per cent), First Myanmar Investment (10 per cent) and Yoma Bank (5 per cent).

Wave Money runs a network of more than 58,000 agents in urban and rural areas across 295 townships in Myanmar.