Long-stop date for Yoma Strategic, Ant Financial JV in Myanmar not extended

THE long-stop dates for a mobile payments joint venture (JV) in Myanmar and the proposed acquisition of controlling interest in of Digital Money Myanmar Limited from Telenor Group have not been extended. (see amendment note)

The previous date stated was April 30, 2021.

Yoma Strategic said that both entities expect to continue seeking regulatory approvals to further the two transactions mentioned. The acquisition of Digital Money Myanmar (Wave Money) was slated to happen through the JV between Ant Financial, Yoma Strategic, Telenor Group and Myanmar lender Yoma Bank.

In May last year, Yoma Strategic said that Ant Financial will invest US$73.5 million in Wave Money through a new share issuance. The proposed deal would make Ant Financial a substantial minority stakeholder in Wave Money if it goes through.

The proposed partnership with Ant Financial aims to drive financial inclusion in Myanmar by targeting the unbanked and the underbanked communities in the country.

The parties will continue to jointly assess the situation in Myanmar and explore further opportunities when available, and make further announcements when appropriate, said Yoma Strategic.

As at 9.50am on Monday, shares of Yoma Strategic were trading 2.7 per cent or 0.4 Singapore cent lower at 14.7 cents.

Amendment note: An earlier version of this article stated that the long-stop date for the mobile payments joint venture (JV) was not extended. It was supposed to be that the dates were not extended for both the JV and the proposed acquisition of Digital Money Myanmar.