Yoma Strategic shares surge on Ayala investment despite Q2 loss

Singapore

SHARES of Yoma Strategic soared on Thursday's market open on news that Philippine conglomerate Ayala would be coming on board as its second-largest shareholder after taking a maximum 20 per cent stake in the company for US$155 million.

This was despite the Myanmar-focused company sinking into the red for the second quarter.

At 9.04am, the counter jumped 20 per cent or 6.5 Singapore cents to S$0.39, from a flat Tuesday close of S$0.325. It then pared these gains over the trading session before closing at S$0.375, up five Singapore cents or 15.4 per cent.

Yoma on Thursday said Ayala will pay an issue price of S$0.45 per share for its stake, which represents a …