Yoma Bank’s financing will go towards offering a low-interest loan for around 12,800 families.
The deal was announced in May 2018 and marked the first Myanmar foray by a major global producer of wine and spirits.
The funding will be used for the design and construction of a drinking water supply system in the city.
IPOs & Markets
Foreign investors will be permitted to hold stakes totalling up to 35% in companies trading in Yangon.
The fund is likely to amount to $30 million, with an investment period of about 12 years.
In Myanmar, only three in 10 people in a country of 53 million have bank accounts.
Grand Guardian Insurance Holding Public Co will hold the remaining 65 per cent stake.
The stake sale process is still at an early stage under the advice of StanChart and UBS on the sell-side.
MBF will use the proceeds for its business expansion plans.
MIL contends that the takeover offer materially undervalues the company.
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