Yoma gets lease extension on Yangon Hotel project

An artist’s impression of the project carried out by Yoma to develop the former headquarters of the Burma Railways Company into a five-star hotel.

Singapore-based conglomerate Yoma Strategic Holdings was granted by the Myanmar Investment Commission (MIC) an extension of a lease to develop the former headquarters of the Burma Railways Company into a five-star hotel, the firm said in a stock exchange filing.

Meeyahta International Hotel Ltd (MIHL), a company in which Yoma holds an effective interest of 80 percent, holds the land development rights for the downtown site in Yangon dubbed as the “Landmark Development”.

The site currently comprises the Grand Meeyahta Hotel, which had ceased operations in October 2013 to make way for the proposed redevelopment, and the former headquarters of the Burma Railways Company which is a heritage site built in 1877.

Yoma said the firm and its joint venture partners intend to develop the site into a mixed-used development “The Peninsula Yangon”.

“The company is delighted that this decision has been reached by the MIC after a protracted period of negotiations with the relevant authorities and will commence immediately on the necessary steps with the Ministry of Rail Transportation to finalise the lease extension of the sites for the Landmark Development,” Andrew Rickards, chief executive of the company, said in the filing.

The approval announcement drove shares of the SGX-listed firm sharply higher amid heavy volume as investors piled into the stock, Singaporean media reported. On March 11, Yoma stocks closed at 44 cents each, a 12.8 percent rise from the previous close, with about 26.5 million shares changing hands.

Source:Content sharing agreement with Myanmar Business Today

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.