Singapore, 3 December
Fernando Zobel de Ayala, President of Ayala Corporation from the Philippines which has just acquired 14.9 per cent equity stake worth USD 109 million at Yoma Strategic Holdings Limited, now becomes a non-executive director of the company.
“Ayala is now a shareholder of Yoma, but he will not be directly involved in the company’s operation,” said Melvyn Pun, Chief Executive Officer of Yoma Strategic Holdings Limited, to BETV Business.
An Executive Director is one who undertakes full-time management at a company as defined by the Singapore Stock Exchange (SGX).
“He (Fernando Zobel de Ayala) cannot act like that. He is a non-executive director,” explained Melvyn Pun.
In addition, as there is no rule that any major shareholder of a company shall be an independent director, Fernando Ayala will not be an independent director too, added Mevlyn Pun. The move constitutes a support provided by the new partner Yoma for Ayala Corporation to pursue more developments of both sides, said an Ayala official.
It was already stated in mid-November this year that Ayala Corporation was planning to get hold of 20 per cent equity from SGX-listed Yoma Strategic Holdings and its sister company First Myanmar Investment Company Limited (FMI), which is listed at the Yangon Stock Exchange. Yoma Strategic Holdings ventures into the business activities of real estate, construction, foodstuff, education, and health while FMI makes investments in financial services (Yoma Bank), real estate, health, and tourism areas.
Recently, it has also publicized that AC Energy Inc., which is an energy offshoot of Ayala, will invest in a 50-50 venture formed with Yoma Strategic Holdings for a development project aiming to generate around 200 megawatt in Myanmar’s renewable energy sector. Through the venture, Ayala expects to own a minimum 50 per cent equity at Yoma Micro Power Private Company Limited, a small-scale power grid builder in Myanmar, in the coming year following finalized negotiations.
Writer – BETV Business Staff