Yoma Strategic to list $71 mil in tourism-related assets via RTO of SHC Capital Asia

SINGAPORE (Oct 24): Myanmar-focused conglomerate Yoma Strategic Holdings will be spinning off its tourism-related businesses worth about $70.7 million and listing them on the Singapore Exchange via the reverse takeover of SHC Capital Asia.

Following the RTO, SHC will transform into a Myanmar-focused tourism company which will be “uniquely positioned to acquire, develop and operate new tourism-related assets in Myanmar”, with its management team to be led by a new CEO, Michel Novatin.

Under the deal, Yoma will inject its stakes in Balloons over Bagan, a hot-air balloon business; Bagan Land, a 4.3-acre city of Nyaung U., to be developed into a commercial and hospitality development; Pun Hlaing Lodge, a hotel development under construction in Yangon; a 19-key lodge business called Hpa-An Lodge in Karen State; as well as Asia Holidays, a tourism and destination management business.

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