On the evening of July 24, Yoma Strategic Holdings Z59 announced that Serge Pun is stepping down as chairman of the company. His son, Melvyn Pun, already the CEO, will be take on the additional role as chairman. In addition, Cyrus Pun, who was an alternate director to Serge Pun between January 2022 and July 2024, will rejoin the board as a director
"Recent developments in Myanmar have created a level of uncertainty with respect to Mr Serge Pun and his engagement with the Myanmar authorities concerning banking activities in the country," states Yoma's press release.
"In light of these circumstances, Mr Serge Pun, along with the board of directors of the company have determined that it is in the best interest of the company, its shareholders, its employees, and its customers to accelerate these succession plans. This decision enables Mr Serge Pun to dedicate his attention to resolving these matters and preserve the stability of the group," Yoma adds.
In a letter to shareholders, Serge Pun says" "As a major shareholder of the company, I do not intend to reduce my stake and am committed to its continued success and next phase of growth."
The news comes after Yoma, on July 19, said that the elder Pun does not have "complete unrestricted use" of his communication devices. He would also be expected to remain in Nay Pyi Taw and stay at accommodation that's provided by the relevant authorities. The elder Pun will remain there until the authorities have completed their queries.
In addition, the company said it could not confirm whether Pun was detained or placed under "house arrest" per news reports.
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On July 9, Yoma clarified that there were no charges filed against the elder Pun as suggested in an article released by Myanmar-Now.
Shares in Yoma closed 0.3 cents lower or 2.52% down at 11.6 cents on July 24.
