Yoma Bank

The company could not confirm whether Pun has been detained or placed under “house arrest” in accordance with local laws.

Serge Pun remains in Nay Pyi Taw cooperating with the relevant authorities, the company says.

Shares in Yoma Strategic have plunged as much as 22%.

Pun has been meeting and cooperating with the relevant authorities on matters relating to banking business, Yoma says.

The transaction is considered an IPT based on SGX’s listing rules.

First Myanmar Investment Co. has agreed to buy the International Finance Corp.’s 4.5% stake in Yoma Bank Ltd.

The agreement completes the divestment process announced in June 2020.

“Post the introduction of the new investors, we will be the best capitalized local bank in Myanmar,” Yoma Bank Chief Executive Officer Dean Cleland said.

SINGAPORE (Oct 2): Emerging Towns & Cities Singapore (ETC Singapore) has entered into a strategic partnership with Yoma Bank to provide affordable financing to Myanmar citizens for its flagship Golden City project in Yangon, Myanmar