Yoma Strategic Holdings (YSH) has agreed to acquire an additional 10 per cent stake in Digital Money Myanmar (Wave Money) from Yangon-listed First Myanmar Investment (FMI) for $6 million, Dealstreetasia reported.
The transaction will comprise 100,000 ordinary shares and 3.5 million redeemable preference shares, YSH said in a statement. The consideration of $6 million was based on a total equity value of Wave Money at $59.92 million.
Wave Money, licensed under Myanmar’s Mobile Financial Services Regulations, is 51 per cent owned by Telenor. YSH had increased its stake to 34 per cent last year after buying shares from FMI last year for a $19.4 million. Yoma Bank holds another 5 per cent.