Ayala Corporation, one of the Philippines’ biggest conglomerates, is acquiring stakes in two companies under Myanmar-born tycoon Serge Pun.
Ayala Corporation will acquire a 20% stake in Singapore-listed Yoma Strategic Holdings and 20% in Yangon-listed First Myanmar Investment which worth $238 million. Ayala president and chief operating officer Fernando Zobel de Ayala will sit on the boards of the two companies.
“This partnership reflects Ayala’s faith in the future of Myanmar and validates the Yoma Group’s business model in the country,” said Serge Pun, executive chairman of both Yoma Strategic and FMI.
Jaime Augusto Zobel de Ayala, chair and CEO of Ayala said, “The investment gives Ayala a unique opportunity to participate in Myanmar’s growth story.”
Melvyn Pun, CEO of Yoma Strategic and son of Mr. Pun told The Financial Times that he and his father had known the Ayala family for more than a decade. “Their reputation is pristine. That’s why this partnership made a lot of sense: we value our reputation very highly,” he said.
Ayala is one of the Philippines’ biggest and oldest family groups, with consumer businesses spanning real estate, telecoms and banking. It notched up 302.4bn pesos ($5.9bn) in revenue last year and 31.8bn pesos in net income. Ayala also has business footprints in Indonesia, Vietnam, and China, as well as Australia, Europe, the US, and Mexico.
Sources: The Financial Times, Myanmar Times