Yoma Strategic raises $82.2m to invest in real estate business

SINGAPORE - YOMA Strategic Holdings, a real estate and consumer business investment firm, said on Sunday that it has closed a placement exercise to raise about S$82.2 million.

Under the placement exercise, the company will be issuing 155 million new ordinary shares at S$0.53 per placement share, which represents a discount of approximately 9.4 per cent to the volume-weighted average price of S$0.5852 for each ordinary share for trades done on Nov 2 and Nov 3, before the shares were halted for trading.

The placement shares represent about 8.2 per cent of the enlarged issued and paid-up share capital of Yoma after the completion of the placement.

Up to 60 per cent of the net placement proceeds would be invested in the group's real estate businesses including building rental properties and development properties at Pun Hlaing Estate and StarCity, making payments relating to the Yoma Central project, and capital expenditure for the next phases of development of the two Dulwich International Schools.

Yoma said that the placement received strong interest from existing and new investors and was "well oversubscribed".