Yoma says land business unit not involved in sale of Thai properties after shares soar

SINGAPORE - Yoma Strategic clarified on June 5 that its land unit, Yoma Land, is not involved in the business of selling properties in Thailand.

The Myanmar-focused conglomerate emphasised that Yoma Land’s focus is solely on selling Myanmar properties.

Yoma’s clarifications come after a drastic stock price surge over the past week, following the group’s reported return to the black for the six months and full year ended March.

In its clarification, Yoma said any past or present property sales events related to condominiums in Bangkok are unconnected to Yoma Land or the group in any way.

While Yoma Land recently held a property roadshow in Bangkok, the group said this event was “specifically designed to cater to Myanmar nationals living in Thailand who may be interested in property investments in Myanmar”.

“Yoma Land aims to simplify the process for Myanmar buyers to own their dream home and foster a more inclusive and efficient property market,” it said.

Other business activities in Thailand, which Yoma noted cater to a “sizeable Myanmar population living in that country”, include international remittance services from Yoma’s financial services arm, Wave Money.

The group also plans to expand its food and beverage (F&B) franchise YKKO, under Yoma F&B, to Bangkok.

For financial year 2024, Yoma posted a net profit was US$18.4 million (S$24.7 million), reversing from a US$41.2 million net loss in FY2023.

The turnaround came on the back of a 78.6 per cent higher revenue at US$220.8 million, with contributions from its real estate business more than doubling to US$94.1 million over the financial year.

Since the release of the group’s financial statements on May 29, Yoma’s share price has spiked nearly 50 per cent to peak at 9.7 cents in intraday trading amid heavy volumes.

The counter was trading up 0.2 cent, or 2.3 per cent, at nine cents as at 9.25am on June 5.

THE BUSINESS TIMES