SINGAPORE (Jan 13): Yoma Strategic says its Landmark development projects have been approved by the Myanmar Investment Commission and listed as Permitted Investments (1/2017).
The developments are located at Bogyoke Aung San Road and the former headquarters of the Burma Railway Company which will be turned into “The Peninsula Yangon”.
“This is a major milestone towards satisfaction of conditions in the company’s shareholders agreements with its respective joint venture partners. The company will work with these partners to finalise the Landmark Projects,” says CEO Melvyn Pun in its filing.
In its efforts to cut red tape and encourage foreign direct investments, Myanmar introduced a new investment law to consolidate the existing Foreign Investment Law and the Myanmar Citizens’ Investment Law and unify the investment code.
Shares of Yoma closed at 58 Singaporean cents on Thursday. — theedgemarkets.com.sg