Yoma Strategic, on Nov 21, announced that it will be acquiring Telenor Group’s 51% share of Digital Money Myanmar Limited (Wave Money) for US$40 million ($55.0 million), down from the previous consideration of US$53 million.
The amendment agreement was entered into on Nov 18.
The new consideration was arrived at on a willing-buyer willing-seller basis after both parties took into account their respective long-term business strategies for Myanmar and the economic outlook since the previous agreements.
In its statement, Yoma says it remains confident that the financial services pillar will contribute a significant part of its business performance over the next three to five years.
Wave Money processed a total of US$8.7 billion in remittance and payments in 2020, representing around 12% of Myanmar’s GDP. According to figures released by Yoma, the company runs a network of more than 45,000 active agents or “Wave Shops” in urban and rural areas across 295 out of the 330 townships nationwide.
Yoma, in a previous statement dated Jan 17, added that the business had seen a “significant recovery” in volumes since June 2021 with the trend expected to continue.
Shares in Yoma closed 0.6 cent lower or 5.88% down at 9.6 cents on Nov 18.