Boston-based investment management firm Eaton Vance has ceased to become a substantial shareholder at Yoma Strategic Holdings.

The firm sold 13 million shares for $2.42 million, pricing each share at around 18.6 cents, via market transaction on Feb 17.

The sale has reduced Eaton’s stake in Yoma to 111.2 million shares or 4.97%, lower than the 5% stake threshold.

This is the second sale made by Eaton Vance, who sold some 4.8 million shares at around 18.9 cents on Feb 8, which cut its stake to 129.9 million or 5.8% at the time.

The moves come after Myanmar’s leader Aung San Suu Kyi and other top leaders were detained by the military in an apparent coup on Feb 1.

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See: Standard Life Aberdeen raises stake in Yoma fortnight after coup


As at 1.11pm, shares in Yoma are trading flat at 18.5 cents. Prior to the coup, shares in the group were trading at 27.5 cents.