SINGAPORE-based Yoma Strategic Holdings has rolled out plans to buy travel companies and land in Myanmar under its newly-established joint venture company, Chindwin Holdings.
Chindwin Holdings is the product of collaboration with First Myanmar Investment (FMI) Company, a subsidiary of Serge Pun and Associates. Yoma will hold 70 per cent of Chindwin, with the rest going to FMI.
Yoma and FMI have agreed to purchase several tourism products under Chindwin, subject to the terms of conditions set by the relevant parties.
On the acquisition list is a 75 per cent share of Shwe Lay Ta Gun Travels and Tours Company, which operates Balloons Over Bagan, a hot air balloon ride, for US$10.7 million.
Chindwin also has its eye on a 75 per cent share of an 8.6-hectare plot of land at US$3.8 million. Situated five kilometres from ancient Bagan, the plot would be ideal for the development of a luxury boutique resort, said Yoma.
At the same time, Chindwin is also looking to purchase 75 per cent of Eastern Safaris at US$100,000. Currently 100 per cent owned by Brett Melzer, Eastern Safaris offers luxurious adventure tours in Myanmar and Bhutan.
Andrew Rickards, CEO of Yoma, said: “With a booming tourism sector and a lack of quality hotel rooms or luxury tour companies, we believe there are great opportunities in this market. The acquisitions…are further steps for Yoma in this growing market.”
“The ancient temples of Bagan are one of Asia’s most remarkable, but currently least visited destinations, and will be at the forefront of Myanmar’s tourism growth,” he added.
Yoma announced last December it would be developing the former Ministry of Railways head office and the surrounding four-hectare area in downtown Yangon into a US$350-million mixed use project.
