FIRST Myanmar Investment Public Co Ltd (FMI) and its partner Yoma Strategic Holdings Limited (YSH) signed an agreement on 3 October to resume construction of the longstalled Yoma Central project in downtown Yangon in a phased manner, according to an announcement from the FMI.
FMI will increase its equity stake in Yoma Central, a landmark mixeduse development in Yangon, from 12 per cent to 20 per cent, while YSH will retain the remaining 80 per cent stake. FMI and YSH will acquire the 40 per cent total shareholding held by existing partners in Meeyahta Development Limited, the project developer, at nominal value. The acquisition includes approximately US$106 million in shareholder loans as of 31 March 2026 and the project’s existing commercial loans of $55 million, which is a reduced amount of the loans valued at $61.7 million. Costs and benefits arising from the transaction will be shared between FMI and YSH on a 20:80 basis in line with their respective shareholdings.
FMI Chief Executive Officer and Executive Director U Tun Tun commented on the investment: “We look forward to resuming construction in phases together with our long-term partner Yoma Strategic. Increasing our shareholding in Yoma Central reflects our confidence in the project and the Yoma Group’s longterm commitment to Myanmar.”
TWA/KK
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