The Philippines’ oldest family-owned conglomerate is furthering its expansion in Myanmar after Ayala Corp. said it will acquire a 20% stake in Yoma Strategic Holdings Ltd. and its affiliate First Myanmar Investment Public Co. for $237.5 million.
Ayala, which has investments spanning banking and property to telecommunications and water, will become the second-largest shareholder in both companies after the transaction, according to an emailed statement Thursday. Yoma, which is listed in Singapore, is a property developer with projects in Myanmar and China. It also runs KFC restaurants in Myanmar, plus has a cold chain logistics business and automotive and heavy vehicles arm.